Considering retirement this year?
The average age for a first retirement is still in the late 50’s although that does not mean people are retiring in the same way. Actually, the old way of thinking about retirement is in a state of being retired. It no longer works for most people for one main reason.
According to the latest statistics, if you are in good health now, you are probably going to live another 25 to 30 years instead of 3 to 10 years. This is now a stage in life which is often referred to as the 3rd Age, Prime Time, Reprioriment, or what I like to call your Encore Years. If you are like most people, you planned for previous stages in your life. Retirement is no exception. Avoid the major risk of being clueless.
What are the major issues you need to be considering before you retire?
Financial planning is one of the two main pillars of successful retirement. Because of the changing financial scene, there are four areas for you to consider for your financial plan to be solid: Social Security, employer’s pension plans – if you’re lucky enough to still have one, your personal savings and whether or not you want to do something for additional income for a period of time. The idea of retirement may be quite scary for some people, especially if they are so used to working all their lives. But this can have its advantages. You can now live a comfortable life, benefiting from your years of hard work. Unfortunately for some, it doesn’t all plan out like they thought. Take being a victim of mis-sold pension for example. This can have a massive effect on your financial situation. But do not worry, there is always a solution. If you have found yourself in a similar situation, find out more here. You want to make sure everything is right before your retirement can be successful.
- Once basic financial needs are met, other issues become more important. Your health is the second pillar of retirement. This is a time to learn more about wellness which includes making yearly physical, dental and eye exams. It also means making good choices about nutrition, managing stress, moderate physical exercise for your body and mental exercises for your brain.
- More than any other age group, Boomers are concerned about having a purpose and knowing they matter during their retirement years. Having a purpose gives you a sense of meaning that contributes to your overall well-being and happiness. The challenge is to focus on who you are instead of what you do.
- Meaning has become the third pillar during this new stage in life. It is time to discover the things you feel passionate about, that are engaging and meaningful to you. How you choose to spend this stage in your life will depend on the choices you are making as you approach your Encore Years.
- The timing of when you retire can be critical. You need to determine when you will retire, reflect on who you are (your strengths and values) and what you need and want during your Encore Years. Your experiences over the years, the knowledge you have gained and self-awareness you have developed will help you make your decision.
- Relationships often change during retirement. If you end your career, you no longer have the built-in contacts with people you would see on a daily basis. It is a time to build new relationships and cultivate a deeper relationship with your spouse, children, grandchildren and other significant people in your life.
A lifesyle plan helps you address all six retirement issues so you will actively engage in meaningful pursuits and transform this gift of time into the most rewarding and joy-filled time of your life.
As you think about your Encore Years, you will want to identify and pursue options that leverage your strengths allowing you to do the things that matter most and will give your life meaning.
Sign up for my complimentary A Proven 6 Step System to a Rewarding and Meaningful Life in Your Encore Years above to start you on your adventure!
Comment below on what your biggest challenge is as you approach your Encore Years.
Until next time,