Retirement?

In order to retire, I had to construct a budget. I had to identify my needs, wants and try to estimate and strategize how to approach unforeseen costs. In doing so, I jotted down my living expenses such as mortgage, insurance, utilities, groceries and transportation expenses. I even included future expenses I had to save for. I identified eating out, travel, social events, clothing and even wellness costs. I had to make sure that I was as detailed as possible. If I wanted to retire, I had to make choices and set clear boundaries for myself. Cooking In vs Eating Out; At Home Entertainment vs Social Events; Vacations vs Staycations; Louie vs Coach and Coach vs What Looks Nice; and Expensive Clothing vs Acceptable Everyday Wear.

I considered all of these costs. I even considered how I would have to take care and maintain my appearance-no more hair, skin and nail treatments. I shave my own legs, use fewer cosmetics and have gone. completely natural with my hair. No more perms, relaxers and expensive hair treatments! Not only did I take on a new look and appearance, I prioritized and identifed what my new life would look like.

I had to ask myself:

Are certain items really necessary?

How will this expense affect my future? Life? And my next pay cycle?

Why am I doing this and for whom?

And repeated over time, could this be a substantial amount (could I have invested this money instead)?

Retirement is definitely a life choice; one that requires great consideration and extensive planning. It’s not a one shot deal. You may live on a fixed income, but just like when you pull a normal salary, your budget should be visited on a regular basis and updated based on monthly occurrences. In fact, based on circumstances, you may have to be even more disciplined and diligent.

Truth, before you make your decision, do your plan. If you want to withdraw from the workforce and just give yourself a break, do that…rest, regroup and return. But if you want to retire, rest, regroup and be prepared for change.