For most people, planning for retirement comes down to one thing: building up a large enough nest egg through gold IRAs and other investments to cover living expenses for the rest of their lives. But even though the financial aspect of retirement is a huge concern, it’s certainly not the only one. There are several other non-monetary factors to worry about and plan for as you prepare to usher in your golden years, including the following:
- Location: Where you choose to spend your retirement will have a major impact on your budget because it affects everything from property and income taxes to the price of food, utilities, and other daily expenses. Moreover, if your location takes you away from friends and family, you’ll need to factor in travel-related costs such as airline tickets and accommodations.
- Social life: If you move away after retirement or lose touch with work friends who are still on the job, you could find yourself lonely and socially isolated. To avoid this, be sure to join clubs, take up new hobbies, and otherwise be in a position to interact with people regularly.
- Personal enrichment and fulfillment: When a person’s sense of self or purpose is tied up in his or her job, retirement can bring on feelings of deep loss or emptiness. To sustain a high level of personal enrichment and fulfillment, volunteer for a cause you love or take classes at a local community college.
- Health and healthcare plans: Even if you’re the picture of health now, there’s no telling what the future has in store. What you can count on, however, is the rising cost of healthcare services and monthly insurance premiums, which means you’ll have to budget carefully to maintain your coverage despite increased costs.
- Identity theft and other forms of fraud: Retirees and seniors are a favorite target of con artists everywhere and may fall victim to identity theft, get-rich-quick schemes, and similar scams that deplete already limited retirement funds.
Though it’s natural and prudent to focus your retirement planning on building up your gold IRA, you shouldn’t do so at the expense of the non-monetary concerns listed here. All of these elements contribute to your quality of life, and therefore all must receive your attention sooner rather than later.
Although the information in this commentary has been obtained from sources believed to be reliable, American Bullion does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. American Bullion will not be liable for any errors or omissions in this information nor for the availability of this information. All content provided on this blog is for informational purposes only and should not be used to make buy or sell decisions for any type of precious metals.