Planning for retirement shouldnt just focus on dollars and cents [Video]

(InvestigateTV) — The Alliance for Lifetime Income predicts that a record number of Americans will turn 65 and retire in 2024.

Craig Colvett, president and co-founder of Coach360, an organization designed to help people understand the challenges they may face in retirement, said there are many factors to consider when approaching retirement.

Colvett said people need to focus on who they will be after retiring. For example, how will they spend their time? What will be important to them?

“Let’s say they retire on a Friday and Monday morning rolls around, something they have known for a long period of time,” Colvett explained. “Even if the last job is only a short stretch, they’ve been in work mode for many years and now that’s gone.”

Colvett said health issues increase with age, and plans need to be put in place for those challenges.

“What if your spouse has a diagnosis early in retirement and your plans get completely …