When we started thinking about retiring, these were some of the topics we had to consider and discuss. Today is never to soon to start thinking about retirement because it takes that much forethought to make your retirement dreams a reality.
What are your plans for retirement? Are you content to stay put and just enjoy your home, or do you want to travel and see the world?
Will your home be paid off? What about the taxes and upkeep of your home and it's property, do you need to downsize as part of your retirement?
Are you considering the equity in your home to supplement your retirement?
What about your vehicles, will you continue to buy new vehicles when you retire, will you pay cash for them, what about maintenance on your vehicles? Will you even be able to afford the fuel to put in your vehicle, what if fuel is $8.00 or more a gallon by the time you retire?
How will you deal with transportation if you are no longer capable of driving? Who will take you to the grocery store, to medical appointments?
How will you afford Health Insurance? Will you have the money for monthly prescriptions, even copays can get expensive if you are on a number of medications. What happens if you are hospitalized, those copays or deductibles are expensive.
What happens to your retirement income if one person dies or becomes incapacitated and needs round the clock care like from a nursing home or extended care facility?
If you are fortunate enough to get a company paid retirement income, does that income stop or benefits change if the retired employee dies?
What about life insurance, if you have a whole life policy, is it enough to pay for what you still owe and help provide for those left behind? With Term Life, the monthly cost continues to escalate the older you get and can be cost prohibitive to keep for the long haul - can your family do without that term policy?
Many people need social security to assist them for retirement but how long is social security going to be around? Should you/can you count on it for income?
I hope everyone can make their dreams come true!
3 hours ago
5 COMMENTS:
Heavy topic. I'm 28 but I've already decided that when I get to retirement age, I'm going to buy an RV and drive down south every winter. Luckily, Baby Daddy agrees because I don't think I could drive one of those things without major accidents.
But then there's always the looming question of where we will stay when we come home for the summer. Perhaps we'll own a small condo or something, not too sure.
Unfortunately, for my generation and beyond, there will be zero Canada Pension Plan monies left when we are at retirement age. Our only option is to contribute to RRSPs (Registered Retirement Savings Plans) each year. I've put a bit of money away, but I definitely have a lot of room which I plan to top up when I go back to work.
Although I was talking primarily about retirement for US Citizens, I think it would be interesting to find out more about how people in different nations handle retirement.
Huckdoll, you want to be a snowbird. I love the ocean.
Couldn't help but notice the petrol prices .... the American gallon is slightly smaller than the British gallon. To make life more complicated they now sell our petrol in litres - so our prices currently work out to about £4.16 per gallon. We are fortunate to have a National Health Service which covers the cost of doctors appointments, visits to hospital, etc. Our medicines are subsidised so we have one standard prescription charge - this means if the drugs required costs thousands of pounds we pay around £7.10 in England. In Wales they now pay nothing and in Scotland their charge is £5.00. Dentists and opticians are also subsidised but work out more costly than standard medical health care.
We have national 'old age pensions' here that come out of the stamp duty extracted during your working life. People add to this with private pensions which are purchased either through the company they work for or by private arrangement via Financial Advisers.
I suppose these things differ slightly in every country.
Wow what a great Blog.I saw you were from San Antonio so I figured I would stop in and say hello.But then I read and have to say your awesome.
NW San Antonio by Lackland
milliondollablog.com
ps I'll be Back:)
Hmmm.... somebody has already said it all for UK :O)
I am retired, after working as a self-employed graphic designer. I have to say that it isn't half bad considering my income was waning the last few years of my working life.
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