Have you set your resolutions for 2018? While it is important to plan for the short to medium term, don’t forget to think about your later life. It’s especially important if you’d like to explore other possibilities in retirement.
Guess what new retirees say their biggest surprise is when they finally leave work? After the immediate retirement honeymoon, some retirees realize that a life filled exclusively with leisure stops being leisurely. Seven days of golf or travel just isn’t as much fun as they thought it would be.
In fact, life could become boring without challenges and goals. People who don’t have a plan — don’t have activities and ways to engage all aspects of their personality — might not be able to do well in retirement.
Here are seven questions which help you think about your later life.
- What will be most important to you in retirement? What will give you a sense of purpose? What will be your passion?
- What kind of work do you want to do, if any? Will it be strictly paid work or include unpaid, volunteer work?
- Do you want to remain in your existing career? Would you rather do something entirely different?
- Leave aside the financial importance of work for a moment. How important will work be to you in terms of intellectual and social fulfilment?
- In the absence of a work schedule, how much structure do you want in your day?
- How will you replace some of the good stuff of work: intellectual engagement, challenge and growth opportunities? If you’re not getting the social interaction you had in your workplace, how will you stay connected?
- What do you need to stay motivated, inspired and engaged? What do you need to stay healthy, vibrant and resilient?
After thinking about the desired retirement lifestyle, you should then set up savings goals to ensure there would be sufficient funds to support your expected retirement life. Talk to a trustworthy advisor to get professional financial advice.
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