Our business communities are now experiencing more employees, who are ready to retire and exiting from their careers, and yet there are still many who are concerned about their financial capabilities. Obviously, there is good reason to be concerned as our economy and those around the world continue to fluctuate, and there exists lots of unknowns and changes globally.
This is why all should approach retirement with a comprehensive plan and be encouraged to research all aspects involved with this retirement stage of life. Here are some areas and factors to examine/explore when determining when and what to plan for your retirement life.
- What is a fair estimate of your life expectancy, based on family history? This will help you in calculating your needed finances for retirement.
- Where do you plan to live the majority of your retirement period?
- How is your health, and what health issues do you have to consider? Will you require special healthcare or nursing in the near future that impacts your budget?
- How would you like to spend most of your days? Group activities? Traveling? Volunteering for Special Interests? Purchase other home locations? Socially active?
- Do you have the responsibility to care for others?
- Have you calculated the possible increase of utilities, taxes, car repair, etc.?
- What activities might be of interest without hefty costs?
There are several unknowns, but there are also variable expenses based on how you want to spend your retirement days. It is so important to do sufficient research on anything major, like living in another state or country. Investing in another home in a different country can have surprising consequences. Be sure to check out the “what-if’s”. Some countries can have some risky rules and exceptions. In addition, healthcare and medical facilities can be quite different in other countries.
It is also important to decide if you and/or your spouse plan to work any amount of time after leaving your full-time career. Some find that after a few months of leisure, they want or miss some portion of employment. It may be wise to explore this option ahead and be aware of this possibility.
The key is to research ahead for big areas involving your daily life and your health when you retire. From the list of how you plan to live your retirement, develop a budget. Then be sure to discuss this with your spouse and/or partner in order to have an inclusive and comprehensive budget. These should include frequency of salon appointments to spa days, clothing budget, traveling expenses (i.e. cost of gas, hotel rooms, and eating out), etc.
The more practical and inclusive you are, the better chance of having an accurate budget, and the better prepared you will be. You can always count on some unexpected events and/or expenses that pop up, which is why you should have a reasonable amount of finances tucked away for emergencies. Retirement is a BIG transition, thus it deserves thorough and extensive preparation. By taking ample time for this, you and your loved ones can enjoy this stage of life.
Employers, you can be a HUGE help to your employees by providing an “Educational Retirement Planning Workshop”, which covers all this vital information without any sale pitch! Such an educational venue strongly improves employee loyalty and engagement! A GREAT benefit! Contact us TODAY!!! 1-800-849-2500; www.compasscareer.com.
By ROBYN CRIGGER, CEO
Compass Career Management Solutions