How to avoid running out of money in retirement

Running out of money in retirement.

It’s a really scary thought.

It’s actually one of the biggest fears people have about transitioning into this next chapter of their lives.

Many people also worry they won’t have enough money to live the life they want.

And that right there folks is the reason why planning for retirement mentally and emotionally first, and then working with a financial planner to flesh out your plans even further, will help give you the bigger picture.

If you don’t know how you want to live your life in retirement, how will you know if you have enough money?

Planning ahead is the key to alleviating your fears.

– Do you want to travel the world six months out of the year?

– Do you want to buy a motorhome and travel?

– Do you want to buy a recreational property outside of Canada?

– Are you staying close to home because of grandchildren, family and /or volunteer commitments?

– Will you have enough money to maintain your property, pay down your mortgage (if you still have one), pay all of your day-to-day costs such as utilities, food, insurance?

– Will you need money to help out your adult children?

There are so many paths you can take and each path may require a different level of financing. The more clarity you have about how you want to live your life in retirement and know your personal needs and goals — the more accurate your financial plan will be.

If your goals or life circumstances change such as you want to buy a new house, go on a trip of a lifetime, a change in marital status, become ill, etc., it is best to check in with your financial planner.

They will be able to look at your entire financial picture and you will be better informed as to how it may impact you in the long run.

So, as you get closer to retirement, start planning for the next phase of life by identifying your needs and goals to ensure you’re going to be on track financially.

If you realize that some of your goals may require more money than you have set aside, then you have time to make some adjustments which could include increasing your savings, decreasing your spending, working longer, transitioning to part-time, etc.

Your financial planner can help you look at the different options and what might work for you.

And on the mental, emotional, dreamy side of planning for retirement, I’ve got your back.

My Power Up Your Retirement Program is an online educational program which provides a high-quality video training series, group coaching, an online community and other educational resources focused on helping you transition into a successful retirement. The focus of the program is not financial.

Instead, it focuses on helping you plan psychologically for a successful retirement. The goal is to help you plan for your transition from working full-time to retirement post-career and help you manage worry, sadness and fear so your retirement will be happy, meaningful and purposeful.

Check it out today at https://www.powerupyourretirement.com/.

And once you’ve done the hard work, it’s time to book an appointment with your financial advisor.

Happy planning. 🙂