Developing a Realizable Vision for Retirement
Many people dream of retiring to escape their job and the stress of work. They want to leave the rat race behind. Often, retirement is seen as a reward for years in the workforce and successful financial planning.
However, retirement is much more than just quitting a job and relaxing. Retirees are entering one of the most exciting and challenging stages of their life.
While the opportunities are endless, a successful retirement comes with its hurdles. Considerations include living on a reduced income, creating a health and wellness strategy, and evaluating relationships. Equally important are decisions about personal time allocation, living arrangements, and changes in social roles.
During the initial days, weeks, or even months of retirement, people often experience a blissful honeymoon period—no boss, no job, no worries! Just time to do whatever they please.
But as this honeymoon phase winds down, many retirees report feelings of disenchantment. Retirement stops feeling like an extended holiday, and time begins to weigh heavily. This can lead to frustration and disappointment, prompting the question, “Is this all there is?”
The life we lead is a result of the choices we make. In both pre-retirement and retirement years, it’s crucial to make choices that build a fulfilling and energized retirement. Successful retirees understand the power of creating a realistic retirement vision and an action plan to achieve it. With this mental model, they make sound choices to achieve their desired results.
Where We Come In
With the help of a trusted financial advisor, you can systematically work towards creating a clear and focused retirement vision. Your experiences in early and mid-life make you more aware and articulate about your priorities. It's important to consider how you will spend your time as well as how you will spend your money.
A good way to start is by taking time to visualize what retirement means to you. What aspects of retirement attract, scare, or excite you? Next, write out a description of your imagined retirement life. Consider the following questions as if you were already retired:
What makes me happy?
How much money do I have?
What possessions do I own?
How am I spending my time?
Who is in my retirement picture?
How is my health? How do I feel?
How are my relationships with my spouse or partner, children, other family members, and friends?
First, imagine yourself in your first six months of retirement, then at one and two years out. Then, visualize the end of your retirement, when you are 90, 95, or 100+.
What are you most proud of? What have you done that has brought happiness to you and to others? What legacy will you leave behind?
Communicate your personal desires and goals to your financial professional. This will better equip them to help you develop a plan that aligns closely with what will truly make you happy.
Consider people you know who have made a successful retirement. What do you admire about them? Is it their family relationships, energy and enthusiasm, or an overall sense of well-being?
Conversely, think of those who are challenged by retirement. What makes them less successful in your opinion? Is it the amount of time they spend watching television, their lack of adventure, or a sense of helplessness in an ever-changing world?
Once you've recorded a retirement vision, share it with a partner or spouse, close friends, and your financial professional. This sharing process will provide different perspectives and help shape your final vision.
Optimism is key throughout the retirement visioning process. Focus on the rewards of a balanced retirement; meditate on feeling complete, enriched, and financially secure. Retirement visions should be reviewed and rewritten as often as necessary until they feel right and align with your wants, needs, and beliefs.
Bottom Line
As you enter the second-longest phase of your life, take an informed, active role in getting it right. With appropriate guidance and thoughtful planning, you will be able to enjoy and even relish life after work.
Disclosures:
This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.
This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.
These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.