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Why Retirement Planning is Important

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Why Retirement Planning is Important

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A happy retired senior couple having fun outdoors.

Retirement offers a way to enjoy each day by pursuing your passions and finding freedom in the things that you love. It can be a wonderful thing! But in order to retire in comfort and style, you need to have a plan.

Retirement planning isn’t just about imagining how you’ll spend your time. It requires a carefully laid out plan that takes everything—from your financial stability to your medical wishes—into account. By properly planning for retirement, you’re giving your future self a life filled with comfort and ease!

The Basics of Retirement Planning

Understanding the basics of retirement planning is critical. It’s not just about reducing stress or feeling at ease with your plan—it’s about making sure you have the resources to spend your retirement the way you truly want.

A solid retirement plan acts like a roadmap toward achieving your long-term goals. Over the years, your plan will likely change; it’s essential that you constantly update your plan as needed. Whether you’re trying to pay off your home, save for a trip around the world, or move to a senior living community, it’s important to make sure that your wishes are feasible.

A proper retirement plan takes the following into account:

  • Financial security
  • Medical wishes
  • Housing needs
  • Lifestyle aspirations
  • Family support
  • Potential care requirements
  • Estate planning

Though it seems like a lot of information, it’s always better to be thorough during the planning stage. By doing so, you can create a comprehensive approach that lets you manage your resources effectively and live your life the way without difficulty.

It’s not about setting aside a certain sum; it’s about giving yourself a future that you’ll love!

What’s the Average Cost to Retire?

If you’re based in Ohio, planning for a comfortable retirement requires an understanding of your potential costs. The average resident of Ohio retires around the age of 63, and can expect retirement to cost roughly $52,000 per year.

It’s important to note that these figures can vary greatly depending on:

  • Personal circumstances
  • Health care needs
  • The type of lifestyle you’re aiming for
  • Your location
  • Whether or not you have an employer-sponsored retirement plan
  • Whether or not you qualify for government financial aid

Between the ages of 63-80, this means a person considering retirement will need anywhere between $700,000 to $900,000 in savings. While this number can seem staggering at first, don’t panic! Remember—the sooner you start saving, the easier it becomes to retire in comfort.

How to Plan for Retirement

So how do you properly plan for retirement? It helps to take a moment and think through a plan. There are some key steps:

  1. Making the plan
  2. Saving for retirement
  3. Being adaptable

Making the Plan

When crafting your retirement strategy, you need to take a wide-angled approach. Make sure you’re thinking about things such as:

  • When you plan to retire
  • Your anticipated living expenses
  • The average cost of healthcare in your area
  • Whether or not you’ll have family supporting you
  • Where you’ll live

You’ll need to plan around all of these factors to create a proper approach to retirement.

For example, consider whether you intend to stay at home or move to senior living. While your home may be more familiar, senior living communities often offer a stress and maintenance-free lifestyle that can be hard to match elsewhere.

By understanding your wants and needs, you’ll be able to make a proper plan that lets you know how much you’ll need to save over the years.

Saving for Retirement

Designing a proper savings plan is the cornerstone for a successful retirement. Start by determining how much you’ll need every year during retirement, then create a savings goal based on your intended lifestyle.

A smiling senior couple high-fives while adjusting their retirement plan.

It can help to:

  • Contribute regularly to employer retirement plans like a 401(k) and take advantage of matching contributions.
  • Open a traditional or Roth IRA for additional savings with tax benefits.
  • Automate transfers to your retirement accounts for consistent contributions.
  • Diversify your investments across stocks, bonds, and mutual funds.
  • Use catch-up contributions if you are 50 or older to save more annually.
  • Minimize high-interest debt to free up funds for retirement.

Make sure that you’re regularly reviewing your plan. If you’re ever unsure of where to start, a financial advisor may be the right choice; they can help manage your assets and plan for the retirement you desire.

Being Adaptable

Adaptability is key when planning for retirement. As you age, your financial needs, health conditions, and personal circumstances may change. Make a point to review your plan every year to accommodate any adjustments.

Remember—who you are today may take new forms over the years! You may want a different lifestyle in the future, so make sure you’re being adaptable. Timelines, living arrangements, hobbies—these can all change as time passes by.

Stay flexible, and go easy on yourself. Being proactive will also help you safeguard your future against potential problems and enjoy a secure, stable, and happy retirement.

Spend Your Retirement in Comfort

Here at Kingston Residence of Sylvania, we take pride in offering a retirement community where seniors can spend their days pursuing their passions. In our community, every day matters—and we’re here to support you however we can. Schedule a tour with us today to find a community that feels just like home!

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