When it comes to planning your retirement, it's likely you've spent countless hours choosing retirement accounts and determining exactly how much you'll need to save. But how much time have you spent picturing your life as a retiree?
Having plenty of savings, and an intricate financial plan, won't make much difference if you don't know how you'll fill your days once you leave the workforce. And waiting until you're retired to attempt to figure it out can limit your options and leave you feeling overwhelmed.
Here are some non-financial issues that deserve planning, too:
1. Will you continue to work part-time, or start your own business, after you've retired? Quitting work cold turkey can be more difficult than you might think, and many retirees are opting to continue to work part-time. This can be a great chance to pursue an interest you didn't have time for in the midst of your career, and you might be inspired to test your entrepreneurial spirit. But, if you plan to work after you retire - especially if it's in a different field - you'll want to put some thought into what kind of training or education you might need.
2. What about volunteering? Volunteering can be a great way to remain active, make new friends, and share your life experience and accumulated wisdom with others. But beware; many nonprofits want their volunteers to have specific skills. So, it's a good idea to think ahead about what kind of volunteer work you might be interested in, and start developing those skills now.
3. Plan to spend time with family and friends? Nurture those relationships now. Many of us look forward to retirement as a time when we'll finally be able to spend time with loved ones. But, neglecting relationships for the sake of work now, can lead to disappointing results later. Make sure your important relationships are still strong when you're ready to retire.
4. How healthy will you be? If you don't take care of yourself now, you may very well not be healthy enough to fully enjoy your retirement. That's why it's important to watch your diet, make time to exercise, and take steps to control your stress.
Now's the time to picture your ideal retirement and start taking the necessary steps to make that dream a reality.
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