At some point, whether by your own choice or that of those who pay you, you’re most likely going to have to call it a career and move on to a life of shuffleboard and early-bird specials.
Whether or not you’re excited about the prospect of retirement, Paul at Moneyville suggests you think about how you’d like to spend your golden years, and offers some key questions you’ll have to answer to see if that ideal is attainable
Among the riddles to solve:
*Will you continue to work after you retire? If you enjoy a lucrative, low-impact activity that society isn’t likely to deem useless in your lifetime, you may be able to keep plugging away until the Grim Reaper comes calling. If your only sources of income are so physically or mentally demanding or so stressful that they’ll wear you down, you’ll need a second option.
*Will you be able to retire debt-free? If you’re age 50 and stuck in the middle of a 30-year mortgage, it may be wise to continue making mortgage payments without tackling the principal. If you’re younger and have a shot at dissolving your debt before your employment income stops flowing, doing so is probably your best bet?
*How much money will you need? It’s tough to estimate for inflation and medical costs, let alone how many years you plan on living without an income. Obviously, the earlier you want to retire, the more savings you’ll need to make it work.
What would you like your retirement to be like, and what will you need to do to make it happen?
10 Things You Need To Know About Retirement [Moneyville]