It is never too early to start planning for retirement. You need a map with a least the compass points and one destination. Use the compass as the starting point to decide what it’s going to take to get from your old life to the rest of your life. What do you want to do when you retire, in both the short- and long-term. You can’t sit at home and become a couch potato—you might as well continue working.
Not that you have to plot a fixed course, sometimes the unknown back roads are worth the detour. Just as important, you need to calculate whether you will be able to afford to live after retirement. For some, it could mean staying put and finding a part-time job or developing portable skills. For others, it could mean volunteering or gardening or starting a business. Yet for others, it could mean retiring to an island in the South Seas. But even then, you still have to get there.
I am luckier that some. I will have a federal pension (under the new system) and social security. I have also saved and invested in a 401(k) plan. But, I have a mortgage and live in a high cost area—and I want to travel. My retirement income sources can’t come anywhere near matching my current earnings so I want to develop skills I can market on a freelance basis.
My long-term goal is to combine my interests in writing, photography, art, and travel into a secondary source of income. My near term goal is to teach myself WordPress and develop some skills in web design. This blog is the first building block in my strategy.
Resources on retirement planning are available, both in print and virtual formats. Check out the links to programs and information to help you map your retirement options. A link to an entity, resource or product does not imply an endorsement.
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