Planning your Retirement: What Makes a Good Retirement Plan?

Elderly sitting on sofas

Retirement means a slowing down or withdrawal from a previously active lifestyle. A retirement can occur voluntarily or involuntarily. It may happen because of an illness or a major life change. It may also be a personal choice. No matter what your definition of retirement is, you should have an existing plan ready. The following are steps to take to make sure you cover everything you want to do during your retirement days.

Make a list of what you want to do with your time

When you retire, you will have a lot of time in your hands – time that you did not have when you were actively working. You may spend the first few weeks sleeping or lounging around your house. If you are a very active person before retirement, this routine will soon get you bored. Make a list of what you want to do if you have time. This list should be accomplished while you are actively working. You may want to travel to a couple of places abroad or tick off the remaining activities off your bucket list. You may want to venture into business for yourself. What you want to do with your free time during your Verizon retirement is entirely up to you.

Save up for your retirement

Now that you have a list of what you want to do or where you want to go when you retire, you should talk to someone who can provide you a good estimate of how much you should save up. Depending on the activities you want to do or places you want to go when you retire, a good retirement plan should be able to allow you to do these things. You should have a rough idea of how much money you have to enjoy. With the help of a retirement plan agent, you can determine if your retirement money will be enough to support the things you want to do, in consideration of all of the cost of living without actual regular income.

Consider government taxes and properties in planning

A good plan should have a goal – that is, for you to enjoy your retirement. It is also important that your plan is realistic. The plan should consider payment of government taxes, property taxes and other taxes that you will incur, depending on the things you want to do. This is especially true if you are planning to put up your own business. It would be good to consult an accountant as well.

Do not forget your health

Elderly going for a walk

It is a fact that as one ages, health can be an issue. You should also consider this. You may have an existing health plan or healthcare because of your employment. However, when you retire, this may not apply to you. A personal health care plan may not be enough to cover medical expenses when you are already retired. Make sure that this is also included in your plan.

Like any major life change, retirement is a phase which one can fully prepare for. It is never too early or too late to sit down and create a retirement plan. It is better to get it sorted out while you are still young and actively working.

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