Think about these
matters before you leave work for the last time.
Retirement planning is not entirely financial. Your degree of happiness in your “second act” may
depend on some factors you cannot quantify. Here are a few of those factors as
well as the questions they may end up provoking in your mind.
Where will you live? This is a major factor in retirement happiness. If you can surround
yourself with family members and friends whose company you enjoy, in a
community where you can maintain old friendships and meet new people with
similar interests or life experience, that is a definite plus. If all this can
occur in a walkable community with good mass transit and senior services, all
the better. Moving away from the
life you know to a spread-out, car-dependent suburb where anonymity seems more
prevalent than community may be a bad idea.
How will you get around in your eighties and
nineties? The actuaries at Social Security project that a
quarter of today’s 65-year-olds will live to age 90. Some will live longer. Say
you find yourself in that group. What kind of car would you want to drive at 85
or 90? At what age would you cease driving? Lastly, if you do stop driving, who
would you count on to help you go where you want to go and get out in the
world?1
What will you do with your time? Retirement is not about leaving your old life behind, it is about enhancing
the life you have created. It is about writing a new chapter in your life,
informed by wisdom and experience. What will that chapter look like? What
narrative will unfold for you?
Too
many people retire without any idea of what their retirement will look like.
They leave work, and they cannot figure out what to do with themselves, so they
grow restless. Certainly, you do not want this to happen to you.
If
your life, identity, and social circle revolves around your work, then maybe
you should ignore any received wisdom that tells you to retire at a certain age
and keep working. On the other hand, if you have goals and passions in mind
that you need to pursue – dreams you need to fulfill away from your career or
business – then you definitely have the “raw material” to write that next
chapter in your life story and retire with purpose.
How will you keep up your home? At 45, you can tackle that bathroom remodel or backyard upgrade
yourself. At 75, you will probably outsource projects of that sort, whether or
not you stay in your current home. You may want to move out of a single-family
home and into a townhome or condo for retirement. Regardless of the size of
your retirement residence, you will probably need to fund minor or major repairs,
and you may need to find reliable and affordable sources for gardening or
landscaping.
Will your relationships with family and friends
change? Should you move nearer to your children or other
relatives? If you have grandchildren, what kind of role do you anticipate
playing in their lives? Your significant other may spend more of each day with
you than he or she has in years; that may be welcome, or it may take some
adjustment.
These
are the non-financial retirement questions that no pre-retiree should dismiss.
Think about them as you plan and invest for the future.
Taylor McClish may be reached at (503) 239-3060 or Taylor.McClish@cunamutual.com
This material was prepared by MarketingPro, Inc., and does not
necessarily represent the views of the presenting party, nor their affiliates. This
information has been derived from sources believed to be accurate. Please note
- investing involves risk, and past performance is no guarantee of future
results. The publisher is not engaged in rendering legal, accounting or other
professional services. If assistance is needed, the reader is advised to engage
the services of a competent professional. This information should not be
construed as investment, tax or legal advice and may not be relied on for
avoiding any Federal tax penalty. This is neither a solicitation nor
recommendation to purchase or sell any investment or insurance product or
service, and should not be relied upon as such. All indices are unmanaged and
are not illustrative of any particular investment.
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC,
a registered broker/dealer and investment advisor. CBSI is under
contract with the financial institution to make securities available to
members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.
Citations.
1 - ssa.gov/planners/lifeexpectancy.html [1/18/18]
01252018-WR-2382