The Personal Side of Retirement Planning

February 19, 2019
982 Views

Retirement planning is complex and can become unnecessarily stressful if you leave things too late. While many of us focus on the financials of retirement (and rightly so), there are still important things to think about that aren’t strictly related to savings and investments.

Failing to ignore health care, relationships, and lifestyle could all lead to a retirement planning that is harder than necessary. Consider the following points if you want to enjoy a retirement lifestyle that leaves nothing up to chance.

Retirement Planning Lifestyle

Today’s lifestyles are heavily focused on enjoyment and a healthy work/life balance. retirement planning expectations for the current generation are likely to be vastly different to those that have come before.

Financial experts are increasingly advising their clients to consider their lifestyle now and in retirement, to help with financial planning and management later in life.

Some advisors even recommend documenting your lifestyle routines and expectations, so that you can get a better idea of what you want out of retirement. Whether it’s travel or even retiring to a specific city or country, defining your expectations now can help you to guide your financial decisions.

Relationships

The breakdown of a marriage can seriously impact retirement planning, and that’s something that all couples need to consider and avoid. Retirement is not the perfect scene that is shown on commercials and websites. In fact, retirement is much like everyday life with your spouse, where understanding and compromises need to be key.

You and your spouse need to be on the same page in terms of your finances and your expectations for retirement. Even being slightly out of alignment on your long-term goals could be a serious setback, possibly even leading to a separation or divorce that crushes your financial planning.

Maintaining a healthy and communicative relationship is just as important as the money that you save or invest.

Healthcare

Lastly, and most importantly, we come to healthcare. Today, a retiring couple could expect to spend up to $280,000 on healthcare over the next 15 years.

Health insurance or a health savings account needs to be robust enough to cover any eventuality. If you’re still 10, 20, or even 30+ years away from retirement, then focusing on your health would be a smart and likely free investment. Regular exercise, maintaining a healthy weight range, and taking recommended health screenings could all help.

While there’s no way to completely predict your health and related costs in retirement, doing all you can to remain healthy is a simple act that just makes sense.

Thinking broader in terms of your retirement will help you to make better decisions that can result in a better quality of life.

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