Have you started planning for retirement yet? Make sure you incorporate these important, often-overlooked elements in your plans:
Plan to keep earning in retirement.
A growing number of retirees have discovered that working part-time in retirement has enabled them to maintain both a comfortable financial cushion and their greater sense of purpose. Retirement is an excellent time to explore skills or pursuits you feel passionate about and would like to delve into more deeply. Having an income source in retirement will also help you cover unexpected expenses and maintain a healthy retirement nest egg. Even a few work hours each week in retirement can help boost your financial security (and peace of mind!).
Plan to keep paying taxes.
You will likely need to still pay some form of taxes in retirement. Set your retirement savings goals with these taxes in mind! Research the taxes retirees in your state pay along with tax rates in states that may draw your interest. Plan to keep using a budget in retirement, too! A budget will help you stay on top of recurring expenses, such as property taxes. Planning with necessary expenses like taxes can help you set and achieve your savings goals in time for your preferred retirement date.
Plan to include your loved ones in your plans.
Discuss your plans for retirement with your loved ones. If family members live faraway, will you be moving closer to them? Do you plan on traveling to visit them? These are discussions best held sooner than later. You will be better able to afford seeing them on your terms if you start saving more today. The members of your support network, including financial experts, also likely have their own advice on how you can better tailor your plans for retirement to your goals and needs involving your loved ones.
More retirement and savings tips are available on the Syncis Money Blog today.