What do your retirement aspirations look like? Do you hope to finally take the time to travel the world and soak up as many experiences as possible while enjoying the slow minutes of the day? Do you look forward to helping raise grandchildren while living close to your loved ones in a comfortable situation where you can spend as much time with your growing family as possible?
No matter what your goals for retirement look like, you’ll need a well-thought-out plan that takes into consideration many different factors and variables — a retirement roadmap if you will. With help from Income For Life, you can start successful retirement income planning that will allow you to enjoy the retirement you seek and stay retired.
Continue reading to learn more or get started with Income For Life by signing up for our Retirement Roadmap series of free retirement planning resources.
3 Important Things To Consider
Although successful retirement income planning has many facets and nuances, there are three primary and overarching questions to consider and answer when figuring out what your retirement roadmap looks like.
How Much Income do You NEED in Retirement?
On the surface, this question might seem much like the next one. But understanding how much money you NEED for retirement isn’t about achieving your retirement dreams, it’s about making sure that you are secure.
Make sure to consider all of the following living expenses:
- Travel expenses
- Health care
Will your mortgage be paid off? Do you plan to sell and downsize? How much will you need annually for travel expenses to visit friends and family for special occasions and holidays? How much do you need to send gifts for birthdays, anniversaries, graduations, and other important celebrations? What medical conditions exist or are hereditary in your family that need to be accounted for?
All of these things and many more should be thoroughly considered to make sure that you can take care of yourself, your loved ones, and enjoy the retirement that you have worked so hard to achieve.
How Much Income do You WANT in Retirement?
Once you have thought about your primary needs and expenses, you should think about what you really want to be able to do with your retirement.
Many people have life-long dreams that they have eagerly awaited to have the time and resources to bring to life in their retirement. From world travel to consistently entertaining friends and relatives, there are lots of things you will want to make sure you account for when creating your retirement roadmap.
Beyond these kinds of goals and dreams, many people also want to leave behind a financial legacy of support and security for their loved ones. Whether it’s money for the grandchildren’s education, an inheritance to provide security to your children, or even a contribution to a charity or organization close to your heart, proper planning can help you ensure you are able to provide for posterity.
What Challenges or Roadblocks Stand in Your Way?
Taxes, changing employment situations, and market instability can all wreak havoc on your retirement plans, especially if you have not considered them into the overall strategy of your retirement roadmap.
Let Income For Life Help You Create a Successful Retirement Roadmap
At Income For Life, we help people just like you create successful retirement roadmaps with the help of annuities, free resources, and professional guidance and services. Our goal is to help forward-looking people prepare for a successful retirement that meets their expectations.