Authored by ROBERT BLAKELY, CFP®, AIF®, CHFC®
You work all your life and take the time to plan vacations each year with your family, but are you taking the time to plan for the biggest vacation of your life, your retirement? Many of us get caught up in the day-to-day of life and do not think about the day when you can wake up and do anything you want.
Today, we want to give you some guidelines as to how to begin planning for that ultimate vacation.
Begin by setting your retirement goals early. We see it all the time. People spend so much time planning a summer vacation, with all the details to make it a fabulous trip. But why not take some of that time and energy and begin thinking about your goals after retirement. How do you see yourself once you retire? What would you like to be doing? Where do you want to live? Do you want to buy a beach or mountain house? Do you want to stay near family? By answering these questions, and working with a financial advisor, you can begin to roadmap the steps you need to take to reach those goals.
The old adage, time is of the essence holds true here. What is your time horizon? When do you plan to retire? The sooner you determine when you want to retire, the sooner you can set your goals and put your plans in motion. Remember, time is your friend. Planning and saving early will pay dividends in the future.
And one other thing to consider in your overall plan is how much money will you need to save to reach your goals? Without a steady paycheck, you will need to know where your day-to-day living expenses will come from. Social Security, pensions, and individual retirement accounts will all come into play when identifying how much money you need to live. Working with a financial advisor can help you identify the amount of money that you will need at the time of your retirement. There are many tools that an advisor has at his or her disposal to help you work towards those goals.
Just as you are dreaming of that fun summer vacation in the next month, spend some time dreaming about and planning life’s biggest vacation – retirement. By planning ahead and consulting with a financial advisor, you will be prepared to have the biggest vacation of your life when you retire.
Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.
ROBERT BLAKELY, CFP® is a financial advisor with BLAKELY FINANCIAL, INC. located at 1022 Hutton Ln., Suite 109, High Point, NC 27262. He is the founder and president of Blakely Financial, Inc. celebrating 25 years in business.
Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals.
Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.