Early Retirement Planning…Know What You Are Retiring To
If you say I am retiring early to get away from work…be careful. Retire to something not away from work…there is a difference in the two approaches.
It is easy to say I am going to do nothing when I retire. You will find if you do your retirement will be no different from work. Without firm, well thought out goals, you soon become bored and frustrated.
I suggest making up two lists. Make sure your spouse does the same…two lists. One will be of things you never want to do again…the other what you want to do in retirement. The first list may refer to no more shoveling snow…the second might be to lower your golf handicap ( be specific, how much lower). Why should both of you make lists? It is much better to discover the differences in what you both want now than later. You may be greatly surprised by the two lists.
Laying on the couch may be your idea of retirement…but you realize that is unhealthy. One of your retirement goals…this applies to every one…is to be retired and healthy for a long time.
Your lists need to be specific. Be honest with yourself. If you never want to rake leaves again, a big house and yard in the Midwest is not for you. If you want to sail year round San Diego may be better than Omaha.
The more focused and clear your goals are the better. For instance learning to speak French as a goal is too broad. Instead stay I will be able to speak passable French 6 months after I retire. Then it is OK to go buy the language software.
Do not just look at early retirement planning from the money side…you will not be happy if you do. You will not hear of making lists of your retirement goals from your financial planner. That is not his or her job…that is your responsibility.
I have been retired 15 years. My lists of goals and never agains are 20 years old. Take a look they may get you started on your lists.
To find out what was on the authors lists for early retirement planning. If you are contemplating retirement, but do not believe you can afford it you need frugal retirement living. Do not give up on retirement before going to this site.
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