What do You Want During Retirement? Script: (0015)

What do you want at the end of your work life? The most common answer is "I want to retire." But that's too broad of an answer and can make it hard to develop the right plan to get there. It's like saying I want to look better without creating an eating and exercise plan.

Here's a simple strategy to help you get specific about what your retirement will look like. Begin by defining retirement in three buckets.

Bucket #1: Identify those one-time purchases you have dreamed about. Perhaps it's a new vacation home, a new set of wheels, or a nice boat to spend more time on the water. Sure, you probably can't purchase everything but make a list, prioritize the list, and put a price tag on each. 

Bucket #2: What do you want to do? Travel the world or take several weekend getaways to your favorite places. Once again, make a list, prioritize the list, and put a price tag on each. 

Bucket #3: When the dust settles and the retirement honeymoon ends, what will the day-to-day look like for you? What expenses are needed for your day-to-day living, including housing, club memberships, eating out, health care, long-term care, etc?

Buckets 1 & 2 are the most fun to dream about in the first few years of retirement; however, bucket 3 is the most critical to identify to navigate the longevity of retirement.