These days, most people know how important it is to save for retirement and to have a strong nest egg ready for when you leave the workforce.
However many of us make the mistake of not sitting down and actually taking the time to plan out our retirement in detail.
In order to make sure you get the most out of your retirement, it’s worth thinking about these four key considerations.
how do I want to spend my retirement?
While many people look forward to retirement and the peace and freedom that this period of life will bring, some often forget to actually plan out how they want to spend their golden years.
Do you want to travel overseas or domestically? Do you want to spend time with grandchildren or family members? Would you like to volunteer to help others less fortunate?
These are all useful things to think about, as it helps to have a good idea of how you would like your retirement to go in order to make sure you get the most out of this time.
where am I going to live?
When you make the transition to retirement and enter your golden years, it’s important to think about where you are going to live.
Many people hope to stay in their own home, but it pays to be realistic about this and to consider whether or not it may be a better idea to live with a loved one or somewhere where care is readily available.
Furthermore, it may be worthwhile considering downsizing to a smaller property, in order to unlock the equity of your current home and secure a more comfortable lifestyle for yourself.
what if I get hurt?
When building a retirement plan, many people fail to take into account unexpected medical bills and just how expensive getting injured or sick can be.
Furthermore, if you are planning to work part time or intermittently during your retirement then it is important to consider what might happen if you become injured and are unable to work.
Will you still have enough money to support yourself and the people you care about without this form of retirement income? This is an important factor to take into consideration.
what about unexpected expenses?
Retirement – like the rest of life – is full of ups and downs. You never know when an unexpected expense might arise that could upset your long term plan.
These unexpected expenses can be good things, like a wedding or celebration that you would like to attend. Or they can also be unfortunate, such as a funeral for a loved one.
Either way, it’s important to make sure that your retirement plan is flexible and inclusive enough to take these little surprises into account.
we can help
If you are thinking about planning for your retirement, we can help. Why not get in touch by calling 1800 626 881 or by using the ‘contact us’ tool on our website.