Retirement Questions I Ask Myself for the Beginning of the End

I love to plan for retirement. It's been a sort of hobby of mine since I graduated from college. During my educational process, the goal was to get out of school, work hard and make money. Once I got a taste of the full-time working world however, my goal quickly changed to how best to plan and get to retirement as quickly as possible.

While a lot people like to contemplate retirement, I don't think many of them have been pondering the idea from as early a point in their lives as I have. And therefore their thoughts, ideas, and questions about the subject might not be leading them down the right path. While I am far from the person with all the answers to your retirement, or even mine for that matter, I do think that many of the thoughts and questions that I regularly ponder are quite relevant to the average person's eventual retirement.

Here are six of the questions that I often ask myself regarding retirement, and the bearing they could have upon my retirement and yours.

When do I Want to Retire?

For most people, as it is with me, when to retire is probably one of, if not the number one question on their minds when it comes to retirement planning. And it's probably one of the most difficult to answer as well.

For me, since I have no pension to look forward to, and may not have much in the way of future social security money coming, it could largely depend upon whether I stay freelancing, or head back to a full-time position with all the benefits such a role entails. Since I work on my own time and as much or as little as I like, it's kind of like I'm on a retirement schedule already, the problem is, the low salary associated with such work may force me to continue working to some extent well into what many might view as my prime retirement years.

Where do I Want to Retire?

As I've learned from my homeownership experience, where I decide to retire can make a significant difference in how well I retire. By considering not only the geographic location, but the type of home I want or would like to live in, it could make a substantial difference in the amount of money I pay for my residence in retirement.

When it comes to location, things like property tax rates, quality of life, how weather could affect the maintenance of a home, cost of living, available transportation, and similar considerations can all come into play. Deciding whether a house, condominium, apartment, assisted living center or retirement home is best can also mean the difference in thousands or even tens of thousands of dollars per year in retirement living expenses.

How is My Debt?

I hate debt -- pure and simple. It's that albatross around my neck and I just can't stand it. There is no way I want to enter my retirement with any type of debt whatsoever. In my opinion, if I'm not financially stable enough to pay off any existing debt before I retire (unless it's super low or no interest debt), then I probably shouldn't be retiring.

How Will My Income and Expenses Change?

For me, my income may not change significantly since I already live perilously close to the bare minimum anyway, however; due to this fact, my expenses could make or break my retirement. For many, including myself, being able to keep expenses low, and keeping a steady eye on investment income could be important aspects of keeping retirement years golden.

Since I have little in the way of work-related expenses and don't spend a ton of money on consumer goods, if my health related costs rise, I could actually be spending more in retirement than during my working years, which is the opposite of what happens for many people. Meanwhile my income, bolstered slightly by social security and payments from my IRA (sad as it is to say) might increase, albeit minimally.

How Will My Lifestyle Change?

So based upon my income and expense question, it often makes me wonder how, if at all, my lifestyle will change. In my situation, if I decide to continue freelancing during my later years, my lifestyle may change very little. If I can keep debt to a minimum, remain relatively healthy, and make efficient use of my retirement income, I could have plenty of time for all the usual retirement activities, with a bit of traveling and a little work thrown in to keep my mind fresh and supplement my income.

How is My Health?

Not to be morbid here, but my health and longevity is something that I must ponder when it comes to my retirement. While I don't expect to live excessively long, it's something I'd rather plan to do when it comes to my retirement finances just in case it happens.

My grandfather lived to be nearly 93 years old, but he spent the last several years of his life in an assisted living home that sapped a large portion of his finances. Should my mind or body start to go, I would like to have enough saved that I'm not a burden to loved ones and don't leave them having to pay to keep my sorry self alive. And if I go quickly and quietly at a younger age, then I might be able to leave my descendants a paltry inheritance for having to put up with me.

More from this author:

Plan Your Path to an Early Retirement

Potential Pitfalls of Retirement

Early Retirement: Will You Be Ready?

Disclaimer:

The author is not a licensed financial or retirement planning professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. For financial advice, readers should consult a licensed financial advisor. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.