Ric Edelman: Hi! I'm Ric Edelman. Thinking about retiring? Congratulations! Just make sure you think before you act. In this video we are talking about how you're going to spend your time, often people are so focused on saving for retirement that when they finally reach retirement they have no idea what to do with themselves. Retirement can be divided into two phases, the first six to 12 months, when it's new and the rest of your life. That first year can be pretty excitement, you don't have to commute to the office, you have got tons of free time to catch up on projects around the house, maybe play a few rounds of golf. But soon the house is tidied up and you are bored with golf, what now? Well, when you were working you had a plan for your career. So make a plan now for retirement. Travel, volunteer, time with the grandkids, a part-time job, take classes, perhaps move somewhere else. Get ideas from my book, 'Discover the Wealth Within You.
' Once you know what you want to do, make sure you can afford it and that's where step two comes in. Determine how much money you'll spend monthly that includes basic expenses, mortgages, utilities, insurance, groceries, clothes. You also need to include the cost of your new hobbies. And then there are periodic expenditures, gifts, vacations, taxes and occasional new car and emergencies. And finally there's healthcare. So add all this up and you will be ready to enjoy retirement.