Page 41 - Book2E

Have a Goal
Like anything else in life, it’s pretty hard to know when you’ve arrived if you don’t know where you’re going. The first step in a successful plan for retirement is determining how much you want to save. The following may help you get started:
Describe the lifestyle you hope to have in retirement:
Where would I like to live?_________________________________ What vehicle will I drive? __________________________________ I’ve always wanted to visit: _________________________________ I’d like to help my grandchildren by: _________________________ I want to donate to: ______________________________________ I want to_______________________________________________ I want to_______________________________________________ I want to_______________________________________________
Based on that lifestyle, develop a monthly budget for expenses. A good place to start is a list of your current monthly expenses (see page 40 for help with this). Include additional things like health insurance, long-term care, and prescriptions. Medicare won’t cover all your health expenses so consider supplemental health insurance coverage.
Consider ways to make up extra income you might need . That might include:
• Increasing the amount you are saving every month.
• Delaying your retirement date and work longer to help you accumulate more savings and to reduce the length of time your savings will need to cover.
• Working part-time after you retire to reduce the amount of savings you need to withdraw every month.
Retirement: Are You an Ant or a Grasshopper?
33