6 Simple Retirement Planning Tips For Those Who Dislike Planning

6 Simple Retirement Planning Tips For Those Who Dislike Planning

February 13, 2024

Is there anything worse than having to plan?  Whether it’s planning a vacation or even a holiday meal many people cringe at the thought of planning. I know that I used to resist planning. I was totally turned off to thinking my future self’s life. After all, I didn’t know what tomorrow would bring so what is the point? Right? …….Wrong.

I have since had an awakening about planning. Fortunately, my husband, Michael, is a planning ninja. He LOVES planning. His planning skills have always served our family well. It was when my grandmother left me some money that I really needed to start planning financially.  I saw the value of taking the time to consider what I may want from life, how I wanted to give back & with whom I want to spend my time. By planning wisely with my grandmother’s gift, I was able to get closer to this goal.   Michael took me to a planning workshop.  I embraced this time I took for myself. I came out of that workshop feeling strong and confident. It gave me direction. Which gave me peace of mind.

This “resistance to planning” mentality led me to develop this short list of things you may want to try to start your own planning journey. No pressure. No judgement. Just answer these simple questions and see if they get you into the planning mode. After all, planning is for you. It will benefit you the most when you consider yourself worthy of some planning.

 

  1. Identify your retirement timeline-When do you want to change your current situation? If you are already retired this is something you may want to revisit from time to time. If you are nearing retirement (5 years or less) it’s a good idea to pick a date/month/year. Having a concrete goal is ideal. If you are vague your goals won’t be realized. I learned this in the planning workshop.
  2. Consider if you want/need to continue working, change careers, volunteer etc. Some people have no choice. They need to continue bringing in an income. Other people may have a choice. If you are in that category start planning an exit from where you are now to where you want to go. New opportunities are everywhere. Check out some online job sites like Indeed. Or look at this website for volunteerism in your area of choice. If you are more than a year away and don’t know what you want to do but you know you want to do something, begin looking at other people’s experiences. Searching online blogs and listening to podcasts is a great way to weigh your employment options.
  3. Where do you want to live?This is huge. If you aren’t happy with your current state/town/country, you may want to plant new roots. Consider what is important to you. For instance, climate, family, water, mountains, isolated vs city etc. These are all things to think about. Write down your top 5 if you are more than a year away from moving. Do research if you are leaving your current situation. No need to travel (although that is best). Go on YouTube to find reviews of different places. Michael and I did a YouTube video on The Villages. Check it out here.
  4. Go to the Social Security website to see your balance/numbers.The IRS takes the top 35 years of income to calculate your payment. You need to make sure all looks right. Go to this Social Security website to check on your benefits. Any working person can check in on it. Mistakes happen. It’s up to us to catch any.
  5. Gather your financial statements (printed online statement too) for easy access.No need to get stressed over this one. Keep it simple but create your own filing system. Michael and I use expandable file folders. We have for 20 years. Keep them in one place either on a cloud or in physical form so when you are ready to chat with a professional everything will be at your fingertips. Start this habit as soon as possible. I find many people say “I need to organize my statements” and use it as an excuse to delay planning. This is an easy fix.
  6. Seek the advice of a financial professional.This is to unlock your planning success. Why go it alone? This is too important to leave to random internet advice and coffee club opinions. We are here for you. Just reach out when you are ready and even if you are not.

Here’s to your plan!

 Read more about Laura Here