I have to admit, thinking about retirement stresses me out. But as a new year rapidly approaches (what even happened to 2018?!), it’s really got me thinking about the big picture. I’m trying to rewire my brain – the way I think, the way I operate on a day-to-day basis, even what I eat. I’m just trying to give myself the opportunity to reset. With that, I’m doing alllll types of adulting – including thinking about saving for retirement.
Retirement is one of those things that always seemed really far off, but with my 37th birthday this month, I’m starting to feel the pressure to really have my ducks in a row. It’s honestly right around the corner at this point and I have to be ready.
So, here I am thinking about our financial goals as a family and how we can set ourselves up to live comfortably when those retirement years come knocking. To make sure I’m on the right track and doing everything I can to prepare, I teamed up with my friends over at COUNTRY Financial to provide some guidance on this topic. These are super simple, basic tips, but we all have to start somewhere!
Figure Out Exactly How Much Money You’ll Need
If you’re anything like me, you might be thinking, “How the hell am I supposed to know how much money I’ll need?” There are SO many things that go into figuring this out and it’s different for everyone. You’ll want to consider the age you plan to retire at, inflation and the lifestyle you think you’ll want to have while retired. Taking all of this into account, take your retirement plan for a little test drive. Total up your estimated monthly expenses and subtract them from your estimated retirement income. This should help to start painting a picture of how much it’ll cost you to retire.
Think About the Long-Term
Thinking long term basically means hoping for the best, but planning for the worst. It’d be amazing if the cost of living or healthcare didn’t go up by the time you retired, but assuming it will is your safest bet. Spiro and I like to use this as a rule of thumb when saving for anything. Take what you think something will cost and then double it just so you have something to fall back on.
Know Your Investment Options
I’m not going to sit here and pretend to be an investing guru because I’m not. That’s what the folks at COUNTRY Financial are for. But if I’ve learned anything about investing so far, it’s that it looks different for everyone. Talk to the professionals and educate yourself. Knowing what your options are is definitely the best first step in my opinion.
Not as scary as you thought? I hope not! I’d rather jump in with both feet and get my bearings now than be unprepared in 25 years. Who’s with me?! If you want to know more, check out COUNTRY Financial for additional information and resources.
Thank you to COUNTRY Financial for sponsoring this post. It’s partners like this that make documenting our journey possible.