At Kennedy Wealth Management, we sure do talk a lot about retirement income planning. Helping others to plan for their future is what we do, and because it can be such a complicated and difficult process, it’s important for everyone to get all the help they can when they’re making their plan. That’s why we’re here to help.
However, when you’re forming your retirement income plan, sometimes it’s important to remember why you’re planning in the first place. After all — your life is good right now. You’ve got income, you’re productive, you’re busy, why should things change? Well, obviously, there will come a day when you’re no longer working, and when that day comes, you want to be prepared.
Building a solid retirement plan in your younger years is the key factor that will determine whether you’re truly living during your retirement years, or merely surviving. If you save enough to live a comfortable life, here are some of the wonderful things you’ll be able to do:
Travel the World
The truth is that most people aren’t alone when they feel a profound sense of wanderlust in their younger years. Unfortunately, for so many people, it’s just not in the stars to get up and travel. Careers, family commitments, children, and the cost of travel prohibit a large percentage of would-be-travelers from experiencing their dream.
If you build a solid retirement plan, this may finally be within your grasp. While you shouldn’t spend exorbitantly, a well-made plan will take into account your travel dreams. With no job to worry about, a solid retirement income, and all the time in the world, you’ll finally be free to walk the Great Wall of China, gaze upon the mighty peaks of Macchu Picchu, and sit in the shade of the towering Pyramids of Giza.
Buy a Motor Home
Many Americans have aspirations to see the world, but in reality, a large majority of them haven’t even scraped the surface of what their own country has to offer. This is where it could be life-changing to invest in a motorhome. With all of your time freed up, retirement is potentially the first opportunity in your life to be truly mobile. Why not take advantage of that by driving wherever you want, whenever you want?
A tour of North America in a motorhome can be an invigorating and life-changing experience, allowing you to go on a personal journey of self-reflection if you’re going solo, or providing an unprecedented bonding experience with a spouse. You’ve worked your whole life to be free — take advantage of that by liberating yourself with a motorhome.
Remodel Your Home
Perhaps you’ve already had your fair share of travel, or you’re simply not the traveling type. No problem! If you’ve wisely built your retirement income over the years, you’ll be able to invest it into all kinds of things, such as remodeling your home. If you’re the type of person that doesn’t like to move around, you can instead make changes to where you already are, transforming your home into the best living space it could possibly be. A renovated home could feel like a new lease on life.
Move Somewhere New
On the other hand, maybe you feel like moving to a new permanent location, and the timing was never right before your retirement. With your retirement savings in effect and pre-retirement responsibilities no longer an issue, moving to a new home can be an amazing option.
Many retired folks like to move out to the country in their twilight years. Or perhaps you want to move closer to the city — maybe you want to stay in the same area, but downsize into a more comfortable home that no longer needs to accommodate a pack of children. Whatever you decide, it will be a good feeling knowing that it was made possible by your astute retirement income planning in your younger years.
Tragically, there are far too many people who have an intrinsic desire to improve the world, who seldom get a chance in their adult lives because they’re so busy working to cover their basic needs. There is something that is rewarding about serving, and many older folks find it to be life-changing.
Volunteering is also a great choice for retired people because it’s a valuable way to spend your free time. One advantage of retirement is that you now have all the time in the world to do whatever you want. However, some people find that it’s too much time and struggle to find meaningful ways to spend it. Volunteering will allow you to do something that provides real value to the world, all the while allowing you to meet new people and get out of the house. It’s a win-win on all accounts.
Pursue Your Hobbies
Every young person has dreams, ambitions, and interests. Some people get to pursue these their whole lives, while others end up putting them on the bench in lieu of other more pressing responsibilities. Regardless of which category you fall into, retirement is a wonderful period to be able to go back to your hobbies, interests, and talents, and rediscover yourself — the part of yourself that exists when it’s not being buried by a career that demands two-thirds of your waking hours and energy.
Countless people have blossomed musically and artistically in their retirement years. Countless more have caught up on all kinds of recreation and entertainment they didn’t have time for when they were working. Having a hobby is healthy and productive, and if you’ve saved a good retirement income, you’ll never have to worry about work getting in the way of your own interests ever again.
Spend Time With Friends and Family
Whether you’re getting “the gang” back together from high school all those years ago or spending quality time with your various children and grandchildren, retirement opens up a beautiful window of time in the final stage of your life to spend time with those you love the most.
Responsibilities and stresses often prevent us from spending as much time with friends and family as we would like. If you have successfully built a comprehensive retirement income plan, those responsibilities will no longer impede the time you deserve to have with them.
Get Physically Fit
Time is the great bane of many adults that aspire to be active and healthy. While we advocate that everyone should try to be healthy for every period of their life, the unfortunate reality is that a large percentage of the population just isn’t able to find the time to invest in healthy habits when they’re in the throes of their career.
A healthy lifestyle requires a daily time commitment to fitness and a healthy diet, which typically involves shopping, meal planning, and cooking. When you’re retired with a healthy income, you’ll finally have time to invest in this. What good are your glorious retirement years if your body isn’t healthy enough to enjoy them? Even if you’ve neglected fitness your entire life, there is never a downside to getting started, especially in your old age where the threat of a failing body is more prominent than ever.
Start Building Your Retirement Income Plan Now
At the end of the day, retirement can provide you with the opportunity to live your life the way you’ve always dreamed of — but only if you’re willing to invest in a well-made retirement income plan that covers all of your bases. For professional guidance in building a plan that will allow you to live the comfortable retirement you deserve, contact Kennedy Wealth Management today in Calabasas for a free consultation.