What to Do When Your Retirement Goals Change
Retirement strategy is a bit like setting sail on a journey. You can plot your course, prepare your route, and set off with a clear destination in mind, but things can always change, no matter how well-prepared you are.
Maybe you envisioned a quiet life in the countryside but now find yourself drawn to the vibrancy of city living. Maybe health concerns have prompted a reassessment of how you want to spend your golden years. Perhaps you decide that you want to continue working (after all, 57% of Americans expect to work after retirement).1
Whatever the reason, changing retirement goals is not uncommon, and the key lies in how we adapt to and navigate these new waters.
How to Embrace Change in Retirement
It's essential to remember that changing your retirement goals doesn’t mean you’ve failed. It means that you’re willing to adapt and create a retirement that works for you. So, if you find yourself in a situation where the retirement you once imagined no longer aligns with your current desires, here are some steps to consider:
Reflect on Your New Priorities
Before making any drastic changes, take some time to reflect. What has prompted this shift in your retirement goals? Is it a newfound passion, a change in health, a desire to be closer to family, or something else entirely? Understanding the root cause will help you make more informed decisions moving forward.
Review Your Finances
Changing retirement strategy can have financial implications. If your new goals involve a different lifestyle, location, or activities, reassess your financial situation. Consider consulting with a financial professional to understand how these changes might impact your savings, investments, and retirement income.
Adjust Your Retirement Strategy
Once you clearly understand your new priorities and financial situation, it's time to adjust your retirement strategy accordingly. This might involve updating your retirement budget, reallocating investments, or exploring new income streams. Be flexible and open to making changes that align with your revised goals.
Stay Flexible
As you navigate these changes, remember to remain flexible. Life is unpredictable, and strategies may need to be adjusted along the way. Embrace the journey and be open to new opportunities that may arise.
Prioritize Your Health and Wellness
Regardless of your retirement goals, prioritizing your health and wellness is crucial. Make sure to include healthcare costs and considerations in your revised retirement strategy. Stay active, eat well, and attend regular check-ups to ensure you can fully enjoy your retirement years.
Communicate with Loved Ones
If your new retirement goals involve significant lifestyle changes, it's important to communicate openly with loved ones. Discuss your goals with your spouse, family, or close friends. Their support and understanding can make the transition smoother.
In the end, retirement is not just about reaching a destination; it's about embracing the journey. Life is full of twists and turns, and our goals and aspirations will naturally evolve over time. By staying adaptable, proactive, and true to your passions, you can create a retirement that reflects the life you want to live.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
* This article link will open in a new internet browser tab.
The Advisor and Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. (“Manulife Wealth”) do not make any representation that the information in any linked site is accurate and will not accept any responsibility or liability for any inaccuracies in the information not maintained by them, such as linked sites. Any opinion or advice expressed in a linked site should not be construed as the opinion or advice of the advisor or Manulife Wealth. The information in this communication is subject to change without notice.
This publication contains opinions of the writer and may not reflect opinions of the Advisor and Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. (collectively, “Manulife Wealth"). The information contained herein was obtained from sources believed to be reliable. No representation, or warranty, express or implied, is made by the writer, Manulife Wealth or any other person as to its accuracy, completeness or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any of the securities. The securities discussed in this publication may not be eligible for sale in some jurisdictions. If you are not a Canadian resident, this report should not have been delivered to you. This publication is not meant to provide legal, financial, tax or investment advice. As each situation is different, you should consult your own professional advisors for advice based on your specific circumstances.