5 Keys to Selecting a Successful Retirement Date
- Discovery – Understand your present situation!
- Destination – Decide what YOU want your retirement to be like. Do you want to travel? How about volunteering or picking up new hobbies?
- Design – Failing to plan is planning to fail!
- Create an estimate of what your monthly/annual expenses are going to be in retirement.
- Understand your future sources of income. Will you have a pension or 401k? Will you utilize Social Security or any investments?
- Compare your potential income to your estimated expenses. Are they equal? Is it more or less?
- Analyze and understand how you can improve your situation. Here are some ways:
- Increase your contributions to 401K and other retirement savings accounts.
- Create a plan to pay off all your debt by retirement.
- Be conscious of your spending and spend wisely.
- Are you interested in just cutting back at work vs. full retirement?
- Implement – A plan without action is just good intentions.
- Monitor your results and modify if needed!
Plan for what you want – don’t just settle for what you get!