Regardless of your age, envisioning your retirement is one way to get started on a plan for what you want to do when you’re able to retire. If you’re already retired, maybe you’re ready to take on a new challenge and change what you’re currently doing. If you’re still twenty to forty years away from retiring, what you ‘envision’ now will keep you moving toward your goals. As you age, you may change your idea of what you envision your retirement dream to be, or you may be forced to change your idea of retirement based on your financial situation. What retirement dream do you have?
Vacationing is commonly a retirement dream many people have, and traveling will be directly tied to your financial situation and your health. If you want to travel in retirement, add it into your financial plan and start to increase your savings to have vacation expenses covered.
Do you envision retirement to be a time to have ‘more time’ to do those things you always wanted to do? Write down things you are looking forward to doing, even if it is more time to relax. Listing it and looking at your retirement dream, if only on a note, helps you to bring it to reality.
Is starting a new career or becoming an entrepreneur something you want to experience in your lifetime? Retirement is a time when you can do this, providing you don’t need to rely on the income and you aren’t planning to invest your retirement savings into a new business.
Some retirees decide to seek additional education or take classes on something that interests them. Art classes, literature experiences, or even educational experiences abroad can enhance your retirement years.
Have you always had an interest in working for a non-profit or volunteering for a cause close to your interests? Having the time to give time to something meaningful can give you a sense of purpose and help you fulfill a desire to make a difference in the lives of others. If your retirement dream is to volunteer for others, research opportunities in your area, regardless of your age.
Perhaps you are someone who envisions your retirement dream to be a continuation of working. Many retirees are finding that they still enjoy working and choose to continue working full time, or at least part time in their profession. There is no requirement for when you choose to quit working. If you decide to continue working, consider delaying taking Social Security benefits. Consult your financial advisor or attend a Social Security meeting to fully understand how continuing working will affect your benefits.
Let’s get started on planning your retirement dream, however you envision it!