Retirement Planning

In retirement, you will have more freedom than ever before regarding how you choose to spend your time.  For some people, that is an exciting prospect and for others it is a frightening one.  But for most, it is both exciting and frightening to anticipate the challenges and opportunities of “free” time.

Many people think the secret to a happy retirement is “keeping busy.”  In fact, many retirees proudly report, “I’m so busy now, I don’t know how I ever had time to work.”  In Comfort Zones: Planning Your Future, the authors warn that “keeping busy is a fine idea for retirement – provided that the individual is doing what he/she wants to do, and the activities are personally meaningful and fulfilling.”  They encourage each person to not trade a life of challenge and opportunity “for a passive existence composed of busy work.”

When individuals are unhappy in their work lives, they focus more on what they are “retiring from” rather than what they are “retiring to.”  They see retirement as the goal or a finish line and give little thought to what life will really be like once they quit working.

In addition, many individuals give little thought to the benefits that work provides beyond the paycheck such as:  1) structure to the day,  2) regular interaction,  3)  friendships,  4) identity,  5) challenge, and  6) recognition.  Because full retirement is a major life transition, it is very helpful for you to think ahead about how you will continue to receive these more subjective benefits once you have left your current workplace.

Learning, “work” (paid or unpaid), and leisure can be thought of as the three “doing” components of a retirement lifestyle. That is because they reflect the main activities that will frame, design, and define an individual’s day to day activities during that stage of life.  These pursuits are the ones that shape a retiree’s sense of self and can make life in retirement enjoyable and fulfilling.

Therefore, it is very important for you to think ahead and to identify post-retirement learning, “work” (paid or unpaid), and leisure activities that will be meaningful to you, and to explore ways to invest your time and energy among these activities.

Visualisation is a very powerful tool.  It is a key factor in helping you to plan and prepare for a retirement lifestyle that will be rewarding and satisfying. In addition, visualisation will allow you to mentally rehearse many retirement lifestyle options and decide which version you like the best.

Visualising makes great use of one’s imagination. When you imagine how you want to live and what you want to achieve in retirement, these images will become the basis of your goals and shape the direction of your financial life plan.

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life
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Financial Life Planning is a holistic process
that puts your interests first and focuses
on increasing your sense of financial
well-being and life satisfaction.