Most people may find it difficult to paint a detailed picture of how they want to live when they retire; therefore, they also find it difficult to determine how much money they’ll need to retire comfortably.
In fact, most people have a hard time visualizing what their life will look like even 10 years from now.
It helps to think of activities in which you are currently involved that make you happiest. What do you like to do when you have some time off work? Where do you like to go and with whom do you like to spend time? What is it about the activity that makes you feel good?
Rather than trying to picture your retirement in your mind, why not try a dry run?
Retirement means something different to everyone—no two retirement dreams are the same. Ask yourself the following questions and consider the financial impact of each. This should help you create a clearer picture of how you might like to spend your retirement years and how much money you will need to achieve your retirement goals.
Will you stay in your current home?
What hobbies do you like to pursue, or would like to pursue, in your free time, and what are the costs associated with these activities?
Do you view retirement as a career change?
Regardless of what your retirement dream looks like (you may still be in the process of formulating one), or if you’ve got an entirely different vision of what your life will look like after retirement, you’re sure to have questions that need answering.
If you’re just starting in your career, you’re likely wondering whether or not you need to start investing for retirement, and how much you need to be putting away. What investment options do you have and how do I choose which one is right for me? Alternatively you may only be a few years away from retirement and wondering if you’ve saved up enough money to last as long as you do?
No matter where you are in life, whether you’re just starting out or well into retirement, Caldwell Advisory can help. Our no–pressure planning approach is custom fit to each one of our clients.