Today’s retirees are looking for purpose.
In fact, 55 percent of them said retirement is the time for “a new chapter in life,” according to the 2020 Edward Jones/Age Wave Four Pillars of the New Retirement study. But to afford this new chapter, retirees need to be financially prepared.
If you’re approaching retirement, how can you achieve this financial preparation?
For one thing, you may need to prioritize your goals. You might want to travel the world, collect rare wines or fix up old houses, but time and money may force you to make some choices.
You might also want to calculate if you can still afford to retire when you had initially planned. If you need to work longer, you can benefit by adding more money to your 401(k) and IRA.
Finally, if giving back to your community is a key element of your purpose-driven life, you’ll need to budget how much you can give to charitable groups each year.
It can be extremely rewarding to live your retirement purposefully – but you’ll find it a lot easier to do when you make the right financial moves.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisors, Brent D. Hoskinson and Linda Drake.