A Retirees Perspective on Retirement Planning: Beyond the Finances
The time is right for retirement planning.
Rethinking Retirement Planning
When it comes to retirement, many of us instinctively gravitate towards financial preparations. After all, ensuring a comfortable retirement requires careful financial planning. But what about the non-financial side of retirement? How do we go beyond the numbers and truly embrace this new phase of life? Let's dive into the world of retirement, where the "how am I going to live" and "how will I spend my time" aspects take center stage.
Embracing Change: My Early Retirement Journey
Change is a constant companion in life, and retirement can often come sooner than expected. In my case, retirement knocked on my door at the age of 60 due to changes in my employer's strategy. It wasn't part of my initial plan, but as they say, change can be a good thing. While I don't claim to have all the answers, I can certainly share that the learning process in retirement has been an enjoyable one.
Time: The Precious Commodity
One of the first calls I made after retiring was to my financial planner, a testament to the importance of financial readiness. This clearly is a However, my primary concern was how to fill the newfound time. I've always been active, relishing activities like cycling, hiking, and outdoor adventures. Retirement offers more time for these pursuits, but it often requires more than just physical activities to fill the void.
Tips for Crafting Your Post-Retirement Life
Now, let's delve into practical tips for successfully transitioning into retirement:
Enjoy the Present: Take a step back and relish the luxury of having more time. It's common for offers and opportunities to come your way immediately. However, consider deferring commitments for about six months to fully embrace the reality of retirement. Boredom can be a powerful motivator, igniting creativity and driving you to discover what truly fulfills you.
Seek out new, diverse relationships beyond your immediate circle.
Build a New Network: A new network includes people from your existing network and new relationships that you are creating now that you have more time. Some of your previous networks will naturally fall away now that you are no longer working together but be very purposeful in maintaining the most important relationships. They will help you stay connected to your past career and understand changes and challenges in the industry.
My best advice for new relationships is to not only make the effort to forge new ones, but to be diverse. Get out of your neighborhood and meet new people. One study showed that social isolation and loneliness not only increase morbidity rates, but are also strong risk factors for both cardiovascular disease and stroke. Given this, staying connected to an active social network is not only beneficial from a social perspective, but a health one as well.
Stay Active: Avoid the temptation of becoming a couch potato. Inactivity can negatively impact your health and overall outlook on life. Start small if you weren't previously physically active, gradually increasing your activity levels. Retirement often provides the perfect opportunity to prioritize your physical well-being.
Learn and Grow: Leverage your natural talents and skills to continue making an impact. Share your knowledge and expertise, as others can benefit from your experience. Simultaneously, embrace new experiences, whether through reading, exploring hobbies, volunteering, or venturing into new activities. Retirement offers boundless opportunities for personal growth. For additional insights on optimizing your retirement, explore "The New Look of Retirement — Client First Capital."
The Symbiosis of Financial and Non-Financial Planning
Working with an advisor and planning out the financial aspects of your retirement life is a necessary component that ensures your financial security during retirement. In order to learn more about the services offered at Client First Capital, see our Services Overview.
non-financial planning determines how you'll live your retirement. Both aspects are essential for a fulfilling retirement journey. By integrating estate planning into your retirement strategy, you can secure your legacy and ensure a smooth transition for your loved ones.
Your Best Decade Awaits
Dive into the sea of knowledge, explore new horizons, and revel in the symphony of experiences. And when you reflect on your retirement, let it be with the satisfaction of a life well-lived, filled with purpose, growth, and boundless fulfillment. This is your time, your decade, to embrace the uncharted adventure that awaits.
By: Cary Smith, Director, Business Development
