We received the following infographic from Ty J. Young Wealth Management about retiring happy. Since we can all use some happy, read on…
Retirement is supposed to be fun and relaxing but you’ll never be able to relax in retirement if you are not financially secure. If you want to retire happily, you’ll need to ensure that you ask yourself six important questions well before retirement. These six questions are designed to help you ensure that you are financially stable when you retire, even if you plan to go to retirement villages Queensland.
1. What Do You Want to Do?
The first question you should ask yourself before you retire is “what do I want to do?” Do you want to travel the world and see all the things that you didn’t have time to see when you were working? Do you just want to relax on a nice wrap-around porch in the countryside? It doesn’t matter what you want your retirement to look like, the important thing is to know exactly what you want it to look like. By defining your retirement goals early, you can assess your finances to see if you have enough money to fund your retirement goals.
2. What Are My Responsibilities?
The next question you need to ask yourself is “what responsibilities do I have?” When you retire, will you have a disabled child to look after? Or will your children be in college and still be in need of your financial help? Do you still have mortgage payments to make? By knowing what obligations will need your financial support, you can assess if you can make those monthly expenses with your retirement package.
3. Do You Have Enough?
If you haven’t asked yourself the other questions, you will never be able to answer this question. You need to know what your goals and obligations are before you assess whether you are financially prepared for them. When you reach this question, it may be a good idea to start talking to a financial advisor. They can help you to better understand your financial footing.
4. Are You Making the Most of Your Benefits and Investments?
When you are talking to a financial advisor about your financial situation for retirement, it can also be a good time to ask them if you are making the most of your retirement benefits and investments. If you don’t have enough money yet for your retirement, there are things that you can do like investing more money in your 401(k) (you can invest more as you age).
5. Do You Want to Work Longer?
The next thing that you can do is to ask yourself if you want to work longer. With more people living longer, there can be a myriad of reasons for you to work longer than you had originally planned. Continuing to work into your later 60s and early 70s can do wonders for your mental health and social life. You don’t even have to stay in the same career. You can try out a whole new career if you so choose.
6. What Unknown Events Should You Plan For?
The last question you should ask yourself is “what unknown events should I plan for?” No one wants to think about getting sick in the first place, let alone during the happy time when they’re retired but it is important to consider what kind of funds you might need should you become ill in your retirement. You don’t want to rapidly use up your retirement funds because of an illness. Think about ways to mitigate the damage of a long-term illness.
Keep the infographic below to help you remember these six questions when you decide to audit your retirement plan.