It can be helpful to estimate the age you plan to retire and then work toward it. Your timeframe may affect your investments and financial planning, and having a goal can help you stay focused on planning for a happy retirement.
It can get a little more complicated if you have a spouse or partner and want to coordinate with them. Start talking about it early, because you may have different ideas about when to retire.
When planning a move, retirees these days have their pick of domestic and international destinations. Whether you’re thinking about moving down the street or to another hemisphere, moving can be a major production, and it can take time to plot your moves.
Agreeing or compromising with your spouse on a vision for retirement
It may take patience, communication, and compromise to land on a life plan that suits you and your partner.
If you’re lucky, you and your partner are in complete harmony about your retirement plans. But it doesn’t always work out that way. Many couples disagree about the age when they plan to retire and how much savings they’ll need.
Unfortunately, there’s no easy way to make sure you both agree on how you want to spend your time—and where to spend it. Many people look forward to moving in retirement, for instance, but what can you do if one person wants to move to a cold climate to be near family while the other wants to avoid cold weather at all costs? It could be urban versus rural, domestic versus international, or any number of options.
Opening the lines of communication and beginning to negotiate a compromise where both of you feel like a winner is a great place to start. It may even be worthwhile to visit a therapist or counselor to learn new ways to interact and live together. You both worked hard to get to retirement, now it’s time to find a way for both of you to enjoy it.
Make the most of your time in retirement
Retirement can be a dramatic lifestyle change, in some cases. How do you envision spending your new free time? You may be able to embark on new activities and adventures or spend more time on hobbies you already love.
If you have a spouse or partner, it’s a great opportunity to do things together and build more shared experiences. Taking the time to explore some ideas before retirement can help you transition with a purpose.