3 "Extras" You May Want To Budget For When Planning Your Retirement

Posted on: 3 September 2018

When planning for your retirement, you'll first want to make sure that you're prepared to keep a roof over your head, to buy food and to cover your medical expenses. These are the most important things to focus on, but there are some "extras" that you might want to plan for when planning your retirement, too. These extras will be different for everyone, but these are a few that you may want to think ahead about. 

1. Travel

Many people can't wait to stop punching a clock so that they can start spending more of their time traveling the world. If you've got big dreams of spending time on beautiful, sandy beaches or in other locations after you travel, you'll need to save up to do so. Travel isn't cheap, and costs might get higher in the future. To avoid being stuck with less money than what you'll need to really travel and enjoy yourself, make sure you start planning for all of these added travel expenses now.

2. Hobbies

Another thing that you might be looking forward to about retirement is the ability to spend time enjoying your favorite hobbies. Whether you're going to be going fishing or golfing or if you're planning on spending your time crafting, playing instruments, or otherwise enjoying yourself, you don't want to have to refrain from enjoying your hobbies because of money. Planning for these hobbies now will help prevent this.

3. Gifts

When you retire, you might want to share some of the money that you've set aside with others. You may want to give generous gifts to your children, grandchildren, and great-grandchildren, either while you're living or after you pass away (or perhaps both). You might have charitable organizations that you would like to donate money to. You may want to donate money to your church or to your community. These are all good things, but you don't want to go broke in retirement because you've given too much of your money away. Instead, talk to your wealth management advisor about the generous plans that you have so that you can work on saving this money for later. Then, you can be the generous person that you want to be without putting your own retirement finances at risk.

Proper planning now will make for a much more comfortable retirement later. Your wealth management advisor can help you with investing, saving and otherwise putting aside money for the necessities and the fun non-necessities for your later years.