As we get into the holiday season, many people of a certain age are trying to decide if during the coming year, they will do something they have worked for their entire life to be able to do–retire!
One of my favorite columnist, Mr. Rodney Brooks wrote an interested article on how little people of a certain age know about the cost of retirement. It is not surprising to me because most people actually never think about finances pass getting a house, car, education and such. We tend to always put off the retirement chapter.
Over the last few months, I have seen some people of a certain age actually do retirement right–I want to be them. No, let me rephrase that–I am going to be them.
There are so many things to consider; when to take Social Security, can you get your spouses Social Security (state of Texas says I can’t). What about the dreaded healthcare insurance? How much can you take out of your retirement fund to make it last? These and many more questions need to be answered before you attempt to retire.
You should talk with your financial planner about the life you want in retirement. There are continuing education classes at the local colleges that can assist you. One point that Mr. Brooks did not mention is that you can talk with trusted friends and family who know about retirement. Maybe even your parents–they seem to be doing well, and probably didn’t make nearly as much income as you.
A couple of years ago, the hubby and I went to Robson Ranch for a weekend tour. We had dinner with a couple that had moved there. The gentleman told us the one thing to remember is “you will need more money than you think” when you retire. I know that I don’t really want my lifestyle to change. I want to be able to travel, entertain–do what I’m doing now.
Let’s enjoy the holiday season, but at the beginning of the year, lets start to study more about our future, and how we want the retirement stage of our life to be. We want to graduate to retirement in the top 10%.
Take a look at the article by Rodney Brooks, and see how much you know about retirement.
Remember “thisisyourbestyear”. Be prepared for the next stage of life. Live it to the fullest.
You can follow Rodney Brooks on Twitter at Rodney Brooks@Perfiguy.