Chapter 10: One Toe in the Retirement PoolSo, potential retirees, today we look at:
Step 2: Exploring Roadblocks and OpportunitiesAre your finances in a good place for you to retire? When you calculate this, assume that Social Security won't cover everything, you'll live longer than average, and inflation will affect all your expenses; on the flip side, remember that your investments will stay invested until you sell them, so any of your money which is working for you will continue to do so. If you don't want to crunch the numbers yourself, consider hiring a financial planner.
Where do you want to live when you retire? Do you want to stay put? Move to someplace with a lower cost of living? Better climate? Senior-friendly community? Be sure to inspect your destination thoroughly, including staying there for a while if you haven't yet. Everything from the weather to the hospitals to the community centers are important.
Do you want to work at all once you're retired? It might be a good way to keep busy, meet people, and extend your retirement savings. Or, you can look at it as a low-risk way to try something new, like starting a business.
In any event, be sure you plan your retirement with the same thoughtfulness you'd plan a job search.
Next time? You guessed it! Action plan!