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Retirement: Dream to Plan



How has your summer of 2020 been? For most of us, it’s been a mixed bag, peppered with worries about what the fall and winter might bring. It’s time to focus on empowerment by taking control when and where we can. Where to begin? Sign up here for Woman’s Compass Forum. The next three-month course starts October 6th with a special early bird price available until Sept. 16th. Don’t miss out - we already have a fantastic group of women signed up!

We work with many individuals, entrepreneurs, artists, and freelancers and have learned that planning for the future looks different for different people. Look at retirement, for example. Before getting to the nitty-gritty numbers, focus first on your dreams. The numbers will follow.  And bear in mind that this is an exercise that will change as you get older -- so do it every year. If you are married or in a partnership, it is essential to do it together. Here are some questions … and tips … to help you stay grounded in your dreams as you plan for the future.

Your Dream Retirement

  • Do you want to stay in your home? 

  • Where do you want to live? Different state? Out of the country? Near family members? City, Country?

  • Do you want to keep working (because you love what you do!)?

  • What do you look forward to doing the most in retirement? Buying a boat, learning to paint, playing golf, volunteering?

  • Do you want to spend money on experiences or material possessions (i.e., new car every few years vs. travel)?

The Numbers

  • Will your mortgage be paid off?

  • Do you really know your monthly expenses? Expenses in retirement tend to be the same these days. Medical expenses are higher; people in retirement spend the same.

  • Have you gotten a recent social security statement? When should you start taking social security?

  • Do you still have kid’s college to plan for?

  • Do you have a pension? Very few of us do but you might if you worked for a large corporation, non-profit, or as a teacher, for example.

  • How long do you need your money to last? The calculator I use assumes age 92.

  • Check out this retirement calculator.  It’s enlightening!

TIPS

  • Make your retirement savings a line item in your monthly expenses.  It’s as important as your mortgage or car payment.

  • Are all your old retirement plans in one place?

  • Saving for retirement creates choices.  It doesn’t mean that you will or won’t work.  It just means that you are creating options for yourself as you get closer to “retirement”.

  • What does one million dollars look like to you? See really how far it goes to change your life.


Planning for retirement is just one way to feel more control in an uncertain world. Want more empowerment, accountability, and community around your personal finances, legal health, and self-care?  Register for Woman’s Compass Forum starting October 6th!


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