Retirement Planning in Pictures
Wealthcare Capital - August 21, 2024
This excerpt from article by colleague Russ Thornton offers a visual guide to planning how you’ll save for your retirement—and spend your time meaningfully when you get there.
Retirement planning would be much simpler if we knew how long we’re going to live. But we don’t.
And, we don’t fully know how healthy we’ll be as we age. Note the sidebar in the graphic above: the figures are averages. You could live much shorter or longer than the ages in the chart. That’s why it’s important to live a great life today while also preparing for an uncertain future.
The best mindset as you approach retirement is to have something to look forward to.
Instead of retiring to get away from work, why not retire to spend more time with family and friends?
Retire to more volunteering.
More golf or tennis or pickleball.
More involvement with your church or your community.
Many people are unprepared for the void in their lives once they stop working. They stumble into retirement just happy to be done with work—only to find they have no idea how they’ll fill the 8+ hours they spent working every day…
Or how they’ll replace the social connections with coworkers, established over decades in some cases.
Retiring well isn’t just about money. It’s also about mindset.
See full article including income replacement graphics here
I urge you to imagine what you’ll be retiring to—whether it’s more time to spend with loved ones, volunteering, or pursuing hobbies. After all, retiring well is about more than just numbers; you should be able to picture a fulfilling future.
Have questions or want to dive deeper into your retirement strategy?