One of my favorite movies, The Bucket List, shows costars Morgan Freeman and Jack Nicholson embarking on the journey of a lifetime to accomplish all the things they want to do in life with the time they have left. After receiving devastating diagnoses, they decide to go skydiving, travel on an African safari and develop a taste for the world’s most rare coffee. This movie always makes me think about what is on my retirement bucket list. After I retire, I plan to spend time traveling and learning about different cultures, as well as taking up a new hobby like cooking. Then, there’s also things to consider like spending time with kids and grandkids, volunteering in the local community, and maybe even taking up a part-time job that’s both fun and fulfilling. Putting together your retirement bucket list and your goals for the future is important and difficult in of itself, but without careful and proper planning, it will be an even bigger challenge to achieve.
Unfortunately, when it comes to planning for retirement, most people overlook these bucket list related expenses, even though it is an important puzzle piece to their future. As soon as you start thinking about retirement, you should account for all costs associated with these activities including travel, relocation and hobbies. This is important because it will also help you realize which passions you are going to explore and how much you will need to do so once you stop earning a steady paycheck.
Along with passions like cooking and travel, some people will also want to set aside money for charitable donations as a part of their budget. This is important to account for because you can easily portion a certain amount of money each year to this cause. However, there are some expenses that are more unpredictable such as healthcare, utilities and debt that you also want to consider when planning.
Also, it is important not to overlook day-to-day expenses when you are planning for your future. Things like groceries, clothing and that daily cup of Starbucks are examples of constants that you will need to continue paying for after retirement and should take note of when planning for your future. Making sure you are well prepared to make, fund, and accomplish your retirement bucket list, as well as account for any other unexpected expenses that arise, are all crucial parts to the overall retirement planning process.
At Madrona Financial, we can help you make sure that nothing is overlooked, and work together to better prepare you for your retirement adventure. So, CLICK HERE to schedule a complimentary, no obligation review and get started your retirement bucket list today!