This seems like a no-brainer, but you’d be surprised how many people — especially couples — haven’t given much thought to what they want to do in retirement. They don’t know what their location, lifestyle or future needs and wants might look like as they age. (Just in case you’re wondering, “I want to buy a boat” is not a retirement plan.)
Once you’ve come up with your retirement objectives, you can create a budget based on your estimated expenses, including housing, transportation, health care and leisure activities. Yes, it can be difficult to predict what some costs might be far into the future, but this exercise will help you grasp how much you’ll need to maintain the lifestyle you want — and deal with some pitfalls along the way.
