Let’s talk retirement… What’s the plan?

#Collaborative post

We all want to retire at a reasonable age and have time to enjoy our later years. No one benefits from prioritising work over family time or relaxation, and overworking can easily lead to health conditions or illness (if you are suffering from a work-related illness as a veteran, see this veterans disability lawyer serving Massachusetts). But, when it comes to retirement, planning is key. There’s no point working yourself ragged, blindly hoping that retirement will happen at some point. A sensible person will make sure that they know what they want from retirement and will have a solid plan.

Planning isn’t for everyone. Some people like to be a little more spontaneous. But where retirement is concerned, planning is necessary. So, how do you plan for retirement?

Time horizons

Creating a retirement strategy isn’t as difficult as it might seem. The first key step is taking your current age and the age you’d like to retire and working out your income and costs. The longer you have until retirement, the better placed you are to take risks with money, such as investing them into stocks or bonds. It can be useful to have an added income such as owning a property that you rent. Include all of these incomes in your plan.


Planning for retirement means considering how much money you will need when you have retired. Sure, you’ll have your pension, but will you need additional money? Are you planning on going travelling or moving abroad? Retirees may spend more than younger people because they have more time on their hands. However, you may have paid off your mortgage by then and an emptier house, reducing certain expenses. Understanding your retirement costs and establishing a budget is essential in having a happy retirement.

Big decisions

Retirement might lead to some big decisions. Will you take a big trip across the world? Do you plan on selling your house and downsizing? Do you want to move to a different part of the country – or to a different country altogether? While our aims and goals will change throughout life, it’s useful to have an idea of what you might do when you retire. This will help you to plan accordingly and have something to work towards. Don’t wait to decide once you’ve retired; use your goals as an incentive to work hard and look forward to your later years.

Emotional preparation

Many people say that preparing for retirement emotionally is a huge ordeal. You will feel torn between relief and feeling lost. You suddenly have a huge amount of time on your hands. Prepare for the emotional struggle by setting goals. What do you want to achieve during retirement?

Don’t worry if it all feels overwhelming. By the time you retire, you’ll have jumped over hundreds of hurdles. Retirement is just the next one.

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