What is retirement planning?

When we think about retirement, most of us look at our parents and grandparents who probably worked for many years at the same company.  They were able to retire when they turned 65 and receive a pension and some Social Security as a supplement.  Retirement planning was solely focused on the money they could expect to receive and how it might be used. Outliving one’s money was not as much of a concern as it is today. 

With proper planning we might be able to retire earlier and live longer. Retirement is a new chapter in our lives and can be spent pursuing passions and hobbies that there was not an opportunity for while we were working full time. 

In order to take advantage of the new retirement concept, we have to plan for it. 

Retirement planning is no longer just about the money.  We need to define what we want to do in retirement and what we think it will look like in order to prepare for it.  Retirement planning means taking into consideration your financial situation, desired lifestyle (including where you want to live), health and physical well being, family situation, and desire to work and contribute your time to non-profit organizations or charities.

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