Bill Davidson retired at 54, and found that that planning for retirement takes much more than just crunching the numbers — you have to think about how you want to live.
By considering what they’d like to do in retirement, Davidson and his wife were able to plan ahead and arrange their $24,000-a-year budget to create the travel-heavy lifestyle they wanted.
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From figuring out how long your money will last to deciding how you’ll cover things like healthcare, there are a lot of numbers to run when planning for retirement. But one retiree says many people who are planning for retirement are overlooking a big piece: how they’d like to live their lives once they’re there.
Before retiring from his job in marketing in Oregon, Bill Davidson, 60, put a lot of thought into what he wanted out of retirement in addition to how he’d fund it. “Retirement planning should be much more holistic than just the dollars,” Davidson says. “Many of the headlines are all about, ‘You need $2 million to retire.’ It’s all about the dollars,” he says.
But how you’ll spend that money, he’s found, is just as important. “The dollars are important because they enable lots of things,” he says.
He started thinking about retirement decades early
One of the most important things, in his opinion, is to start planning when you’d like to retire and set that goal early. “When I was in my 30s, I wrote several goals. One of them was to retire at age 55,” he says.
He was able to meet that goal, and retired early at age 54. …read more
Source:: Business Insider