Retirement looks different to different people. Some envision a time of relaxation and travel. Others view this time in life as an opportunity to connect deeper with a partner or pursue those hobbies that were always difficult to find time for while amid a career. For others, retirement is just the second act of life. This is a time when some opt to start a new career as their own boss. It is possible to use your retirement savings to start a business, but there is an upside and a downside to everything.
It is vital that you consider your retirement needs long before you approach retirement years. Your number one priority must be to find ways to make your retirement funds last. Your retirement considerations should include three tasks:
Develop an income plan
You cannot spend your retirement money during your retirement years. You need to live off the earnings from that money. You must develop an income plan that allows you to live off 6% to 7% interest on your retirement savings, so you will not deplete it.