This is the time of year when you start hearing people talking about the dog days of summer: The long, hot, and depending on where you live, humid days of summer. The term “dog days of summer” refer to the dragging on of unpleasant conditions. I’m sure most children think it’s just fine as the alternative means the beginning of school.
If you’re at or near retirement age though, the goal is to never have dog days of anything. We imagine bright, sunny days at the perfect temperature. We plan on living by our own rules, enjoying every day to the fullest and doing the things that we want to do. That’s what retirement should be about. You’ve paid your dues and spent the last 40 or so years working hard. It’s your time now.
The problem is, you can’t just show up at retirement and expect that magical oasis to happen. Just like putting together an amazing trip takes thoughtful planning, so too does your retirement.
There are many variables to consider when putting together your retirement plan. Things like:
- How do you envision spending your time?
- Spending time with loved ones
- Learning a new skill
- Where and how do you plan on living?
- Staying in your home
- Downsizing and staying in the same area
- Downsizing and splitting your time between two different states
- How will you handle future health care concerns?
- Long-Term Care insurance
- Do you have enough money to last for the lifestyle you have planned?
- Will you outlive your money
- Do you need to make adjustments to your plan
- Are you invested properly?
- Are you taking on too much risk
- Do you have a tax-smart investment strategy
- Do you have an estate plan?
- Have you made future plans for your loved ones
These are just some of the questions that need to be answered in order to create a solid retirement plan. Dealing with these variables now can help make retirement mush less stressful later. These retirement questions should be considered carefully and getting the help of a financial professional is recommended.
You can discuss these questions and any other concerns you have by booking a meeting with a qualified financial professional. It’s a pretty easy process since many qualified financial professionals offer complimentary meetings to answer questions just like these. With a solid plan you can count on, you’ll be able to steer clear of the dog days of retirement.