The journey to retirement begins to take on a greater sense of importance during the final decade of your working years. That’s because the decisions you make during the last 10 years of your career are critical to your ability to actually enjoy retirement—however you may choose to define that season of life.
A lot of major life events tend to occur during the late stages of your career. If you have children they are likely launching their own careers and leaving the nest.
Define What Your Version of the Ideal “Retirement” Looks Like
What do you look forward to doing the most during retirement? Will you stop working completely or do you plan to take a part-time job or starting a business venture? There are no one-size-fits-all answer to these questions. Personalize your vision of retirement in a way that matches your values and life goals as you carefully consider what your ideal retirement looks like.
Run an Initial Budget Plan for Retirement
Reviewing your budget or personal spending plan is something most of us agree we should all be doing but is easier said than done. As retirement approaches the budgeting process takes on a whole new level of significance. Once you’ve identified where your money is going, you can try to free up some extra money to save and invest for retirement.
You can also go ahead and create a Budget Plan for Retirement to identify areas of spending like health care or travel that may be changing the most during your financial freedom years.
Credits: Scott Spann