Preparing for retirement is not just about saving or investing money. You must also consider how retiring will affect different parts of your life. Therefore, a clear retirement plan can help determine your non-financial and financial goals.
Here are some ways you can plan for retirement while keeping your lifestyle considerations in mind:
List Your Assets And Determine Their Value
Listing your assets and counting your wealth is crucial during future financial planning and retirement. You’ll be able to save and better invest your money if you know how much you own, what you own, and what it’s worth. For this, you’ll need to check your much your valuable things, insurance policies, bank accounts, real estate, and investments are worth.
Also, determine how much these assets will be worth in the future and whether they’ll appreciate or depreciate.
Plan Your lifestyle
Next, you must determine what makes you happy and the kind of lifestyle you want after retirement. Ask yourself if you want to buy a house, go somewhere, spend more time with your family, or volunteer at charities. Focus on activities that make you happy and help you feel your life is worth living.
Once you know your lifestyle goals, you can figure out the budget for retirement, including the cost of entertainment, healthcare, transportation, food, housing, and more.
Determine Your Sources Of Income
Once you’ve figured out your lifestyle, determine how many income sources you’ll need to support your spending over the next twenty or thirty years after retirement. Here are some income sources you should consider:
- Part-time work: You may work part-time for additional income or to stay active during retirement.
- Investments: These include your 401 (k) accounts, IRAs, and other investment accounts that can provide a steady income stream through either dividends or annuities.
- Pension: It can be a significant source of income if you’re eligible for it due to your years of service and salary.
- Social Security: This is a primary source of income for most retirees. That’s why it’s important to understand how much you should expect to receive to maximize your benefits.
Hire Will And Estate Lawyers To Divide Your Assets For Your Family
If you’re looking for someone to help you plan for retirement and put your affairs in order, Nanda & Associate Lawyers can help. We’re professional will lawyers that are familiar with family law and can help you navigate this transitional phase in your life.
Reach out to us today to contact professional family, divorce, and real estate lawyers in Mississauga.
Disclaimer: This article is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.
