Nearing retirement is an exciting experience, most people think of it as a new beginning. Many use retirement as a time to pursue hobbies or activities they have always liked but never really had the time to enjoy. Others use it as the perfect time to relax or even travel to new destinations. Your retirement is one of the most critical phases of your life and you must be prepared for the transition.
- Do you have a source of income that supports your plans?
The first thing to remember is that you will no longer be on the same salary as you once were as a first responder. Your income will change, and you will have to rely on other means. If you are concerned about your retirement plan, you can always visit https://firstresponderretirement.com/ for more help and information about what to do and how to prepare for retirement.
Think about how much you will be spending and then look at your sources of income in retirement. Will your pension be enough, or should you think about a part-time job? Do you have enough in your retirement account to subsidise your new lifestyle?
- Have you considered health care costs?
Health care can be a drain on your income and without a plan for your personal finances, you risk putting yourself in a position where you can’t afford it. If you are struggling to understand your healthcare option, there are plenty of ways to seek help. As mentioned, the first responder retirement team is there to provide information and coaching to anyone who needs it.
- Have you paid heed to your lifestyle and enjoyment?
It is easy to get bogged down with the cost of healthcare and other important components, but this shouldn’t put you off budgeting for the personal side of your retirement. Think about everything you have on your bucket list and budget accordingly. You should make a conscious effort to build the retirement lifestyle you want and need.
- How will you spend your time?
- How will you form new connections?
- How will you challenge yourself both physically & mentally?
For retirement to be a wonderful chapter in your life, you must plan ahead and ask yourself some of the more serious questions. If you need help planning, there are several organisations out there that specialise in working with first responders who are on the road to retirement.