Retirement is an exciting time where you can do anything you want, so long as you’ve saved! Before you decided to retire, it is important to determine what you want your life to look like during the decades you enjoy after your career. Many retirees venture to warmer weather, commit to lifelong hobbies, reconnect with family, or find a way to make a difference for others.
At Bank of Louisiana we want to help you steer yourself in the direction you choose. Find out which retirement path is right for you and discover how you can adjust your savings to make it happen:
- Do you want to remain close to family or travel the world?
- I have a bucket list a mile long, and I’m just itching to hop on a plane and get going!
- Nothing makes me happier than getting to see my children and grandchildren as often as I can.
- I’d like to travel for a portion of the year, but then also enjoy the holidays and other moments with my family as well.
- Europe, Asia, the Caribbean, it all sounds grand. I’d love to travel, but I want to make sure I don’t miss those family moments either.
- Which aspect is the most important to your retirement?
- Filling my passport.
- Enjoying my family.
- Helping others.
- Building my legacy.
- How do you feel about working part-time or full-time?
- No thanks, I’d rather relax and enjoy the fruits of the work I’ve already put in.
- I’d love to work if it opens additional opportunities to vacation with my family and friends.
- Why not? If I can enjoy my time AND get paid, it sounds like a win-win to me.
- How can you not? A successful enterprise doesn’t build itself!
- What is one item you want to check off your bucket list?
- Travel to five countries in one year.
- Build the home of my dreams - with plenty of guest rooms.
- Make a lasting impact on the life of another person.
- Build a business from the ground up.
- Name one word you feel others would use to describe you.
Mostly A’s [Eternal Wanderlust]: For you, retirement is the beginning of a new adventure filled with exotic places and delicious foods. You strive to see as much of this planet as you can while getting a stamp from every country along the way. To you nothing sounds more idyllic than enjoying a sunset in Tahiti, savoring pasta in Rome, and climbing the foothills of Queenstown. To help you check each destination off your bucket list, Bank of Louisiana recommends a vigorous savings strategy, a continuous flow of income, and a Roth IRA to help you save as you spend.
Mostly B’s [Family First]: For you, your retirement is all about enjoying the little moments with your children and grandchildren. Catching your grandson’s first baseball game and helping your daughter by babysitting, are just a few of the moments you look forward to. When you choose to retire, your main focus will be enjoying and helping your family, so Bank of Louisiana wants you to know, we’re here to help you! To enhance your preparation for life during retirement, we recommend setting up education-oriented Coverdell accounts for your grandchildren, while continuing to contribute to a Roth IRA for any family fun vacations.
Mostly C’s [Gracious Giving]: For you, true joy comes from seeing the joy in others. Nothing is more valuable to you than the smile of a child and the appreciation from someone in need. You plan to spend your time contributing to a number of organizations, both through your time and financial well-being. At Bank of Louisiana, we want to help you make a difference in not only your community but in the world as well. To best prepare your finances for the road ahead, we suggest structuring a Roth IRA for a long-term and continual contribution fund, in addition to a fully stocked HSA to ensure your health always comes first.
Mostly D’s [Entrepreneurial Mindset]: For you, retirement is an opportunity. Now is the perfect time to start a new business - what better way to spend your time? This may not be your first enterprise, perhaps it’s your tenth, but the one thing that’s for certain is that the excitement comes from creating something new, something that’s yours! Whether you’re undertaking a small business for your local community, or are looking to create a new household name, Bank of Louisiana wants to help make your dreams a reality. To get started, we recommend looking into an LLC and other formal business registrations. For your personal finances, a strategic HSA could help safeguard your retirement savings, while other funds from your 401(k) or IRA are being invested.
Bank of Louisiana
Equal Housing Lender