Amy is your typical baby boomer saving away for her retirement in another ten years.  She’s been making regular contributions to her 401K retirement fund, has a registered investment advisor educating her about profitable and safe investments and has a diversified portfolio that provides a solid foundation for her savings.  Amy feels as though she’s more than ready for her retirement – yet she’s forgotten one key factor that could drain her retirement savings within a few years: what about retirement living?

It’s easy to let your residence slip when considering your retirement goals, just like Amy has; after all, many baby boomers assume that they’ll be living in the same house throughout the duration of their golden years.  Yet what happens when plans change, and you’re suddenly considering Florida retirement or one of many continuing care retirement communities?  A savvy saver knows that life has a funny way of changing things just as a person has settled into routine – so don’t let a change in living plans suck away at your retirement nest egg!

Although you may be focused on spending the rest of your days traveling and playing rounds of golf with friends, it’s important to take into consideration the fact that you might have to spend the last phase of your retirement in a retirement center or a continuing care retirement community.  After all, while many seniors are able to live independently, there are those who have to spend some time in a retirement home.  Make sure that you plan ahead for this potential scenario by boosting your retirement goals; it’ll spare your family and loved ones significant financial burden!

Additionally, many retirees get itchy feet through their golden years and decide to move somewhere new.  Florida remains a hubbub of popular retirement living, while many retirees are choosing to relocate to a different and exciting country altogether.  While you may be determined to stay in your current residence, don’t let your retirement savings dwindle if you suddenly crave a change of scenery!

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401K experts!

Authored by Kenneth Himmler, Sr.