WHAT TO THINK ABOUT

When you are thinking about retirement, you need to set a few goals to begin with.
How will you spend your time once you aren’t trudging off to work every day? There are lots of options for every retiree. You need to pick the one that’s best suited to you and one that will keep you busy.
Maybe you want to travel, start or continue a hobby, garden, play golf, dote over the grandchildren, or even climb a mountain or two. The possibilities are limitless. Dare to dream and then make those dreams come true. You’ve worked hard and you deserve a happy retirement. Retirement doesn’t mean you should resign yourself to sitting around talking about your ailments or feeding the pigeons in some park. It should mean freedom to explore life and all it has to offer.
Maybe you will be bored with the idea of not going to work every day. If this is the case, you might be happier working or volunteering once you retire. There are lots of retirees who have started a second or even a third career after retirement. I’m sure there are many ways you can volunteer if you don’t relish the idea of working for money. Almost every organization is begging for persons to volunteer time to help with the many activities and projects.
What about your health once you retire? You should start planning right now for a healthier body. If you smoke, stop. If you’re overweight, take measures to slim down. Start an exercise and nutrition program so you will be as healthy as possible in your older years. Make a commitment to become a healthier, more active person and you will reap the benefits now and later.
Been putting off medical check-ups? Now is the time to get these done. By taking care of your health in your early years might help with securing health insurance at a reasonable rate once you are older.
Another area that you might need to develop is friends and family. A career sometimes doesn’t leave much time for cultivating friendships or enjoying your family. Once you retire, you will have more time to spend with these people but will they be there for you when that time comes?
Try to make time for family and friends, even if it’s just a few hours a week. The older you get, the harder it is to find and make new friends. If you ignore your family, they might not be there for you when you get older and feel you have more time for them.
So, in addition to investing and saving money for your retirement, now you need to make some additional plans. You need to plan how you might want to spend your retirement, where you might want to spend it, how to be healthy enough to enjoy it, and how to keep your family and friends around to help you enjoy it. This makes retirement planning take a whole new meaning. Retirement shouldn’t be considered an ending, it should just be a continuation of living.
Of course, money is important when you are thinking about retirement. When you don’t have a steady paycheck coming in from week to week, you will still have bills to pay and things that you want to do that will require money.

When you begin to plan for your retirement, ask yourself the following questions:

1. Do you have a pension or retirement plan at your place of employment and are you eligible?

Some companies do not offer retirement or pension plans and some jobs within companies are not eligible for these plans even if they are offered.

2. How much will your pension or retirement plan be worth when you retire?

This information is necessary so you can decide if you need additional savings such as an IRA to supplement your retirement benefits when you decide to retire.

3. If your employer provides a retirement plan, what happens to it if you change jobs?

Your employer can tell you if your retirement plan can be rolled over into an IRA, cashed in, or left with the company if you should leave the company. You will need to decide which is best for you to do.

4. If you retire early, what happens to your retirement plan with your employer?

Your employer can tell you when you are vested with the company and what you can expect to receive in the way of retirement benefits when you decide to retire.

5. Will pension benefits be reduced by Social Security?

In some instances, your benefits could be reduced by the amount of Social Security you draw. Discuss this with your employer to see if this happens with your pension.

6. Look at where your finances are right now. Gather all your financial information into one place and go over it to see what you have and what you need. Look at your benefit plans, social security, veteran’s benefits, and so on. Make a detailed list of your assets, such as real estate and investments. Next list all your liabilities, such as debts, loans, child support, and alimony.
Retirement planning is looking into the future and seeing how much money you’ll need to live a comfortable and satisfying life.