It may seem that the first step in the retirement planning process is about your money, investments, and assets, with you figuring out how much to save for retirement. But before we get busy with the monetary details of your retirement planning, we first must consider what it is you want from your retirement. In other words, what are the things and experiences you want to have and do during your retirement years?

The Best Retirement Plans Consider How You Want To Live Your Life

You have been saving all your life for when you finally have the time to experience those things you didn’t have time for during your working years. As you approach and enter retirement, you need to have a clear idea of what you want to do and accomplish during your leisure years. It really makes no sense to be doing financial planning until you have a clear idea what you want to spend your money on, and the best financial advisors will make sure that you allocate time and energy to this all-important first step in retirement planning.

Dreams Can Come True…

Let’s start by forgetting about money for the moment. Let your mind wander. Really think about all the things you’ve dreamed about doing and having during your life but were too busy with work and other responsibilities to have the time and/or money to make happen.

This isn’t always an area of planning where financial advisors like us can offer a lot of help. We feel our role here is more of a coach, making general suggestions and encouraging our clients to get in touch with their “inner retired self” to explore their hopes and dreams. We urge clients to get creative about deciding what things and experiences they most want to have and do during their golden years. Do this first, and you’ll be in a much better position to answer, “How much should I save for retirement?”

Your Bucket List

Think about where you want to live and spend your time. Here are some ideas to get you started:

  • Spend more time with family and friends
  • Do some traveling
  • Launch a second career doing what’s meaningful to you
  • Enjoy golfing, fishing, hiking, or other activities and hobbies
  • Volunteer
  • Catch up on reading good books
  • Take some fun classes
  • Explore your artistic side
  • Get yourself an RV, boat, motorcycle, or other fun toy

We’re not suggesting that you will be able to do or afford everything on your bucket list, but write everything down and know that with the right kind of retirement planning, you can and will check off more bucket list items than you thought possible!

Contact ProIncome today to make the most of our expertise and to get started on putting together your retirement vision.