When we ask ourselves what is retirement income planning we are immediately presented with many traditional ways to go about this. On the other hand, there are also many alternative or non-traditional ways to address this most important issue.
Let’s explore both sides of the fence and discover what is there to assist us on our journey to a comfortable retirement or even unretirement if that is what we most desire. The important point is to make these choices and decisions consciously after adequate research and paying attention to our intuitive insights that will guide us well when we are alert to its messages.
What Is Retirement Income Planning — A Traditional Approach
When educating ourselves on any topic it is important to explore all approaches that can lead us to our desired destination. Gaining specialized knowledge allows us to make decisions with enough insight to be confident in our choices. That doesn’t mean we will not take a detour or two along the way, but it set us on track initially in the right direction.
Here is an excellent article by Julia Kagan in Investopedia titled Retirement Planning Guide — These Five Steps will help you toward a safe, secure, and fun retirement. It presents some key points to keep in mind and implement in your retirement planning no matter what your current age.
She outlines in this article that retirement planning is a multi-phased approach that requires us to be flexible and adaptable to change along the way. Also, she stresses the importance to be aware of how your retirement savings are affected by taxation and stresses the importance of addressing this issue as well.
A valuable tool she mentions is on the Smart Asset site and it provides access to several fiduciary advisors in your specific area. It’s important to have the right expert advice when needed.
Let’s Get Creative
Regardless of our present circumstances, it is important to keep in mind that enjoying our lives right at this moment is the main objective. Happiness is a NOW thing, and not to be put off for some future day when all the pieces come together and we can then give ourselves permission to be happy.
That day will never come because that day is today. Embracing our challenges is what gives our lives vigor and meaning. With just a slight shift of focus in our mindset, we create a whole new set of options for ourselves based on enjoying the journey and not waiting for the outcome.
“Here is the test to find whether your mission on Earth is finished: if you’re alive, it isn’t.”
We are waiting for something that will never arrive. All the action is now. Our opportunities for growth and advancement exist now regardless of our age or financial condition.
Let’s enjoy the journey we are on by getting clear on what makes us feel alive and pursue that now. Forget the future, and let go of any regrets from the past. That is all illusionary in the present moment where our power for change and growth exists.
In other words, let’s base our retirement income planning on setting up a situation where we use our talents and experience to enjoy our retirement years to the fullest. It’s just a matter of identifying a few key components, and then letting it rip.
What Is Retirement Income Planning — Start Now Whatever Your Age
It is never too early to begin educating ourselves in this area of life. Finances is only one component of an enjoyable retirement but it is a vital component nonetheless. But in any case, it is important to begin wherever we are in terms of circumstances and age.
The only thing that can hold us back is our state of mind. We can use old limiting ideas and beliefs to convince us not to do this or that, as we have proven to ourselves all of our lives when we have talked ourselves out of taking some constructive steps in the direction of our goals or objectives.
Our minds are very powerful and they are beneficial when we are in control. When our minds grab the steering wheel we are in for a wild ride not really knowing where we are going to end up. So taking conscious control of our thinking leads to doing things in a way that leads us in the direction of our desires.
Of course, there will be roadblocks and detours to take along the way, but that is just the natural process of experiencing a journey whether it is traveling to a physical destination or creating our preferred lifestyle. Health, wealth, and happiness originate within ourselves, and then we get to observe what we created. Remembering we are the cause and not the effect is an important aspect of this journey.
Bringing It All Together
In this brief article, I have presented a few practical ways to get started planning your retirement on a financial basis. But more importantly, I have stressed the importance of how we view our lives and what is possible.
Whether we are just graduating high school or we are well into our retirement years, our objective remains the same and that is our happiness. For those close to retirement or already there check out my article on Stress-Free Retirement Living as well as additional articles in the Baby Boomers category on this website.
There is plenty of information there to ignite a few ideas to get you going in the right direction. If you are still confused message me through our Contact Page and let me know what’s going on. I do retirement coaching but the first session is free, and we most likely can get things worked out in that thirty (30) to sixty (60) minute meeting.
In any event, the important thing is to consciously choose to take action in the direction you really want to go. That involves knowing where that is, planning a few things out, and then taking that Next Step that will build the momentum you need to get there.
And always remember; if it’s not fun don’t do it.
Enjoy the journey and have some fun,
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