The New York Times’ Bucks Blog is relating the details of a Merrill Lynch Affluent Insight survey that asked What Retirees Would Have Done Differently.
Topping both advice categories, for people between 10 and 15 years from retirement and those more than 15 years away, was “build a plan around what is most important to you in retirement.”
The Bank of America press release states:
Retirees who wished they had focused more on their “life goals” indicated that they would have spent more time determining how they wanted to live in their retirement years (38%) and based their retirement income needs not just on a number that would sustain them but on one that would help them live their ideal lifestyle during these years (13%).
This survey serves as a reminder that retirement freedom requires planning and foresight.
Some retirees fail to imagine what their ideal retirement entails and are disappointed when they reach retirement. Simply “not working” does not a good retirement make.
Thinking about what you want in a retirement lifestyle allows you to plan accordingly. It also allows you to plan for the economic means (money) to accomplish the ideal retirement lifestyle.