Your retirement should be a time of freedom and choice—an opportunity to kick back and enjoy yourself. The reality is that it takes a considerable amount of preparation to make that happen.
What do you want to do when you retire? Travel the world? Move to another community, city or country? Spend time at your recreational property? Devote your time to volunteer work? Purchase a new car or home? Do you prefer dining out regularly? Do you attend theatre or music events? Do you support and contribute to charities? Do you have grandchildren? Do you have an active lifestyle?
However you decide to enjoy your retirement, your retirement planning strategy will play a major role. It can impact how much or how little you accomplish during retirement. Make some smart choices now, and you'll be well on your way to a comfortable, independent and worry-free retirement.
Retirement planning involves negotiating a balance between your goals and the expenses they may incur. Start by honestly analyzing your current financial situation and assessing what you're going to need when you retire. Develop an investment strategy to help you get there. Finally, review your insurance coverage to be sure that it supports your long-term goals.
To begin formulating a plan to realize your retirement goals, start by forming a better understanding of these retirement income sources available to you.