When most people envision retirement, positive images start forming. We picture spending days lounging on the beach or practicing our favorite hobbies, we envision having free time to spend with friends and taking the grandkids on countless adventures. But it’s becoming clear that so many people associate only upbeat feelings with retirement, that it might turn out to be a problem. This could cause the gap between retirement expectations and realities to grow without a proper retirement plan.
MIT recently conducted a survey of 900 adults asking them to describe life while they were currently working and life after their career. This confirmed further the theory that people associate happy feelings with life in retirement, with the majority answers only showing positive emotion. However, out of everyone that they talked to, most people failed to mention the financial challenges and realities of retirement. It’s hard to tell if this is because people don’t want to talk about their fears or because they do not have a detailed picture of what retirement is, but either way it’s important for people to try and become more serious about retirement planning.
It’s easy to only focus on the “good side” of retirement. For many, it may be making retirement more of something to look forward to, and although it might be hard to express your retirement fears, it is important to face the realities so that you can be better prepared when the time comes. Looking at retirement with rose colored glasses tends to make people overlook important planning processes. But, in order to accomplish your retirement bucket list, you have to have a plan for the years ahead.
Making sure that you have retirement income sources, tax strategies and a Social Security plan are all things that you should prepare before retirement. Along with this, you should make sure that you have all of your important retirement documents.
If you’re ready to face the realities of retirement, it’s a good time to meet with a professional. At Epstein & White, we can sit down with you to make sure that no steps are overlooked and help you create a comprehensive retirement plan. Click here to schedule your no cost, no obligation financial review so that your retirement expectations can become a reality.
