Dream retirement takes planning

Twin chairs on the beach with a sunset in the distance. Or the opportunity to write a book, start a business or work part time at the local kitchenware shop. As most advisors know, one client’s “dream retirement” is another’s nightmare. Perhaps worst of all, some clients have no clue what retirement will look like for them. And that can make retirement planning a difficult proposition. Here are a few questions to get them thinking about their options.

Do you really want to retire? Sometimes clients don’t want to hang up their cleats. They simply want a little more flexibility. This New York Times article by Kerry Hannon looks at how some U.S. employers are adjusting to the new reality. And Kim Hee-Jin of the Korea JoongAng Daily writes about Hyundai’s new plan to support retirees who want to be business owners in their own right.

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Should you rent or own? Kiplinger’s Personal Finance’s Jane Bennett Clark takes on the dilemma, outlining some of the considerations that might go into the decision to rent or buy, including flexibility, freedom and financing.

Is travel in the cards? Nearly two-thirds of pre-retirees polled by the TransAmerica Center for Retirement Studies pegged travel as a goal in retirement – more so even than spending time with friends or on hobbies. Beth Braverman of the Fiscal Times offers seven tips to calculate costs and ensure the dream is affordable. And in this MarketWatch article, Joseph F. Coughlin, director of the Massachusetts Institute of Technology’s AgeLab makes the case that even retirees need vacations.

Where should you live? There are plenty of spots on earth where your dollars will go further and the sun shines longer. International Living posted The World’s Best Places to Retire in 2015, for those who are thinking of a move.

Is your retirement plan workable even in a down market? Given recent market turmoil, MoneySense writer Romana King makes the case that a downturn provides a perfect opportunity to reassess and perhaps even reinvest.