The retirement lifestyle you want is a choice dictated
by several things. Your first step will be to assess your personal retirement needs. While travel may be important to one person, it may not be to another.
Local activities with long-time friends and family may be first on your list instead. Climate may be a big factor, as
well as the proximity to medical facilities. Deciding where to retire and the lifestyle you want to live means doing
some planning and making decisions that many of us often put off far too long because we don't want to confront aging. Others
who will only have their social security check to live on may think there is nothing to decide. Not true. There are always
choices. . Before you plunge head-first into retirement, recognize that
some of your choices will depend on wants, others will depend on needs. And your needs should be considered first. One
thing is certain, if you do not have enough income to retire with the lifestyle you have always dreamed of you will have to
figure out a way to bring in more income.. Begin by sitting down with your partner and making a budget to determine if it is time to retire yet. Your budget should start with your hard costs each month. One column will be your income. Include social security, income
from rental properties, interest on savings, IRAs, stocks etc. Then make a list of your hard-cost expenses. Those
would be things like utilities, car payments, HOA fees, taxes, mortgage or rent, health care insurance, etc. . Will you be retiring
where you currently live or will you relocate? This is an important question and one factor in making that decision could
be how your State's taxes impact where your retirement income comes from. Some states collect taxes on retirement income from social security
etc and others don't. It is a consideration for many retirees especially if they are going to be on a tight budget.
. What is
left over will determine what you can spend on your "want" list. Based on that figure, some of the things you
enjoyed while still working (like golf or dining out regularly for example) may not be within your means. If
that's the case, you have a decision to make. Will you give up your hobby or leisure activity? Or are you willing to work
part time to continue to enjoy those pleasures? .
Make another list of "wants." Activities you would like to take part in, hobbies you enjoy, family
and friends etc. If some items on your wish list are expensive, or the climate isn't compatible where you currently
reside, is there another part of the country you should consider for retirement? Have you always wanted to live in an artistic community? Would you consider retiring in another country? . We value your input, so
please send suggestions and comments via our comment box in the next column.
More Articles Boomers Have Driven the Economy for the Past 50 plus years. Based on that fact alone,
it isn't surprising that as 78 million of us retire and approach retirement, state governments who don't want us to flee to
other states, or countries for that matter, are taking a hard look at how their current income tax policies impact us.
So, Who's putting the pinch on retirees ...Read More
Affordable International Vacation ...Read More While overpriced
properties are crashing in value on California’s Pacific Coast and Florida, property prices here are about to boom.
Right now you can still scoop up outrageous bargains and Retire Cheap in Central America
if you are ready to adapt to a new culture and lifestyle. It isn't for everyone. But could it be right
for you?...Read More Art lovers paint their futures in artistic
communities...Read More
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Consider these Retirement Locations if you're someone who
desires the cultural and artistic retirement lifestyle and still have the added amenity of a neighborhood with
a small town feel...read more Is it time to retire yet? read more One Retirement Scenario... Living on a $500,000
Nest Egg Just the Simple Pleasures Annual income: $70,000
$30,000 from Social Security
$20,000 from a pension
$20,000 from personal savings$70,000
$30,000
from Social Security
$20,000 from a pension
$20,000 from personal savings About
$45,000 will go to pay for basics, such as food, housing, health care and taxes, according to the Aon study. But if you don’t
have retiree health benefits from your former employer, expect to pay an extra $5,000 a year or so for Medicare premiums
and supplemental medigap coverage. The study budgets about $225 a month for entertainment. Skip the weekly Saturday
night at the multiplex and join Netflix instead. Lifestyle: With a cushion of about $20,000 a year,
you can put a down payment on a used RV and tour the country. Focus on staying healthy and active because your budget doesn’t
include long-term-care insurance premiums. If you need cash in the future, you could take out a reverse mortgage. Lifestyle 2: Average Lifestyle 31,500 Social Security (two people) 10,800 Part time
Home Business income 12,000 One income property $54,300 a year total income This will allow you
a cushion of less than $10,000/year for the extras in this lifestyle. If you have another home that is paid in full so
you don't have an additional house/apartment expense this puts you in a better position. It will allow for $250
a month in entertainment or leisure expenses. Choose hobbies that don't come with high monthly costs, dine out infrequently
and you'll be fine. You might even have a little left over at the end of the year if you're frugal. Haven't thought about hobbies and leisure when planning for your retirement lifestyle?
Find out what Science is saying about your retirement years and hobbies here... How important are hobbies, and what's available for active seniors and not so active seniors? . . WE WELCOME YOUR OWN PERSONALLY
WRITTEN ARTICLES ABOUT RETIREMENT LIFESTYLES, TRAVEL, AND PERSONAL EXPERIENCES. PLEASE EMAIL US THE ARTICLE, WITH WRITTEN
PERMISSION FOR US TO INCLUDE IT IN OUR WEBSITE. YOU WILL ALWAYS BE LISTED AS THE AUTHOR.
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