Steps For Retirement
Here is an article that lists the key steps to take as you progress toward retirement. It highlights the financial aspect of dialing back on your stocks, moving toward cash, setting a realistic budget, clarifying your social security income adjustments, signing up for medicare, and getting yourself started by preparing for that first bucket list trip. Although I am not opposed to the financial planning suggestions, I am opposed to hitting the ground running and jump starting retirement with one of your long-awaited trips. I strongly encourage a very different approach. I am a great fan of Hemingway’s quote: “First, you must last.” Therefore, I encourage you to take the first 6 months of retirement to focus on self-improvement. You need to improve your physical health and mental sharpness; you need to reclassify your forgotten passions and hidden talents / interests; and you need to re-ignite some ignored connections with family and friends. In short, you need to redesign your life and reset your compass. Once you have accomplished that primary task, then — and only then — should you start traveling in search of favorite sites. If you need convincing, try my book The Boomer Survivor Kit, as it will describe the steps to re-energize yourself, your relationships, and your life — before you hit the ground running. (Now, if the above article link did not work, here is the full address for review … https://time.com/money/3475088/retirement-checklist-12-months/ …
Financial Issues With Retirement
This article addresses the initial financial issues with retirement, including how most of us spend our retirement money. In this article the author highlights how our mortgage drains much of our money. For many people that translates to a need to downside – to sell your house and utilize those savings for a smaller residence (or rental), thereby freeing up money for other retirement needs. From my perspective, if you are going to sell your house, it opens up the issue of where is the best place to live. For those with children, the answer may be a community close to their residence. For those baby boomers without children, it opens up multiple states for a new residence, plus it opens up the possibility of living abroad. More and more Americans are becoming expatriates, living in Belize or Panama or Costa Rica or some other country that offers a low living expense with a wonderful climate, a welcoming group of citizens, and a once-in-a-lifetime to immerse yourself in a new culture. This next article highlights the other expenses that eat through the retirement savings. Once again, the housing expense appears to be a key issue. So, when you are re-evaluating your life and your dreams, when you taking time (before traveling) to assess your passions, talents, and areas of interest, I again recommend that you give time to consider where to follow those dreams. Some times you will be able to stay put. However, there are many times when you will need to select a different residence, possibly a different state and sometimes a different country.