Retirement Planning Dreams

Admit it — we all dream about the day when we don’t have to work for a living anymore. We’re all waiting for that moment when all that  matters is what our next vacation destination will be, when we’ll next see our grandkids, and what movie matinee we want to see. Or, maybe we are so far from grandkids but just plain can’t wait to stop working!

Whatever the case, retirement is in our futures. It is up to us to make the most of it by planning for retirement as early as possible. Are you ready for retirement? Ask yourself these questions about retirement to determine if you are in the right mindset to start your retirement transition planning.

1. Have you saved up as big a nest egg as possible?
2. Do you know what your estimated monthly income will be once your are finally retired?
3. Are you comfortable and confident with the retirement income amount ahead of you?
4. Have you paid off all your debt, or at least as much debt as humanly possible?
5. Have you thought about where you will live in your retirement years??
6. Do you have a plan for what you will do with your free time during your retirement?
7. Do you have great pride in your occupation? Will you miss it when you no longer have to work? What will you tell people when they ask what you do? Will you have any negative feelings about that?
8. Do you exercise regularly? Would you if you had more time?
9. How do you feel about having a fixed income? Are you going to miss the regular paychecks?
10. How often do you see your friends? Will you see them more or less when you are retired?
11. Is your spouse ready to retire as well? Are you both on the same page with what you want to get out of retirement?
12. Have you considered any specific and achievable goals for your retirement?

After you complete this retirement planning questionnaire, consider checking in with a retirement counselor or a financial planner / adviser to ensure you are on the right track. No matter what, though, don’t stop saving!

Filed under: Still Working... on February 16th, 2010