Retirement Issues
As Americans grow older, they should develop a specific plan with regard to having a comfortable, enjoyable retirement. However, many Americans go into their retirement years with misconceptions about how things are going to be in their golden years. Here are some of those misconceptions:
1. If you have a detailed plan as to what you plan on doing in your retirement, all you have to do is follow the plan. Unfortunately, there are many things in life that may interfere with your plan. Today, many Americans will spend 2 to 3 decades in retirement. During that period of time, many things will change in the retiree’s life. Lifestyles that the plan considered reasonable many not exist twenty to thirty years down the road pursuant to the retirement plan. The solution is to avoid a too rigid retirement plan and be prepared to deal with changes and contingencies which arise during your golden years.
2. All you have to do is reach a certain targeted amount of assets to successfully retire. Goals as to accumulated assets are a good start in working out how you spend your retirement. However, the specific amount of assets you accumulate may not be enough to last twenty to thirty five years into your retirement. The issue should not be how much in assets you accumulate but how much income you can receive from these assets and whether this income will be sufficient to meet your financial needs over a long period of retirement.
3. If you saved enough money everything will go well in your retirement. Unfortunately, this is not always true. Although having sufficient finances is an excellent start there, is much more to retirement than just having the money to make it happen.
4. For your retirement to work out you need to be in good health! You need to try to stay in shape, both mentally and physically. Maintaining a balanced lifestyle in retirement while utilizing your assets to maximize your enjoyment is the best route to take.
Conclusion
Retirement requires careful planning. It is more than accumulating the right amount of money. It is living your life in a place where you can enjoy your life during your retirement.
About The Author
Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. The law office spends an extensive amount of time representing seniors concerning estate planning matters, Medicaid planning, drafting of wills and trusts and litigating wills and trust issues.
