[ad_1]
When it comes to retirement planning, envisioning your ideal lifestyle is crucial. As you reflect on 2023, consider the moments that brought you joy, the places that inspired you, and the people who made each day special. To kick-start this process, grab a sheet of paper or record yourself discussing these experiences — the ones that made you feel younger than your years or brought you great pleasure. The objective is to incorporate more of these experiences into your retirement.
However, it’s important to ground your dreams in financial reality by crafting a retirement plan that includes the costs associated with these desired activities. If international travel with loved ones or friends is a passion, be sure to factor this into your retirement budget. Likewise, if golf or pickleball is your “thing,” consider the increased fees of regular play. Remember, paying to play is an investment in your well-being. Just be sure your debts are paid down, and your retirement accounts are healthy and optimized to provide adequate income.
Before you embark on your retirement journey, examine your portfolio thoroughly. Nothing is more stressful than worrying about running out of money prematurely. Ensure a solid financial foundation by broadening your income sources. Retirement may span three decades or more, so a mix of cash, bonds, equities, income-producing real estate, and alternative investments may be in order.
Retirement Psychology — Redefining ‘Work’
For many, the notion of work carries immense satisfaction and provides an outlet for making a positive impact. If you’re hesitant about fully retiring, consider alternatives such as a “mini-retirement” or an extended vacation to determine your readiness for a slower pace. Entrepreneurs and executives, in particular, often find solace in their daily work routines and leadership roles, making a gradual transition essential.
After years of guiding individuals through the retirement planning process, it’s evident that taking ample time to dream and meticulously plan is important. Doing so can help you transform your retirement into an ongoing experience of living your perfect week, week after week.
Eric Tashlein is a Certified Financial Planner Professional™ and financial advisor with Cambridge Investment Research Advisors, Inc. He can be reached at 800-878-7152. Offices: OES Wealth Partners, 71 Bradley Road Suite 4-A, Madison, CT 06443 & 30 Old King Hwy S, Darien, CT 06820. The information provided is for educational purposes only and doesn’t intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Advisory Services offered through Investment Advisor Representatives of Cambridge Investment Research Advisors, Inc. Cambridge Investment Research Advisors, Inc, and OES Wealth Partners are not affiliated.
[ad_2]
Source link
