6 Benefits of Proactive Retirement Planning

Aug 26, 2019

Be prepared! It’s both the Boy Scout motto, the refrain of Scar from the Lion King and the sage advice your parents always gave you. It’s a great rule of thumb for so many things in your life, including when it comes to your retirement.

“Planning ahead for your retirement years is one of the best gifts you can give yourself,” says Doris Lea, Executive Director of Hidden Springs of McKinney. “After all, many of us daydream about retirement because of all the things we’ll be able to do and accomplish once we no longer have to work. But in order to do that successfully and without a lot of bumps in the road, it’s important to set down a plan that helps you achieve your financial and personal goals.”

Planning for retirement sooner rather than later will ensure you can think decisions through, work towards your goals and allows you to take steps now, that will help you be successful down the road.

“Unfortunately, a lot of people can put off planning for retirement until it’s actually time to retire, which really isn’t the best idea,” she says. “But as the old saying goes, the best time to plant a tree is yesterday, and the second-best time is now. In other words, it’s never too early or too late to start proactively planning for your retirement, so you can live the lifestyle you want and deserve.”

Here are six of the top benefits you gain from proactive retirement planning.

  1. You’re able to define your goals and set up a path to work towards them.

What is it that you want to do when you retire? Do you want to do charitable work? Travel the world? Spend more time with family? Begin a new career? Retirement planning allows you to define your goals and then set up a plan that helps you meet them in the best possible way. If you have a spouse, this is a chance for both of you to discuss future plans and get on the same page as to what your retirement lifestyle should look like. This also gives you an opportunity to discuss living arrangements and how you want your life to look following retirement. Do you want to continue living in your current home, or would you rather downsize to a smaller place so you have less upkeep? Or would you eventually like to upsize your lifestyle by moving to a senior living community so you no longer have to do home maintenance and can truly spend your time as you like? By knowing your goals, you can take steps both personally and financially to ensure you can make them happen. 

  1. Retirement planning allows you to make wise financial decisions.

Let’s be frank: A solid financial plan is the key to ensuring you have an enjoyable retirement. One of the biggest fear seniors (and younger people, too) have is worrying about outliving their money in retirement. By planning ahead, you can make wise decisions today that will pay off in the future. For example:

  • You can research in advance any benefits you’ve earned or will be eligible for
  • You can look at all your assets and accounts in totality, instead of piecemeal, and work with an advisor to strategize your financial plan to reduce your tax burden, set up your estate in a beneficial way for your heirs, develop a cash flow and even continue to invest and make your money work as hard as possible for you.
  • Researching earlier rather than later will help when it comes to purchasing things like long-term care insurance, where the premiums will be less the earlier you decide to purchase it, which will reduce your costs over the long run
  • You can research your options for living situations and buy (or buy in) when the time is right rather than when you have to do so. For example, if you know you want to sell your house and move to a senior living community, you can do your research in advance, find the best community for you and set a plan in place to eventually move there in the most cost-efficient way possible.
  1. You can make your wishes known.

Planning for your retirement also includes looking over your estate and determining what will happen to your assets and finances after you pass away. It also includes stating your wishes and intent for what should happen in the event of life changes, such as if you develop dementia or should you become incapacitated. What you want to set up will be dependent on your situation, but generally will include: a will, trusts, advance directives, a letter of intent, living wills, powers of attorney (financial and health care), beneficiary designations and (if applicable) guardianship designations.

  1. You have time to research your options.

By having time to look into your options, you’ll be able to better fine-tune your wishes and requests, as well as choose a retirement path that’s perfect for you. If you wish to set up a trust for your children or grandchildren, planning ahead will allow you to distribute your legacy in a more cohesive way. It’s possible that your wishes may be more complex than you first thought, so having more time rather than less is always a good choice. You’ll also be able to look into living options that will give you the best lifestyle possible. You may find that the reality may exceed your expectations, or you may decide to change up your retirement plan based on X, Y or Z factor.

  1. You can assess your current and future health needs and make thoughtful decisions.

No one wants to make hurried decisions about their health and safety. Proactively planning your retirement allows you to take a look at your current health needs and your family history and make future plans based on that information. Many seniors may decide to move into a senior living community in order to receive the help they need both now and in the future. By taking stock of your situation, you can research your options and find a community that meets your present and future needs. 

  1. You gain peace of mind.

Finally, a proactive retirement plan provides both you and your family peace of mind. Planning ahead will reduce your stress in the years leading up to retirement, as well as when you finally enter it. You will be able to enjoy your golden years without wondering “can I afford this? What will happen down the road? Am I doing everything right?” Instead, you can focus on what’s important: living this chapter of your life to the fullest.

For more information about our new community in North Dallas, please contact us at 972.445.9844.

Luxury Living in North Dallas

At Hidden Springs of McKinney, we understand how important location is to North Dallas seniors who are looking for an engaging, enriching retirement lifestyle. Located in McKinney, Texas, we are close to medical centers, arts and entertainment, outdoor opportunities and everything else you love about this area. Seniors who choose to make us their home can enjoy a range of trips, opportunities and activities while living their very best life thanks to our innovative focus on wellness.

Active Retirement Living for a Healthy Tomorrow

The secret to a life well-lived awaits you at Hidden Springs of McKinney. Envisioned and developed by Madison Marquette, a company with a 25-year track record of investing in vibrant communities and a stellar reputation for developing luxury residences, you’ll discover all the possibilities your retirement brings … as well as the confidence of knowing your future is secure.

Our beautifully appointed, active retirement living community is created for those who expect moreout of life. Luxury living, gracious services, resort-quality amenities, engaging programs and stunning apartments in 15 floor plans are just a few of the benefits awaiting you. And with assisted living and memory care services offered on campus, you can retire with complete peace of mind, knowing that if needs change, the care you deserve is right at home.

To learn more about Hidden Springs of McKinney and discover The Secret to a Life Well Lived, call or visit us today. We’d be happy to schedule a tour and show you just how much our location can make your retirement experience exceptional. Call us today at 972.445.9844.