• Reality is that which, when you stop believing in it, doesn’t go away.” ― Philip K. Dick

    Many of our past decisions, based on our many assumptions, have proved to be not so favorable in the present. Often what we assume and believe to be true is disproved by reality. Making assumptions about the future based on present situation is risky. While it is ok to take few calculated risks in life, there are certain risks that are better avoided than dared.

    Planning a retirement is one such risky decision, which cannot be avoided. Retirement in no ordinary phase in our lives and the transition takes us through significant changes. While finance will be an important consideration for retirement, there are other aspects to deliberate upon.

    Below is a list of important consideration for your retirement plan.

    • Plan early – Planning ahead will give you time to prepare for the retirement, both financially and mentally. Predicting your requirements and identifying your expectation post retirement early in life will give you enough time to prepare. Further your retirement will affect your dependents and hence you must consider your responsibilities while planning your retirement.
    • Evaluate your personal plans after retirement – A significant period of our lifetime is spent in working and shouldering responsibilities. Hence many of us look forward to retirement to fulfill long cherished personal desires. Whether your dream is settle abroad or travel the world in a RV, you should take out time to experience it before you commit to it.  You may discover that you really aren’t an avid traveler or someone who could cope with a new culture or environment.
    • Spend more time with your spouse – Retirement brings you the luxury of having time for yourself. However, you share your time with your spouse. After retirement you will be spending much more time with your spouse than you did before. It is important to get acquainted with your partner’s habits, routine and general lifestyle before you are ready to spend so much time together.
    • Living on your retirement money – While retirement is a good phase in one’s life, as it brings back the focus on the person, it is not particularly a favorable phase monetarily for most people. Make a realistic assumption of your monthly budget post retirement. If the budget demands basic lifestyle changes, start adapting early.

    A good adviser will help a client plan for situations beyond the obvious. A proficient financial adviser will have the experience and propensity to help you prepare for retirement beyond money matters.