Retirement is the ultimate goal of many people’s lives and you must have been looking forward to reach it. Now that you are here as a retiree, it is important that you accept that there are some questions that you need to address. Some of the key retirement questions that you have no option but to address have been discussed below.
- How long may you possibly want your savings to last?
Asking how long you may possibly want your money to last is simply asking yourself how long you could possibly live after retirement. Yes, life expectancy is not something anyone enjoys thinking about. However, the truth is that a person’s expected longevity plays a very crucial role in their retirement planning projections. So, you must address this question for you to be able to have a realistic retirement planning. The longer you expect to live after retirement, the greater the estimated cost of your retirement. When you reach age 65, there is more than 50% chance that you will live even beyond 90.
- How much money will you need?
This is another retirement question you must address. The perfect approach to addressing this question is to start by predicting whether you are planning to maintain the standard of life you are currently living, or anticipate requiring less or more. Generally, you will most likely need to have at least 70% of what you used to earn before retirement. Depending on whether you plan to enjoy an economical or a more active lifestyle, you can always review and adjust the amount of money think you will need to live a comfortable life.
- How can you want to spend your time?
Now that you have plenty of free time, and less work to do, how do you plan to spend your free time? Without work to do, life can become boring, you may start feeling lonely, and you might start thinking like you have no reason to live. Apart from traveling, engaging in your hobbies, and spending time with friends, you also need to think about what makes you happy, what you need, and what you have the ability to do without having to strain. For instance, you can volunteer at any of the local community center, children’s home, or at the library. You can also decide to take a part-time job if you are still passionate about your career. Alternatively, you can start a business to keep you busy and to earn you some extra money.