Formal education will make you a living; self-education will make you a fortune. – Jim Rohn
There are many other items to consider besides financial independence. In addition, retirement now comes in different variations such as:
- Ending all paid work completely
- Transitioning to part-time work
- Seasonal work
- Work at your own small business
Seek help from a financial planner, one that has a lot of retirement planning experience
- Budget now
- Budget for a future (pro-forma)
- Retirement income sources
- Tax planning
- Investment profile update
- Appropriate investment strategies
- Retirement scenarios – different times, rates of return, monthly income amounts, inflation, etc.
- Health insurance now and in the future
It is not always about what you make, but what you keep that is important.
- Estate Planning – estate summary, personal records inventory, updated will and executor, enduring power of attorney, living will, etc.
- Where to live in the future – house, apartment or condo
- Volunteer roles now and in future
- Part-time work
- Family relationships?
- Business succession plans