Planning for Retirement: Financial and Lifestyle Considerations
Planning for retirement is not just about saving money; it’s also about planning for the lifestyle you want to lead once you retire. Many Americans focus solely on financial goals and forget to consider how they will actually spend their days in retirement. To retire successfully, you need to do both financial and lifestyle planning.
When thinking about retirement, ask yourself, “What am I retiring to?” Are you looking forward to a life of leisure, traveling the world, or pursuing a passion project? Creating a wish list for your everyday activities can help you envision your retirement lifestyle. Write down your likes, loves, and hates to help you plan for activities that bring you joy and avoid those that don’t.
Funding your hobbies in retirement is also important to consider. Discuss with your financial team how you can allocate funds for your interests so they don’t become a financial burden. Additionally, keep in mind that spending in retirement tends to go through phases, from high activity and spending in the early years to a more routine and lower spending level in later years.
Overall, planning for retirement involves more than just saving money. It’s about creating a fulfilling lifestyle that brings you joy and purpose in your golden years. So, as you plan for your financial future, don’t forget to plan for the everyday activities and hobbies that will make your retirement truly enjoyable.