I admit to being hooked on my iPad, thank you Steve Jobs; that being said, there is nothing like the feel and smell of a new book in your hands. Having a bit of time the other day, I strolled into a local bookstore to walk the aisles and scan the shelves for a fix of a non-digital drug. Pausing at New and Noteworthy, I heard two older men talking.
"My wife says, now that I'm retired, I should do something creative," he said to his companion sitting next to him on the couch, foamy coffee in hand.
"Ha! You're creative," his friend opined, "I saw your last golf score! Now THAT'S creativity."
They both enjoyed a good laugh.
I left the store, non-digital assets in tow, thinking about this brief encounter. Many people don't consider retirement and a life after work. It's pretty amazing actually. Most Americans spend xx years in retirement, which is xx percent of their lives, yet they give almost no thought to what this stage of life will look like. In essence, they are retiring FROM something and not TO something. I am not suggesting that you sign up for a ceramics class or watercolor 101, if that doesn't interest you. What I am recommending is that as the next stage approaches, those years after your primary work life, you carefully consider the possibilities. Here are a few steps to consider.
- 1.) Begin with a basic financial assessment that answers the question: If everything continues as is, what will my financial picture look like when I get ready to retire? I suggest working with a qualified and experienced Certified Financial Planner who is trained and licensed to help you.
- 2.) Consider your life in retirement. What does your day, week, month and year look like? Is that image daunting or exciting? Be sure to write this down-think of it as a calendar of events.
- 3.) Think about getting up every morning with a purpose. What's your purpose? Better yet, what are your purposes? If golf is your purpose, what will you do on rainy days or if you suffer an injury? What makes living worthwhile?
- 4.) If your retirement calendar looks a little empty, give yourself the gift of time to consider and image new and interesting endeavors. What did you always want to learn, try or experience? Yes, it might be too late to play major league ball, but there are always other options, like Senior Leagues, for active and engaged individuals. Capture your thoughts in writing.
- 5.) Allow yourself to dream without constraint. It could be a dance class, learning or relearning a musical instrument, learning a foreign language, time with children or grandchildren, rock climbing, sky diving, bridge, getting a degree, volunteering, woodworking, becoming certified in CPR, working part-time, political activism, writing op-ed columns, working with youth groups, travel... the list is limited only by your imagination and your ability to fit the activities into your financial realities.
- 6.) Relook at your financial reality after adding in the activities and projects most important to your goal of living fully and richly (which, by the way, has nothing to do with being rich). Again, working with the aid of a professional is very important.
If there's a disconnect between your financial reality today and your dreams- it's time to review your list and your current lifestyle with your financial planner to determine the changes that can be made today to increase your possibilities in the future. Ask yourself if your values and dreams are in alignment with your financial realities; if not, - there's work to be done.
No matter how young you are, there is no better time than now to consider and plan for your future upon retirement. Make it a joyful, lively and creative process. After all, no matter how far off retirement may seem, it's not post-script: it's still your life.
