Write clear and specific retirement wishes that focus on important retirement objectives, advises AARP. Writing a retirement plan provides an idea of future expenses and strategies for covering them. A written plan alleviates anxiety over spending and prevents either living beyond your means or living more frugally than necessary.Continue Reading
As part of its "10 Steps to Get Ready for Your Retirement," AARP suggests writing a list of retirement goals that are practical and focused. Get a mental picture of enjoying retirement, and write a journal with that scenario in mind.
The Transamerica Center for Retirement Studies recommends writing a budget that anticipates debt, basic expenses and the costs of retirement goals. The budget should also include income, financial assets, savings, investments and any previously untapped sources of revenue. Transamerica encourages planners to consider if it is necessary to continue working in some capacity and, if so, how much. An online retirement planning calculator helps tabulate anticipated income, when to start saving, how to limit expenses and how long savings are expected to last.
MarketWatch suggests writing a plan regardless of current age or income. You can write a simple one-page budget without the assistance of a financial planner. Consulting a professional, however, provides accountability and is recommended for people nearing retirement within 10 years.Learn more about Financial Planning