I once asked a 98-year-old retiree what his secret was to living such a long and happy life. He’d retired from the military as a colonel at the age of 55 after serving in China and Turkey, and spent much of those early years wrangling his teenage children and hosting dinner parties for their friends. The story that developed was one of abundant family, a busy social calendar, and engrossing hobbies like golf and wood working. He’d even gone to community college to learn how to repair his daughter’s unreliable sports car. It sounded like he had mastered the idyllic retirement we all want for ourselves. No wonder he was still going strong at 98!
What this man had done was to not only create a stable retirement income for himself (helped along by accelerated promotions during WWII), but to stay busy and connected.
Preparing for retirement doesn’t just mean saving money or deciding where to invest. It means planning for the whole experience of retirement. Here are three questions to get you started thinking about how you want your idyllic retirement to play out.
1. To what will you devote yourself?
In America, it’s customary to begin conversations with strangers by asking “So what do you do?” As if our jobs define us. In retirement, you have the chance to not be defined by your job, but to define yourself through your passions, interests, and curiosities. The question I’d like to ask you then is: To what will you devote yourself?
2. What is your plan for an enjoyable retirement?
Not having to worry about money is a freeing feeling I wish everyone to experience, but that doesn’t mean everyone will take the same approach to achieving it. You might choose to have a part-time job working in the golf course pro shop, or you cobble together a pension-like plan out of annuities, or move to Albuquerque and live off of nothing but Social Security.
3. What are your liabilities?
You can’t stick your head in the sand when it comes to liabilities because they can keep you up at night! Are you prepared for personal health care costs that could arise? Do you understand your long-term care options? Do you have family in need of support? Prepare for these in advance so you can enjoy every minute of your retirement without worrying about what might happen. To learn more, please contact us today!