3 Retirement Questions to Ask to Achieve Your Desired Lifestyle
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3 Retirement Questions to Ask to Achieve Your Desired Lifestyle

Financial Freedom
1. 3 Retirement Questions to Ask to Achieve Your Desired Lifestyle

After years of hustling at work, it is only natural to dream of an early retirement — where you can sit back, relax, and enjoy all your hard-earned savings in your golden years. But before you rush through to retirement and fantasise about taking getaway trips to tropical paradises, it’s important to ask if your definition of retirement reflects your goals.

No matter how high you strive to make your retirement as ideal as it can be, it’s only possible if you can meet your expectations and match the lifestyle you’re aiming for down the road. With that in mind, here are some essential questions to ask yourself to ensure your retirement plans are in the right direction.

3 Important Questions to Ask When Exploring Your Retirement Goals

1. What are Your Retirement Goals?

Imagining how you will enjoy your financial freedom after your retirement often conjures blurry images of vague what-ifs. However, it’s worth trying to lay down your goals so you can delve deeper into your motivations behind them. Some additional questions that may bring you greater clarity with your retirement goals include the following:

  • How do you currently spend your free time?
  • How do you want to spend your free time 15, 20, to 30 years from now?
  • Are you planning to travel to different states or countries – be it to visit friends, family, or sate your wanderlust?
  • Where will you live during your retirement years?
  • Will you have additional income during your retirement?

Defining what you want to do during your retirement can help estimate the ideal amount you should have in your savings to achieve this goal comfortably.

2. How Long Do You Plan on Spending Your Retirement?

Putting a number on your life expectancy is a sensitive topic that rarely comes to mind. But while no one wants to know the exact number, it’s still a crucial question to assess this concept yourself. You’ll need to know how long you can spend your money once you retire.

Realistically, women can set their life expectancy up to 81-years-old, while men have an average lifespan of 76-years-old. With this ballpark, you can prepare for different scenarios in your retirement and ensure you have enough savings to let you enjoy your later years with greater peace of mind.

3. How Much Retirement Savings Do You Need to Meet Your Goals?

You can easily burn through your retirement pot if you let loose without any plan to keep you on track with your goals. If you don’t want to overspend your savings too soon, it helps to create a clearly defined budget plan for your retirement to serve as a guide as you navigate your financial independence in your later years.

The Bottom Line: Planning for a Retirement that Meets Your Lifestyle Goals

Your retirement is when you can fully make the most of your hard work and dedicate your free time to reaching for the goals that were set aside when you were in the workforce. Whether it’s to take more vacations around the world, spend more time visiting family and friends, or explore new things, all these dreams will only be a reality if you plan your retirement carefully through the years.

How Can We Help You?

Everyone wants to have a secure financial plan, but most of us aren’t sure how to start. Thankfully, we’re here to help you achieve financial independence as you grow older.

Want to learn more tips on hassle-free retirement planning? Check out these interesting blogs!

Coastal Advice Port Macquarie guides clients to enjoy their dream retirement through excellent financial planning and personalised advice. From retirement planning, to superannuation advice to creating wealth creation strategies, we’ve got you covered.

Looking for a financial adviser in Port Macquarie? Reach out to us today!

Disclaimer: The views expressed in this publication are solely those of the author; they are not
reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

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