Retirement Considerations: Money, Health, Travel, Work

Many people thinking of retirement do not fully consider the many considerations just around the corner. Do you want to work part time, travel, volunteer, play and where do you want to live? Do you have other financial obligations and how will that impact your life? The following retirement considerations may help you feel confident that you are ready and able to retire. They may also be a wake-up call and tell you that you have some work to do before you make that decision.

Retirement considerations:

1. Money - Do you have adequate investments and funds for living another possible 30 years? Have you thought about a financial adviser if that is something that could be helpful to you?

2. Living conditions - Do you plan to remain in your present home or do you plan to downsize or move to a senior living facility or condo?

3. Insurance - Have you checked into auto and home owners insurance for less expensive coverage? [This could also apply to other types of insurance or expenses.]

4. Your spouse - Have you actually sat down together and talked about your retirement? Are you both going to be retired. If not, will that present problems. What about health care insurance, travel, families etc?

5. Your family - Have you thought about moving closer to your family? Are you prepared to find new doctors and medical care, churches, friends and favorite places to go? What about your long time friends? Is that important to you?

6. Parental and child concerns/needs - Many of retirement age must consider that elderly parents will need help from them. Whether it be financial, trips to medical facilities etc., it will be costly and time consuming. Also, you may have a child who's in financial need because of job loss or other problem. Will you be helping them? Remember, the money outlay for this is rarely returned.

7. Play time - Do you love to play golf or have some other fairly expensive hobby or thing you enjoy doing? Perhaps trade offs would help. You may consider working a few hours at a golf course in return for lower cost play. Maybe you'd enjoy doing Christmas gift-wrapping to enable you to buy some fun or needed Christmas gifts.

8. Things change - Health care and medical costs very likely could increase. What about long term insurance? At the same time, your clothing allowance could be less. Also, eating out expense and Starbucks could be cut down. Taxes, gasoline, and utilities will likely increase in cost. Who knows what technology we'll all be using in ten years.

9. Cars can be downsized - This is a huge consideration in retirement. Insurance costs, gasoline, registration, upkeep etc. can be much less with a different car. Some places you may live would require only one car or maybe even none at all.

10. Entertainment - It seems people are once again learning that pot lucks and fun times together can be the best times. Expensive eating out and shows can be special, rather than something you do often. Making these types of considerations during retirement can allow you to still enjoy life and have something special to look forward to. Lunch is less expensive than dining in the evening.

There are many other considerations that those contemplating retirement should remember. Only you know your own life-style and what will make your life worthwhile. Remember too, that if you have been downsized from your job and can't find work, maybe that's OK. There are ways to build a nest egg that you may not have thought about. Invest funds from your large home and expensive car. You could possibly find a part time job you love. Volunteer work can have some tax benefits. Learn to exchange things with others and you'll both save money.

Be sure to take time to consider how you will enjoy your life during retirement. If may be this week or several years from now. Plan for the things you can the best you can. Then learn to be flexible and live a happy life.