Does your dream retirement include traveling the globe? Perhaps you want to spend your golden years pursuing a new luxurious hobby? No matter the activity or lifestyle that you want to enjoy, you should spend a little time asking yourself if you can actually afford your dream retirement.
Think About What You Want To Do During Your Retirement.
The first step towards affording your dream retirement is to think about what you actually want to do throughout your golden years. By setting a specific retirement goal, such as a beach home or summers in the Italian countryside, you can become more motivated to invest wisely, save your extra money, and avoid impulsive splurges that will keep you farther from your goals.
Decide How Long You Want To Work.
Did you know that many people decide to work part-time or start new ventures when they retire from their career jobs? In fact from 1977 to 2007 the number of workers aged 65 and older increased by an impressive 101 percent. In this vein, as you begin to think about your dream retirement, you need to also decide how long you want to work. Keep in mind that if you decide to work part-time or start a new venture during your retirement, then you will also be able to enjoy extra income to support your dream retirement lifestyle.
Establish Realistic Figures.
Once you have decided what you want to do during your retirement, and how many years you want to work, it will be time for you to look at realistic financial figures. Keep in mind that the cost of living might increase as you age. Additionally, you should spend some time researching the actual cost of the activities or hobbies that you want to pursue during your golden years. For example, if you want to travel, then you should spend a bit of time researching how expensive it will be to travel to your chosen destinations.
Align Your Savings Plan.
After you have established some realistic financial figures, it will be time to align your savings plan with your retirement goals. To properly align your goals with your savings plan you should compare the cost of the guaranteed income that you plan on receiving throughout your retirement vs. the money that you will need to spend living your dream retirement. If your estimated income funds do not cover your dream lifestyle, then you will have to compensate by saving more throughout your career, investing wisely, and adjusting your current spending habits so that you can build up a sizable nest egg.
Attend A Fortified Retirement Financial Planning Workshop
The final step that you should take to determine if you can afford your dream retirement is to attend a retirement planning workshop. Fortified Retirement offers a multitude of free retirement planning workshops that will give you the tips, tools, and insights needed to successfully plan ahead for your golden years. To learn more, sign-up for a free workshop or seminar today!
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