How Planning for Retirement Will Help Define Your Life’s Purpose.

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How Planning for Retirement Will Help Define Your Life’s Purpose.

Planning is crucial in every step of your adult life. Now, that’s not to say that everything will go to plan or that your plans will even stay the same. The point being, if you give yourself the proper framework, even with some flexibility, you stand a better chance of making good on your life’s ambitions.

Take your retirement for instance. How are you preparing for it? Are you actively engaged in making a plan? Or, are you just waiting for it to fall into your lap, as is, with no direction from you?

You might be 15, 10 or just five years away. Do you know how you will be spending those golden years? We often joke about setting up shop on a beach with zero cares in one hand and a frozen drink in the other. But is that vision of retirement true to how you want to live? Maybe you’d prefer to live near grandkids and spend your time keeping score at Little League games. What about your significant other? Hopefully, you’re both on the same page when that day comes calling.

Determining now where you plan to live and what kind of lifestyle you’ll lead will impact how you not only save for retirement but how you’ll spend in retirement. Cost of living and inflation should always factor into your equation, no matter where you decide to call home.

Another thing to keep in mind is having a purpose in retirement. Many people tie their purpose in life to their respective careers, spending year after year dedicated to fulfilling a mission. All of this changes once we hang up the gloves. There’s no more getting up in the morning with the motivation of accomplishing your career goals. Instead, it’s a lot of downtime. And without something to fill the void, it can feel somewhat empty, lacking meaning. You need to define your purpose before you retire.

Again, knowing your purpose will also bring some clarity as to how you will be spending your time and money in retirement.

Preparing for retirement requires some thoughtful consideration as well as creating a meaningful financial plan. One that not only helps you save with focus but also outlines how you will distribute and utilize those savings once you’re retired. It also helps you and your significant other start a conversation regarding what retirement looks like together, getting you both on the same page and path to embracing a worthwhile retirement on your terms.

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