No matter your age, if you’ve worked more than a day or so, you’ve probably had at least a brief moment of daydreaming about retirement. It’s not uncommon; retirement is supposed to be our golden years, the time we take to explore the world and see all the things we couldn’t see while we were working. But while those daydreams can get us through some rough patches, I wish I’d known a few more things before I retired.
But wishes won’t get us anywhere if we don’t put in the work to create solid plans and put those plans into action. I’ve helped hundreds of people plan for retirement and answer any questions they have and, in those moments, it’s clear to see the excitement, concern, and anticipation in their eyes.
I want to reduce your concern, and help you plan for retirement with a few simple things I wish I’d followed before retiring. Our retirement resources hub is there to help you navigate your options, and motivate you to begin planning for retirement today.
Insight #1: Start saving for retirement earlier
No matter what your ideal timeline to retirement may be, it’s absolutely essential that you begin planning as soon as possible. I know that’s difficult when you’re 30 or more years away from retirement, but the sooner you tuck away money to let it grow, the sooner you’ll see returns on those investments. Even the smallest gains can be incredibly enjoyable and motivating to watch. Just imagine what those investments will look like in three or four decades.
And consider this: nearly 75% of retirees surveyed in 2018 reported that they wish they’d begun setting aside income earlier. Over half of the respondents stated that they thought they hadn’t begun investing soon enough. Don’t be a part of that demographic. Start planning, and start saving today.
Insight #2: Make sure it’s time to retire
Let’s be honest: most of us would consider retiring tomorrow if we knew we were financially secure. But the rush to retire can often leave retirees feeling like they retired too soon, if you can believe it. Some people are so burnt out on working or ready to while away their time that they overlook critical components of a retirement plan, like:
- Ensuring they have the funds to spend the rest of their lives comfortably
- Getting proper life insurance
- Finding the right accountants and attorneys to help with any issues post-retirement
- Budgeting for any emergencies or unexpected expenses
While it’s always tempting to retire as soon as possible, it’s sometimes best to wait a few more years to make sure that it’s the right time.
Insight #3: Set realistic expectations
Considering the timeline isn’t the only important factor. It’s also essential that you and your partner are on the same page about retirement plans, as each of you might have completely different expectations and versions of what a post-retirement life looks like.
Do you see yourself sticking closer to home, or do you envision your retirement years full of travel? Make sure you and your partner talk about whether or not the latter can be a reality. If you are not aligned, reallocating or planning finances and appropriating time and energy can become unnecessary issues. Take the time to have honest conversations together, and you can ensure that your retirement is what you both want.
Find the retirement information your need in our retirement resources hub
There’s no better time than now to begin exploring your options for retirement. Our retirement resource hub is full of helpful information you need to begin planning. As always, though, reach out to OWLFI today to get the retirement help you deserve.