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Women on Money and Mindset: Planning for retirement: 6 things to get you planning ahead

By in Press Enterprise on January 6, 2018

By Teri Parker

In our 30s, retirement seems like it will never occur, but then we move through our 40s and often find ourselves in our 50s realizing that it’s just around the corner.

Retirement can feel like you are jumping off a ledge with a blindfold on and free falling until you eventually hit the ground or the new phase in your life. Especially if you have not planned for it.

Or retirement can be the experience we all have imagined for years: relaxation, travel, friends, parties, family, and days of leisure. But without proper planning and communication with your partner, retirement might be something not quite as pleasurable as dreamed. Questions to ponder:

  • Have you saved enough to maintain your current lifestyle?
  • Can you keep yourself occupied if you are not working?
  • Do you and your partner easily communicate and have common goals or interests?

Here are some steps you can take now so that when you do retire, you are rewarded for a lifetime of hard work …

Identify goals

What would you like to do with all of this new free time? Have you discussed your thoughts with your partner? Would you like to spend time watching your grandchildren, traveling, volunteering, or visiting the local senior center? Maybe you would like to move to a different community.

Take the time to identify your short- and long-term goals. Are they realistic? Do your spouse’s or partner’s goals align with yours? Discuss how you plan on implementing your dreams in retirement and what type of support you expect from your spouse. What are your spouse’s expectations? Are your wishes realistic? Develop and implement a plan together.

Pay off debts

If you have practiced a routine of carrying debt and only paying the minimum balances on credit cards, it would be appropriate to implement a plan to pay off those debts before retiring. […]    

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