Retirement should be a time most working people of a certain age look forward to. A time to relax, take up leisurely activities, learn new skills and spend more time with family.
But we’ve all seen those commercials about how much money you might need for retirement that cause apprehension and anxiety about everything involved with retirement. The mere thought of calling it a career becomes less enjoyable and more stressful.
Retirement planning doesn’t have to cause confusion, but there are still plenty of things you need to know and decide before you take the leap out of the working world.
Here are four questions you should ask yourself before you decide to retire.
Where am I going to live?
This can be one of the hardest things to think about. Sure, you might want to stay in the home that you’ve raised a family in or grown accustomed to, but as you age, it might not be as safe as it needs to be.
Are you going to sell your house and buy a new one without stairs? Are you going to move into a retirement-life community? Are you going to just stay and see what happens? These are all things that should be considered before you decide to retire. You may not need to make a decision right now, but you should at least explore your options.
What is going to happen when I’m gone?
Ok, this is a little dark. But it’s something that needs to be discussed because, believe it or not, everyone dies at some point. A funeral can be a burden on the family of the deceased, so it is best to have a plan in place when that time does come.
What kind of funeral would you prefer? Do you have a burial preference? Does your life insurance cover funeral expenses? What happens to your estate? Do you have a plan for who will inherit your belongings? They seem like grave things to think about, but they can really impact your family.
How am I taking care of my daily health?
When you get to be retirement age, your body is changing, there’s no denying that. But how are you reflecting those changes in your daily life? Are you getting enough exercise? Are you taking certain kinds of multivitamins or supplements? Is your diet conducive to your current lifestyle, or do you need to make a change?
What can I afford?
Planning for retirement financially can be a scary thing. It’s something that (hopefully) you started long ago and are now ready to reap the benefits of. How many years will your savings last you after paychecks stop rolling in every other week? How much can you afford to spend every month without stretching beyond your means? Do you have enough to cover any unexpected costs that may arise? What are your best case and worst case scenarios? Having a plan with your money can save you headaches along the way.
Whether you have or haven’t started trying to answer these questions, you can get a head start at Philadelphia Media Network’s 55+ Thrive Lifestyle Conference. It takes place on Sunday, Nov. 19 from 11:00 a.m. to 4:00 p.m.at the Philadelphia Marriott Downtown. To purchase tickets, click here. To receive a special buy one ticket, get one free offer on new tickets, enter promo code PMNPHILLY.COM at checkout.