3 Ways to Test Your Retirement Plan

Retirement

3 Ways to Test Your Retirement Plan

Posted by Infinite Wealth Advisors, LLC
2 weeks ago | September 6, 2021

For most of us, envisioning the distant future can be difficult. That’s why saving for a distant goal can feel less than motivating. It’s no wonder so many people fall behind on retirement savings, or can’t force themselves to prioritize it!

But because we will all need retirement income someday, we must find ways to force ourselves to take this issue seriously! And we all need to test our retirement plans to make sure we’re on the right track. These three tactics can help you to “test drive” your retirement, and then identify ways in which your plans might need to change.

Ask yourself: What does a typical day in retirement look like? Sure, you probably have some big retirement goals, like a trip to Europe or moving to Hawaii. But what will your daily schedule actually look like once you’ve retired? It’s important to consider your daily activities, your social life, and however else you plan to spend the “everyday” days.

Aside from the big dreams, you need a plan to fill your day-to-day life. After considering things from that perspective, you might realize you want to move closer to family, work a part-time job, volunteer, or take up a new hobby that has always interested you.

Test drive your retirement. At some point in your late fifties to early sixties, schedule a two-week vacation from your job and then spend that time pretending you’re retired. Yes, really! And this plan might even involve taking a trip to your intended retirement destination, renting a house, or otherwise altering your life for two weeks. But it’s important to see if that lifestyle truly suits you, before leaping into it full time.

Set new goals. Careers are all about setting and achieving new goals, but most of us simply become accustomed to this way of life and don’t even think about it. Once you retire, you could find yourself feeling empty and unmotivated. Go ahead and plan a few goals to achieve in retirement, so that you have something for which to strive.

Now that you have a more clear vision of the future, it’s time to plan for it! Give us a call to discuss your ideas, and we can help you devise a retirement income strategy that supports your dreams.

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