(NC) Whether your retirement is just around the corner or down the road, you’re probably already thinking about it –– and maybe worrying, too. That’s why it’s important to plan for retirement, to eliminate as many unknowns as possible and to chart the course that is right for you.
Here are some considerations to get you started:
Financial health isn’t most important. Having money definitely increases your choices, but you can enjoy a fulfilling retirement without having a lot of it. Volunteering, part-time work, and appropriate lifestyle choices that fit your income are all ways of experiencing a rewarding retirement without extravagant savings.
Your health is key. Poor physical or mental health removes choices, whether you have money or not. Your plan should include maintaining and improving your health and knowing how health issues can be handled before they happen.
Diversify your retirement income. Poor investment returns early in retirement can have an impact, but avoiding the stock market by investing in low-return vehicles such as guaranteed investment certificates may not be the answer. Equity investments, unlike GICs, can provide opportunities for growth that can offset the effects of inflation. Your plan should include strategies for accessing market growth while protecting your income from the impact of a short-term market downturn.
Expect to be busy. Experienced retirees will tell you they have little spare time. Life tends to expand to fill up time, so ensure you schedule in the things that are meaningful to you.
Explore work opportunities. Some people work in retirement for financial reasons, but many seek part-time, occasional or flexible work that provides social interaction and a sense of accomplishment. Plan to talk to working retirees about why they work and how they fit their retirement around it.
Contact an advisor for specific advice about your circumstances. More information is available from an Investors Group consultant.