Are you prepared for the changes that retirement can bring?
Retirement… for some people, it’s a time for joy. For other people, it can be a traumatic experience. Retirement is a huge change in your life. Unfortunately, it’s one that most people are completely unprepared for. They may have made some financial plans for their retirement, but haven’t done anything beyond that.
Retirement is the time of your life that you could enjoy for 20 to 30 years. And, that’s why you need to make serious plans for your retirement to increase the chances of a fulfilling the kind of retirement lifestyle you long for.
The key to planning for your retirement is to start early and long before you actually retire to ensure a smoother transition into those “golden” years.
And, this begins by asking yourself some important questions. The answers you come up with lay the groundwork for your retirement decisions. They will help you to address any issues you have about retirement and highlight areas that can you pursue as desired outcomes and goals. So, what five questions should you be asking yourself?
1 – What Are My Greatest Fears About Retirement?
Many people fear retirement for all kinds of reasons, but the biggest reason is the fear of not having enough money or assets to cover their lifestyle in retirement. Another reason is the fear of becoming unproductive and bored. They worry they’ll become seriously ill as they age. They worry about their personal relationships and that they’ll lose touch with work colleagues.
2 – What Am I Look Forward To Most About Retirement?
This question allows you to hope and dream about what life could be like during your retirement. This gives you a chance to make plans for things you’d like to do but never could because of your job. You could travel and see the world. Or, you can start your own business. You could pursue stimulating hobbies and other things that interest you.
3 – How Much Confidence Do I Have In My Financial Retirement Plan?
If you lack confidence in your financial retirement plan, you’re not going to get much sleep at night. You’ll worry that you’ll run out of money. Ease the anxieties by talking to an Independent Certified Financial Planner.
4 – How Will I Find Purpose In My Retirement Years?
Working provides people with a plethora of benefits that people are unaware of. It gives people purpose, meaning, status, socialization and time management. During your retirement years, you “need” to find something that will replace those benefits. Many baby boomers have met those needs by going back to work – full-time, part-time, as a consultant or casually. Some retirees have taken up volunteering to fulfil their time.
5 – How Healthy Is My Current Lifestyle and Diet?
It’s no secret that the human body goes through a multitude of changes over time. Genetics and your lifestyle play a huge role in how you age. During retirement, you need to find healthy habits and live a healthy lifestyle as much as possible. By doing this, you increase your chances of living a long, happy retirement. Make sure to come up with an appropriate health fitness plan that will keep your body running at optimum condition.
These and other questions can get you thinking long and hard about your retirement years. And, the answers will ensure that your desired retirement plan can come to fruition. They will also help you to build a vision of what you’d like your retirement to look like and act accordingly to ensure it happens.