What Are Your Plans for Retirement?

by Miranda Marquit · 2 comments

Happy retired couple

When I was younger, watching Disney’s version of Alice in Wonderland, I was struck by the scene in which Alice asks the Cheshire Cat which road she should take. When he finds out that she doesn’t know where she’s going, he basically tells her that it doesn’t matter which road she picks.

The same applies to your retirement. Do you have a plan? Do you know what you want your retirement to look like?

Before you can get the retirement you want, you have to know what you want. Only then can you properly plan for it.

Do You Know What You Want To Do?

First, you need to decide what you want to do. Some things to consider about your idea of a good retirement include:

  • Do you want to quit working altogether? Or do you just want to do something a little different?
  • Where do you plan to live? Will you downsize?
  • Are you planning to do volunteer work?
  • Is there a hobby you want to pursue or something you want to learn?

Really spend some time thinking about what you want your retirement to look like.

Do you want to travel? Are you interested in moving into a retirement community?

Understanding what you want to do is about more than just figuring out how much money you need to make it happen. Studies show that retirees who keep their minds and bodies active have a better quality of life and fewer health problems. They also tend to live longer.

What you decide about what you want to do for retirement makes a big difference in how you spend your “golden years.” Deciding ahead of time what you want to do can help you stave off some of the problems that come with being unsure. It doesn’t matter where you end up if you don’t have an idea of where you want to go.

Start Preparing Now

If you want your version of a successful retirement, you need to start preparing now. In most cases, this means determining how much money you need to make your ideal retirement happen, and then setting aside a monthly amount to build your nest egg. It can also mean cultivating regular and passive income sources so that you have money coming in each month to meet your needs.

But it also means that you need to take other steps. Work on paying down your debt so you don’t end up with obligations that drain your retirement funds. If you know that you want to travel the world, and you don’t want to drag your stuff around, start de-cluttering your life sooner rather than later.

Look at your ideal retirement, and make an effort to start preparing now. By creating a plan to help you reach your goals, you’ll start down the right road today.

How are you preparing for retirement?

Editor's Note: I've begun tracking my assets through Personal Capital. I'm only using the free service so far and I no longer have to log into all the different accounts just to pull the numbers. And with a single screen showing all my assets, it's much easier to figure out when I need to rebalance or where I stand on the path to financial independence.

They developed this pretty nifty 401K Fee Analyzer that will show you whether you are paying too much in fees, as well as an Investment Checkup tool to help determine whether your asset allocation fits your risk profile. The platform literally takes a few minutes to sign up and it's free to use by following this link here. For those trying to build wealth, Personal Capital is worth a look.

Money Saving Tip: An incredibly effective way to save more is to reduce your monthly Internet and TV costs. Click here for the current Verizon FiOS promotion codes and promos to see if you can save more money every month from now on.

{ read the comments below or add one }

  • Kate says:

    My retirement plans were trashed four times by drastic stock market crashes. The fourth time I gave up planning, and merely spent my money before it disappeared into the vast oublette of history. Consequently, having had 25 years of whoop-up fun travelling the world and eight years as a sports car racing reporter in my ‘spare time’, I will be retiring to a quiet retirement home that is geared to income, where I can live comfortably on my Social Security. Since in the meantime I have developed a heart condition (hereditary), I am not able to travel the way I did when I was younger, so I’m glad I Ate Dessert First. I advise not putting anything off — life is uncertain and the market triple-triple-double so.

  • MoneyNing says:

    I’m in overdrive mode to build my liquid savings so I can have money work for me. Thanks to a bit of luck and a lot of discipline, I’m well on my way to a comfortable retirement!

Leave a Comment