Retirement remains a great opportunity to finally enjoy the results of years of hard work. However... without a great deal of thought and planning, this transition may not go as smoothly as you would like. It is important to determine HOW you would like to retire. What is the Grand Plan? What lifestyle makes sense for you? Is traveling a priority... day after day of golf or tennis... daily strolls on the beach???
Once you have determined the lifestyle you aspire to for your retirement, the planning really becomes important! Where you choose to live should reflect that lifestyle. Golf every day? You may want to consider joining a golf club or living by a favorite golf course. Boating a priority? Pros and cons of having your own boatslip right out from your back door. Is weather a priority? Tired of brutal winters that involve slipping on ice or endless shoveling and hovering around the fireplace? You may want to consider a warmer climate. That takes care of the winters, but are you prepared for the hot summers? And owning two residences (in order to live half the year in each) requires a great deal of coordination to maintain both.Financial Planning is critical! There are a variety of retirement plans that range from IRA's to 401K's to Credit Unions. A good financial planner is a good start. Having the means to support the type of retirement you dream of may take some serious strategic investment and saving. We particularly like this article - Fundamentals Of A Successful Savings Program. Another good one is Determining Your Post-Work Income.
Where to Live? Glenn Curtis in his Five Retirement Questions Everyone Must Answer gives a list of factors to consider when thinking about this question:
- Proximity to family members
- The cost of housing
- Access to health care facilities
- Access to entertainment (such as shows and sporting events)
- Proximity to a major airport
- Year-round weather conditions
- Taxes (state income, property and estate tax)
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