Retirement Planning Ideas — Never Too Early Or Too Late To Start

Retirement planning ideas can be generated by doing sufficient research as well as speaking to financial planning professionals. Once we have done sufficient due diligence there comes a time to trust our intuition as to what is best for us and our family.Retirement Planning Ideas

We can have the best retirement planning guide, check out all the best retirement planning websites, and still not feel fulfilled and satisfied. The best retirement planning is knowing ourselves well enough to make the decisions and choices prior to and during retirement that align with the ideal retirement lifestyle that we envision for ourselves.

 

Some Standard Retirement Planning Ideas

Let’s start off with some standard retirement planning ideas of how to get our financial retirement house in order. It is never too early or too late to put a few strategies in place. Now according to many financial advisors, these are some of the best ways to secure our retirement.

By taking a percentage of our earnings on a consistent basis and directing that money into tax-advantaged savings plans those retirement savings will compound over the years. Here are a few vehicles that financial advisors mention:

  • Cash-balance plans
  • Traditional pensions
  • Non-qualified deferred compensation plans (NQDC)
  • Defined contribution plans
  • The Federal Thrift Savings Plan
  • Cash-value life insurance plan
  • IRA plans
  • Guaranteed Income Annuities (GIA)
  • Solo 401(k) plan

Maxing Out the Retirement Benefits

When considering any retirement and investment plan from any company it is important to spend the time to thoroughly review the summary plan description. In this way, you can get some clarity and understanding of the specific design of the plan and how it relates to others in terms of fees, any caps or limits on gains, and the overall structure. It’s important to ensure that we max out our benefits.

Practically all of these plans have some tax advantages. Some of them are achieved when taking withdrawals, while others are accessible upfront. For example, with Roth IRAs, the withdrawals are tax-free because they were funded with after-tax money.

There are pros and cons to all these plans dependent on your specific situation. So it’s important to do your research and due diligence or get some assistance from a fiduciary investment advisor.

Retirement Locations — Some Better than Others

In some ways, retirement can allow us to slow down a bit without the commute, office politics, and project deadlines. But for some, it can be just as busy or more. In any event, not being tied to a location we can now decide where we would most like to live.

Of course, this depends on our individual needs, desires, and preferences. Some folks require being close to medical facilities while others long for the mountains or beach. Hobbies are numerous as well. If we prefer skiing, the mountains may be a good choice, while golfers may like a bit more sunshine.

These are all considerations when considering a location as well as the culture, crime, weather, costs, and overall wellness. Given that all of our circumstances are different, there is no one fits all formula, but there are many good places to consider.

  • Georgia — with a low cost of living and low taxes this is a choice for quite a few folks. The Peach State offers an annual average temperature of 64 F (17.7 C) making the weather an attractive feature. The big challenge here is hurricanes. These tropical storms are attracted to Georgia’s small coastline. Also from a cultural standpoint arts and entertainment are not prevalent here and there is a low percentage of people aged 65 and over.
  • Florida — retired folks are attracted to the Sunshine State. Its warm climate contributes to the state’s population of 21% of the people being 65 or older. Hurricanes and tornadoes do show up so that is a consideration.
  • Tennessee — if affordability is an issue, this is the state in which to be. With low state and local taxes, below-average living costs, and good overall weather, this can be an ideal place for some. Overall wellness and crime are issues to consider though.
  • Missouri — with a moderate climate this is an affordable place to live. Wellness, crime, and culture are considerations.
  • Massachusetts — this state ranks high in wellness although it is not the least expensive by any means so affordability is a consideration.

Of course, there are many other places to consider as well. The above states ranked well in various surveys. Many people prefer Arizona, Oregon, Texas, Washington, Utah, and Idaho as well. It does require some research and conversations with people in those areas.

Once an area has been identified it is best to spend some time in the places you are considering before making a move. Finding accommodations on sites like Airbnb allows for an extended stay in an area for a reasonable cost with the added advantage of staying with local residents who can give you the pros and cons of the area.

Places with a lower cost of living and lower property taxes may be on the top of your list, or climate may be the driving factor. By spending some time in an area you will be able to determine if it is a good fit for your desired lifestyle preferences.

Also once an area is selected consider renting first and then deciding whether to buy later. There are many issues to consider. While Florida and Texas do not have state income taxes, homeowners insurance is higher because of hurricanes.

Regardless of all these factors, the majority of people make a move to be close to family. Whether it’s just to get away from the snow or be close to family, it’s important to consider how you want to stay engaged in life in terms of activities and hobbies.

Shopping, medical care, and transportation are also important considerations with these retirement planning ideas. Another option for some is independent living retirement communities where these services are provided.

Retirement Planning Ideas that Align with Our DesiresRetirement Planning Ideas

There are many ways to plan for our retirement, including retaining the advice of a fiduciary investment advisor for the financial part. It’s important that our financial planning allows our savings to extend indefinitely, healthcare costs are managed well, and we budget our monthly expenses.

By setting a bit of time aside for retirement planning we can avoid the retirement nightmare that many experience.

But in addition, we must reward ourselves for a lifetime of work and dedication. Our retirement planning ideas must make sense based on how we really want to live. Whether this means moving to a more desirable area, getting part-time work that is fulfilling, spending more time with friends and family, enjoying our hobbies, traveling to desired locations, or all the above, the time is now to get and stay fully engaged in life.

These are just a few retirement planning ideas to get us moving in the right direction. Take the time to assess what is most important and then go for it. Let me know how you are doing.

All the Best,

Joseph William

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2 thoughts on “Retirement Planning Ideas — Never Too Early Or Too Late To Start”

  1. I am still far from retirement so I don’t think this article is for me haha. I do although have parents who are approaching the retirement age so I will be sure to share this article with them. I am sure that they will appreciate it as they do not know what else to do after they retire. 

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