To follow up on my latest post regarding retirement and the importance of planning ahead, there are a number of things to consider. The biggest challenge is to create a lifelong paycheck, one that allows you to live the lifestyle you envision for yourself in retirement. To accomplish this, it should be structured so that it lasts your (or multiple) lifetime(s), is paid on a regular basis, takes inflation into account and is relatively stable. Each one of these factors could be a whole discussion on its own.
In order to address this challenge, there are some big questions that will need to be answered:
- What are your goals? Have you given serious thought as to when you'll retire and what you'd enjoy doing?
- How much can you spend - realistically?
- Will you have enough resources to afford to live your dream retirement?
- Have you identified and maximized all of your sources of retirement income?
By taking the time to give some thought to your future goals and taking a close look at your overall financial picture, you can begin to build a retirement plan that will enable you to live the retirement of your dreams.