Step 1 to Putting Together a Good Retirement Plan
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
[Music] what do you think is the first step in putting together a good retirement plan a lot of people start by looking at how much they have saved and thinking about how they're going to get that money out but that is not the first step to a good retirement plan your first step is to think about what you want your retirement to look like what is your retirement going to look like what are you going to spend money on what are you going to be doing in retirement how long is your retirement going to last that's your first step and you want to think about three different phases of retirement number one is the go- go years this is when you're first retired and you're active and you're going so you want to consider what do you want to be doing during that period of time do you want to travel do you want to travel over seas or get an RV do you want to travel to see grandkids that live in different places of the country how do you want to be spending your time the second phase is going to be the slowo years so once you've done and gone and and enjoyed a lot of retirement you'll just move into those slowo years and you'll be going and doing less probably spending less but you need to consider what is that going to look like for you are you going to still be living in the same house or do you want to downsize do you want to be closer to family what is that period of time going to look like and what will you be spending your money on and then the last phase is the no-o years and this is when you've reached the end of your retirement years and you're not going and doing because you can't go and do as much as you did before you may even need help you might need help with assisted activities of daily living you might need some assistance uh with Mobility with grocery shopping a lot of different areas that you could need more help with you may even need to be in a facility because of some Dementia or some other health issues so you want to think about that and think about where you would be living at that point in time and what that would cost so that you know what your retirement savings needs to cover so you take the total of all of those the early years where you're going and going and going those go- go years the middle years where you're not going as much you're probably not spending as much and then those later years where you may need more help you may be spending more money where you going to be how long are those going to last and what might you spend and putting that together that allows you to build the foundation of your plan now we're going to talk about that more in the next video so please subscribe to this channel if you don't want to miss it I don't want you to miss it because I want you to be on your best path for your retirement [Music]
