You have goals and lifestyle considerations which are just as important to your retirement as money.
There is no denying that being financially prepared for retirement is of utmost importance. Being properly prepared for both your financial and retirement lifestyle involves a great deal more than a once or twice-yearly conversation with your wealth management team.
Retirement requires planning on several levels
Not realizing retirement is the biggest life transition they will ever go through, most people don’t spend a lot of time thinking about and planning for the non-financial aspects of their retirement.
In fact, because they’ve subscribed to some common myths about retirement, the vast majority of people often fail to plan for the non-financial side of retirement.
“I have it all planned out – on the days I’m not golfing, I’m going fishing!”
“I had a motorcycle when I was younger. I’ve always wanted to get another one and just go touring the country…”
“Oh, I don’t know. I’ll figure it out when I do retire though.”
There is only so much golfing or fishing a person can do before they tire of it. And while it’s a lot of fun to go see new places, traveling is expensive; both monetarily and for the emotional toll it takes by being away from your family, friends, and everything familiar.
What if the things you’ve looked forward to all these years – golfing, fishing, traveling, reading… aren’t enough for you? What happens when those things don’t provide the constant meaning, purpose, and joy you had thought they would?
What are you going to do when six months have passed, and you still haven’t gotten ‘this whole retirement thing’ figured out? You are disillusioned with it and how it isn’t what you had thought it would be?
What happens when a year (or two even) have passed and you are still working on figuring out and adjusting to your retirement?
The vast number of people who have retired without a solid plan for their retirement report these and a multitude of other issues they encountered by not having taken the time to develop a plan for their retirement.
** Here is a sobering statistic - On average it takes well over eighteen (18) months doing it yourself for someone to figure out and full adjust to their retirement. This can take substantially longer for the person who is ‘letting their retirement just happen’.
What are you going to do then?
When someone is planning for their retirement there’s an overwhelming tendency to focus on the financial side. Because it is so vital, you have heard this a million times before but I will say it again: it is critical to a successful retirement that you have a solid financial foundation for your retirement.
The real issues begin when someone doesn’t take the time to devote an equal amount of time and thought to the non-financial side of their retirement planning.
What are you going to do when you retire? Who will you be when you retire? What is your retirement lifestyle going to be and what will a ‘day in your retirement life’ look like?
These are all questions that require planning and preparation if you are going to live a life of meaning, fulfillment, and enrichment in retirement.
A successful retirement, full of meaning, and joy is a combination of financial planning and non-financial lifestyle planning and preparation.
Retiring well and gracefully may be your goal, making it a reality is often a challenge – having a plan in place is critical to this.
As you plan for your retirement financially, be sure to plan for what you are going to do, what ‘a day in your life’ will be, and how you will live a retirement of meaning and joy.
Myles H. Smith Retirement Transitions Specialist ACC, CRC, CPC
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