Retirement Choices - How to Weigh The Pros And Cons
by Russ Thornton
Make Your Retirement Choices Wisely
If you've been a RetirePedia.com reader for any length of time, you've no doubt considered the pros and cons of choosing one retirement destination over another.
For example, while some of you may be attracted to the urban vibe of Panama City, Panama, others of you might desire a more laid back retirement like you might find in Ambergris Caye, Belize.
While these decisions are personal, you likely have gone through an evaluation of the benefits and potential drawbacks of each location.
Whether it's currency, retiree incentives, healthcare systems or proximity to the airport, each of the locales covered at RetirePedia offers distinct differences, or trade-offs, from one to the next.
Guess what . . .
The financial aspects of your retirement planning are very similar.
For instance, you may want to retire at an earlier age even though you might have to accept a lower achievable retirement lifestyle as a result.
Perhaps you don't want to take any investment risk and keep your money as far away from the investment markets as possible. That's perfectly fine.
But you may have to save a lot more money, defer your retirement or make other financial concessions to keep your retirement plan on track.
What if you want to establish a travel budget so you can fly back to your home country twice a year to visit friends and family? This is a likely possibility as long as you evaluate the trade-offs you may be faced with to make it work.
So whether you're considering retirement in Costa Rica, Nicaragua, or Malaysia, you will inevitably be faced with making some choices to find the best balance of advantages and possible disadvantages that you can live with.
Your "financial" retirement is no different.
You'll have to chart a path forward based on your values, goals and priorities. And despite your best-laid plans, life happens, and you'll have to make adjustments and course corrections along the way.
There is no absolutely perfect retirement destination.
Nor is there an absolutely perfect retirement plan.
But with the proper planning and a process to understand and evaluate the trade-offs among the choices you'll be faced with, you can absolutely achieve a great retirement. No matter how you define "great."
About the Author
Russ Thornton is a financial advisor for women. Learn more about Russ and his work with women at his website, Wealthcare for Women. You can also follow him on Twitter or Google+.