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Are you approaching middle age and wondering what to do with the rest of your life?
Do you feel overwhelmed by the seemingly endless possibilities, or like there is no choice that will make you happy?
As we approach 50, it can be difficult to make decisions about our future.
It’s a critical crossroads in life; one which requires serious thought and careful consideration.
Whether you ultimately choose to keep working or retire early, understanding how these 14 essential factors will affect your choices can help guide your decision-making process toward finding a satisfying retirement plan for yourself.
It’s time for an in-depth exploration into the stages of mid-life retirement planning and discover why it’s beneficial or even necessary for anyone over fifty to consider each factor before making their next move!
#1. How Are You Going to Keep Yourself Occupied?
The concept of retirement can sound great, but most who retire early don’t know what to do with themselves now that they’re no longer tied down by their 9-to-5.
Ask yourself, how will you keep yourself occupied during your free time?
If you lack any hobbies or interests, you may hold off on retirement until you better understand what retired life looks like.
#2. What Do Your Finances Look Like Now?
Your finances are the ultimate determining factor of whether or not you can retire.
Retire with too little in your bank and investment accounts, and you can end up in dire financial straits later.
Go over your finances and see where you stand and whether it’s suitable for a stable financial future.
#3. See If Now’s the Time to Start a Business
Have you ever wanted to start a business?
While businesses can carry some risk, it might be the time to pursue one if you’re financially stable and need a change before you say goodbye to work altogether.
It could help you put more money toward retirement to enjoy all the things you truly want.
#4. Are You Married? Have Children?
Supporting two individuals through retirement requires even more careful planning.
Do you and your spouse have enough set aside and make enough to support the two of you well through retirement?
What about children?
Are you saving money for college, inheritances, and other potential costs?
The more people are involved, the more carefully you have to weigh early retirement as an option.
#5. Work With a Financial Advisor
Not everyone knows how to manage their money properly, and that’s perfectly fine.
If you’re considering early retirement but you’re unprepared and unaware of whether you’re on track, reach out to a financial advisor to help you work toward your retirement goals and any other plans you have in store.
#6. Are There Any Passive Income Streams You Still Wish to Develop?
Passive income is what’s going to get you through retirement.
Do you have enough, or are there more you still need to establish before you can confidently retire?
Whether it’s traditional investments or real estate, consider what will support you in the future.
#7. Consider Less Rigorous Employment
If money isn’t an issue and you’re not too in love with working, look for far less rigorous employment.
This will keep you occupied until your full retirement benefits kick in and give you something to do.
#8. Are You Planning on Moving?
Owning a home offers stability throughout retirement, but moving can change that.
Moving is often expensive, and you’ll have to factor in moving costs, the costs associated with buying a home, and continuing expenses like maintenance and property taxes.
If you wish to move, factor that into your consideration to retire, as it can impact your finances substantially.
#9. Are There Any Costly Plans You Have in the Works?
The golden years are the perfect time to tackle all the major items on your bucket list.
But those plans cost money, and it’s important to have that set aside.
Do you have any plans you wish to pursue?
More importantly, do you have the funds to make those dreams a reality?
#10. Is It Time for a Career Change?
Maybe it’s not time to retire but time for a change.
Consider a career change if you’re on sound financial footing and need to switch it up.
This way, you can get your full benefits while counting down to retirement age and engaging in a job you love.
#11. How Might Your Health Change in the Coming Years?
Major health problems are a financial burden.
From healthcare to home health support to medications, you still might find yourself paying a lot of money out of pocket, even with Medicare.
Consider any potential health changes to ensure you have enough money for these kinds of health challenges.
#12. What Does the Future Hold?
Planning for the future means planning for uncertainty.
What happens if your house is somehow ruined in a natural disaster?
What could you do if inflation continued rising and impacting your budget?
Are you able to afford multiple appliances breaking down or even your vehicle?
It’s important to prepare for anything rather than creating a rigid plan that doesn’t allow for unforeseen developments in retirement.
#13. How Much Do You Need
This is the most important question to answer before retiring at 50.
Take a look at your expected income sources and determine if they are enough to cover all of your living expenses.
Don’t forget to factor in inflation, as well as any medical or long-term care costs that may arise.
#14. Do You Have Other Retirement Savings?
Your retirement savings are an integral part of your overall retirement plan.
Be sure to review the performance and diversification of your investments, as well as the fees and expenses associated with each account.
Ideally, it’s best to have a mix of investment accounts, such as employer-sponsored 401(k)s or IRAs, in order to minimize risk and maximize returns.
Things To Be Grateful For
They say it’s the little things in life that bring us the most joy.
But too many times, we are too busy to acknowledge these things.
Here are over 50 small things about life to be grateful for.
Self Care Ideas To Nurture Your Mind, Body, and Soul
It is important in life to take some time to care for ourselves.
Too many of up prioritize everything else and when it comes time to pamper ourselves, we don’t have the energy.
Here are some simple ways you can take care of yourself, regardless of how exhausted you are.
How to Embrace Change
Change is a natural part of life, but most of us don’t like it.
We are creatures of comfort, enjoying are usual things.
But the sooner you embrace change, the happier you will be.
How To Change Your Mindset
Going from a negative mindset to a positive one can feel overwhelming.
But with a little guidance and tips, you can do this.
10 Choices You Will Regret In 10 Years
We all make choices in life. Some turn out to be smart ones, and others, well, not so much.
Here are 10 bad choices that if you make them today, you will regret them in 10 years.
Jon Dulin is the passionate leader of Unfinished Success, a personal development website that inspires people to take control of their own lives and reach their full potential. His commitment to helping others achieve greatness shines through in everything he does. He’s an unstoppable force with lots of wisdom, creativity, and enthusiasm – all focused on helping others build a better future. Jon enjoys writing articles about productivity, goal setting, self-development, and mindset. He also uses quotes and affirmations to help motivate and inspire himself. You can learn more about him on his About page.