Picture this-it's Friday afternoon, your work is done, and you have the weekend ahead of you. But what makes this weekend different than any other weekend is that two-week vacation following it. You wish your colleagues well, they express similar thoughts, and you head toward freedom.
Of course, you're excited! Travel, new experiences, time away from the mundane, and time to recharge.
In the back of your mind, you know it's temporary and you'll be back at your desk before you know it. Maybe that's part of the reason why the time away is special. It's short-lived.
Now, let's take this another step.
This vacation is permanent. You are saying your final goodbyes. When you awake on Monday, you will wake up when you want to wake up. No more alarm clocks. You'll never head back to the office again. I'm talking of course, about retirement.
One of my goals as your financial advisor is to help put you on a path to reaching your financial dreams. We take a holistic approach that encompasses many aspects of financial planning.
But what happens when you've reached those goals and you have the resources to retire comfortably? Just because you're financially well-off doesn't mean you are ready to embrace what can be a drastic new lifestyle.
Let's explore the nonfinancial aspects of your transition.
A recent story featured on CNBC.com (http://www.cnbc.com/2017/05/08/happiness-in-retirement-isabout-more-than-account-balances.html) stated, "Happiness in retirement is about more than account balances." Sure, money is part of the equation. It reduces stress that can be brought on by inadequate finances.
But those whose identity is wrapped up in their work, especially for those who have built their company from the ground up, retirement can be an uncertain transition. Many of you delay retirement, opting to work well into your 70s or even 80s.
Many of you are taking steps to ensure your financial well-being long after you retire. But retirement is much more than just finances. Here's some tips for a happier retirement.
1. If possible, transition into retirement. Recall the scenario above. You've worked a full week, it's Friday, but you'll never go back to work. It sounds enticing, especially if your job is just that...a job.
A study last year by Merrill Lynch noted that 47% of retirees have either worked or plan to work in retirement, and 72% of pre-retirees say they want to work in retirement.Simply put, if you want to work or feel you need to supplement your retirement income, you aren't alone.
If your firm offers a flexible schedule, seriously consider it. If not, could you contract on a project-by-project basis, consult, or find part-time employment elsewhere. It will not only keep you busy, it will keep your mind sharp and supplement your retirement income.
2.Talk to your spouse or partner. This is critically important. What do both of you want to get out of retirement? How can you get on the same page? How much time will you be spending together?
3. Set new goals.You are embarking on a new venture.But unlike decades of work, your new life won't have the structure it had before. That can be disorienting for many, creating drift, depression, and possibly magnifying health issues.
Keeping active via part-time work is one option. Another-volunteer. What are your passions? Who or what cause would you like to assist? Your church or a familiar community organization can benefit from someone that has years of experience in the business world and decades of accumulated wisdom.
4. "Eat well, sleep soundly, and play often." If you don't stay healthy the rest of it doesn't matter much. Don't isolate yourself. Stay active. Which leads us to:
5. Exercise. This is a subset of number four.Keeping busy enhances your mental capacity. If you can, incorporate some type of physical activity into your weekly regimen.
Finally, retirement isn't a time to slow down. It's a time to redirect your path and embrace new experiences. Take charge and don't let circumstances dictate your future. It's the key to a happy and fruitful retirement.
Let me emphasize again that it is my job to assist you! If you have any questions or would like to discuss any matters, please feel free to give me a call.
As always, I'm honored and humbled that you have given me the opportunity to serve as your financial advisor.