The traditional goal retirement planning has been to build a “nest egg” of personal savings and investments that supplement Social Security and pension benefits. Financial security is extremely important, but that alone does not guarantee a rich and rewarding life in retirement.
These days, the idea of retirement is much more flexible than in the past. Life expectancy has increased dramatically and the challenge and opportunity for people now is to make the most of their next chapter.
Laying the foundation for a successful retirement involves making wise money and life decisions both years before and at the point of retirement. For example, what are the tradeoffs between funding college for your children and your own retirement? Should you increase your retirement contributions now or put funds towards real estate?
Wherever you are in life, clarifying your priorities in retirement planning is a great investment for your future. To fully prosper in retirement requires building financial security, as well as directing time toward activities that are meaningful to you. Planning can help bring all of this into focus and show the road ahead.