1. Inflation Lower, But Prices Continue To Creep Up 2. Where Are You Planning To Retire? 3. Get The Newest Version – Graphonomics: Volume 3 4. Consider How You’ll Spend Time in Retirement 5. AI Hype | Tracking Inflows | Comparisons | How Are REITs Doing? | Repaying Student Loans 6. “What’s hard now is setting us up for success later on, choose your hard.” 7. 4 Types Of Retirees
China’s deflationary environment is not being imported to the US. What does that mean for commodity prices and the markets? Annex Wealth Management’s Dave Spano and Brian Jacobsen discuss.
Where Are You Planning To Retire?
SmartAsset recently conducted a survey to find where retirees are moving. They found that retirees are moving to Arizona more than any other state, with Texas, Florida and Nevada also took spots in the top 10 most-popular destinations. (source)
There seems to be a theme for the type of climate retirees are attracted to, but that doesn’t necessarily mean it’s where all of them go.
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The Difference Maker Of The Game
Brewers vs. Pirates | August 6, 2023
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Consider How You’ll Spend Time in Retirement
In its simplest form, we believe retirement planning requires you to consider two chief components: saving for retirement and planning how you will spend your time during retirement.
Do you have a vacation spot you’ve always wanted to visit or distant relatives you’d like to reconnect with? People are living in retirement longer than ever before, and it’s important that you’re not only financially ready, but that you have also considered your quality of life during those years.
That brings us to this week’s MoneyDo: Begin thinking about how you’ll spend your free time during retirement. Even if you’re years away from retirement, thinking about what you’ll do can help you better plan and visualize what’s ahead.
Even if you’re already in retirement, you don’t want to skip this MoneyDo. You can always revisit and recreate your purpose for the next few years of retirement.
Expect the transition from working five days a week to retirement to take time. During this period, it’s normal to experience disruption and confusion. Sometimes sadness or malaise is the result of missed expectations instead of actual achievement. Ultimately, there are 3 components to a successful retirement: identity, relationships, and purpose. Understanding these components will ease the transition.
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- Identity: We spend a considerable amount of time working and may have begun to define ourselves by our job title. Remember, you’re more than a job title.
- Relationships: Many retirees find they don’t miss work, but they do miss the relationships they developed. It’s important to build and maintain your network, even in retirement. Do you have a networking strategy in your retirement plan? It may involve spending an hour a day on Twitter, LinkedIn, or Facebook “conversing” with people who share your skills and interests. If you aren’t too keen on virtual networking, you may find joining a group that meets regularly to discuss or participate in a shared interest suits you.
- Purpose: It’s very important to understand how you’ll spend your time in retirement. We often plan for a retirement date, but don’t consider the years after. Do you want to travel, have a part-time job, or do volunteer work?
Start by listing objectives and begin to define how you envision retirement. For now, don’t focus on a budget. Rather, focus on ideas, and be as specific as you can. Once you have concrete ideas, you’ll find planning becomes more tangible and realistic.
For example, instead of writing “travel” on your list, create a list of places you want to see and activities you want to experience. Write down your passions and the organizations you want to impact in place of “stay involved in my community.”
The more descriptive you are, the more tangible your retirement will be. Doing this can help keep you focused on a realistic set of goals. Keep in mind, at least some of your goals should be attainable.
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Annex Wealth Management’s Sarah Kyle and Matthew Morzy, CFP® answer several Ask Annex questions.
Do you have a question for Annex Wealth Management? Drop it here.
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Annex Wealth Management provides free workshops, open to the public, on key wealth management topics.
BROWSE EVENTS →
Start the week off with insight and perspective from members of the Annex Wealth Management Investment Committee.
