 |
| From Wikimedia Commons |
If you're between the ages of 55 and 65, you've probably spent at least a little time dreaming about life after work. But before you turn off the computer and turn in your retirement paperwork, consider three important questions.
1. What will you do in
retirement?
If
you love golf, and dream of getting up late and hitting the greens every
afternoon, retirement may be just the ticket. But your hobby may not hold the
same appeal after a few years. That's why it's important to take stock of your
interests, hobbies, and activities before
retiring.
Consider "field
testing" activities you intend to pursue in retirement, such as joining a band, volunteering
for a nonprofit organization, or taking classes at a community college. Doing
"retirement activities" before you retire can be an eye-opening
experience, and may help to separate daydreams from reality.
2. Will you work?
Studies
show that the number of older Americans either holding jobs or looking for work
has been rising for at least 15 years. Of course, some folks seek employment
out of necessity: bills need to get paid. But for many people, work also
provides needed social interaction and a sense of satisfaction. Consequently,
some may decide to work at least part-time during retirement — whether or not
they need the money.
Another idea that's
gaining popularity is called "serial employment." With this strategy, you spend part of
your "retirement" years employed in a series of full-time jobs
interspersed with periods of travel and leisure. Such a plan can generate a
healthy supplemental income for you and benefits for talent-starved employers.
3. Have you saved enough?
This is the million-dollar question.
How much
money you'll need to comfortably retire depends on many factors, including the
status of your mortgage and other loans, your general health, expected rates of
return on your investments, the size of your current nest egg, life expectancy,
plans during retirement (including travel), pensions and other sources of
income, the cost of health care and insurance, and myriad other considerations.
One size doesn't fit all. So it's important to confer with a
trusted advisor who'll help you take a hard look at the numbers - before you
wave goodbye to your employer. Your trusted team at BCWS is here to help
provide guidance in your retirement planning.
BCWS would like to connect with you!
Please come join us at:
Please come join us at:
