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What does retirement really mean to you?

by , 22 October 2014

Retirement means different things to different people. Some people can't wait for retirement, seeing it as a period of intense relaxation and enjoyment, while others dread the thought of it because they don't know how they're going to manage to save enough money.

Although we all have different views on retirement, this period can be one of the most beautiful periods of our lives, if we plan ahead wisely and set clear goals.

To determine what retirement actually means to you, ask yourself the following questions:
 
What do I wish to do after I retire?  
 
You may wish to travel the world, spend time with your family, take up new hobbies, or continue working. What matters is that you identify your priorities and plan ahead in order to be able to achieve your goals. Take time to analyze your options and determine what suits you best.
 
How much do I need to save?
 
This is another crucial question you need to answer. You can determine how much you need to save taking into consideration your retirement priorities, current income, and forecasted lifestyle in retirement.  
 
If you need help, there are plenty of online calculators to assist you.
 
When and where do I wish to retire?
 
Some people want to retire early, while others are eager to continue working past retirement age. Find out where you stand and also determine where you wish to live during retirement.
 
Some people choose to downsize in order to increase retirement savings, other wish to move abroad and live in a country where cost of living is cheaper.
 
Determining where and when you wish to retire is crucial in understanding what retirement really means to you.
 
What is my debt situation?
 
Before you retire, you should assess your financial situation and try to pay off all your debt. Having your home paid off and all consumer debt taken care of will take a heavy burden off your shoulders once you do retire.
 
Evaluate your current debt situation and take the necessary steps to pay off your debt sooner rather than later.
These are just a few questions to ask yourself to better understand what retirement actually means to you.
 
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