Retiring is a process. The process may start when you get your first job and sign up for a retirement plan like a 401k or IRA. That’s probably the first time you will even think about your retirement.
Some people work on their plan for their retirement plan their whole life. Saving is slow to start with if you only save when you have extra funds. Starting a saving account and paying yourself first is something successful people learn.
Being consistent with your saving plans and especially not spending your savings is key. When one changes jobs, many people’s downfall is cashing out their retirement savings and spending it.
Once you accumulate a certain amount of savings, you will need to think about how to get the best return on your savings. CDs are a good first option, but many people like the stock market and some like real estate. The object is the grow your saving without loosing it. That is hard to do.
Then you live your life and at some point it is obvious some people’s plans for retirement are coming along nicely; others not so much. The question the financial industry bombards you with is: Do you have enough saved for retirement? That is a question that is hard to answer even if you have been saving you whole life. Who knows.
The financial planning part of retiring continues with money management including retiring from a job, on-going saving and expense control. You will be spending some money on housing, insurance, medical bills, entertainment and travel.
There is more to retirement than just the financial aspect. You will be making decisions about where you will live and what you will be doing. What passions will you develop. What new friends will you make. You will likely have friends and relatives that have problems, sickness and death. All of the above was not covered by you pre-retirment planning. Like I said it is a process. You won’t know what retirement truly feels like until at least a year after you retire.
You can spend your time doing what you want and that is nice. Time flies by. You will not have to worry about what you will be doing. Your focus turns from making a living to living. Keeping a calendar helps. Participate in activities every chance you get. Enjoy people. People are nicer when they are retired. Enjoy your retirement, this is what you have been looking forward to your whole life.
retried and loving it.