Focus on These Key Areas to Prepare for the Retirement of Your Dreams
The end of one year and the start of the next is a time when many of us set goals and make resolutions to improve our lives in areas that are meaningful to us. If you’re considering your finances in the new year – and especially your retirement plan – then these three retirement planning resolutions may help you sharpen your focus and get ever closer to the retirement of your dreams.
Retirement Planning Resolution #1: Envision Your Dream Retirement Lifestyle
What feels like a dream to one retiree could spell boredom for another! Have you taken the time to truly clarify what you want in retirement? This phase of life should be uniquely designed to meet your needs. Are you excited about having time to pursue your most cherished interests and hobbies? How do you think you’ll spend your days? Are you an avid reader or an exceptional chef? Do you enjoy being outdoors and going hiking, fishing or bird watching? Perhaps you might like to travel or go to the theater?
There are so many possibilities and, while that is appealing, it can also be overwhelming. As you’re building your mental picture of your retirement lifestyle, focus on what means the most to you. You don’t have to have every hour of every day planned, but having clarity on what matters to you means you can retire without being fearful of boredom or anxious about what will bring you happiness.
Related Article: Helpful Strategies to Achieve Early Retirement
Retirement Planning Resolution #2: Commit to Being Active
This retirement planning resolution is one you can put into practice now, and reap the benefits in the present and once you retire, too. Committing to a more active lifestyle now will pay health dividends as you age, and it can become part of your social life, too. Even if you aren’t particularly active now, you can still work to develop this positive habit. A study by the British Journal of Medicine found that just 11 minutes of exercise per day can contribute to a longer life. If you resolve right now to focus on your wellness, taking small but consistent steps, you can likely enjoy a longer and more satisfying retirement.
Are you already active? If so, consider finding something more challenging to keep yourself invested in this resolution. Are you a runner but you’ve always had an interest in trying yoga? Are you an avid cyclist but curious about the benefits of weight training? Now is a great time to expand your exercise interests and learn something new.
Retirement Planning Resolution #3: Increase Your Nest Egg
It should come as no surprise that the simple act of resolving to save more is one of the most important retirement planning resolutions you can commit to. Saving as early as possible is helpful due to compound interest. Regardless of your age, though, putting more toward your nest egg will help you achieve your dream retirement.
Committing to saving more can be a challenge, but by doing it in small increments and automating it, you’ll be more likely to stick with it. A small increase in your savings likely won’t require a significant lifestyle change, but those extra dollars will make a meaningful difference once you retire. Remember, the goal of building your savings isn’t merely to have more money; it’s about what that money can bring you, which is financial freedom and the ability to live out your retirement dreams.
Resolve to Enjoy a Prosperous Retirement – And Get Started Now
Whether you can already see your retirement on the horizon or you’re several decades away, it’s never too early to begin preparing to live out your retirement dreams. By resolving to use this new year to focus on the three key areas of happiness, wellness, and financial security now, you will be able to enjoy the benefits both now and in the future.
If you think you would benefit from retirement planning assistance, contact Alphastar Wealth by emailing emeraldcoast@alphastarwealth.com, or to schedule a complimentary discovery call, use this link to find a convenient time.
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