Retirement can be one of the most challenging yet most exciting of our life events. While it is advantageous to start planning financially for retirement as soon as you start earning a wage, it is never too late to start planning. The information presented in the following pages is intended to serve as a self-serve guide for staff and faculty who wish to begin the planning process regardless of their planning category. Traditionally, retirement planning has focused on gaining a solid understanding of the financial requirements however understanding benefit plans, work-life transition and the emotional impact can be beneficial in achieving a healthy and financially sustainable retirement.
What are some of the important questions to ask yourself?
It is easier to plan for the future when you have an idea of where you are going and what you want.
- Are you sure you are ready to retire?
- When will your partner/spouse retire?
- What will you do?
- Where will you live?
- What will your post-retirement look like?
- Have you worked with a financial planner?
- Can you/when can you afford to retire?
- What will your post-retirement expenses be?
- How will retirement affect your lifestyle?