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Retirement Dreaming
By Daphne | June 30, 2008
If moving to a farm and growing most of your food and some extra to sell isn’t your plan for your future, seriously consider what you would like to do. Then take a few moments and daydream about what you would like to do during retirement. If you like to travel and want to travel as much, if not more during retirement then you need to make a plan. I knew a lady who received a sufficient pension but would substitute a few times a month so that she would have extra money for extended foreign vacations.
This weekend I was watching “Retirement Revolution” on WTTW. The two part documentary, focused on older and middle-aged Americans. The documentary addressed the issue of saving early, something many younger people don’t do. Some of the people featured say that they didn’t think about saving earlier or that they couldn’t save earlier because they were just starting out or had a family.
Retirement may be more than 20 or 30 years away but how you spend your retirement may change. If you are in relatively good health now, maintain your health. Exercise, drink and eat in moderation and take care of your teeth as well. Teeth are part of your overall health. If you have a stressful job seek a healthy outlet to help reduce your stress.
Being young puts you at a greater advantage to save because you have a longer time to save money. Even if you have a small amount to save, consider that your 401k, Roth or Mutual Fund a monthly expense you must pay.
Living on a farm is not my idea of retirement, though I like to travel and need to plan for that. Still want to live in the city, but have a small cabin in the woods for the summer? Plan.
Planning is not about impulse buying. When you make a list and stick to the list, generally you will do well. When you are planning for retirement you need to make a list and stick to it. Do not put off paying yourself. You may add more to it or purchase additional retirement vehicles but planning works.
Many people could fund their retirement just from curbing their impulse buys. If you buy a candy bar each time you go to the grocery store that will really add up over time. So why not add money to your savings in the same way?
The tips that are featured on the “Retirement Revolution” site are not just for baby boomers. They are sage advice for all.
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Topics: June 2008 |