A brand new year – and even better yet, a brand new decade – is always a good time to review past accomplishments and to plan ahead for the future. This is particularly the case for many Baby Boomers who are anticipating retirement in the next few years, and who want to grow their portfolio, while at the same time keeping hard-earned savings protected from the volatile stock market.
But even though it is essential to be prepared financially for retirement, there are some other components of future planning that are oftentimes overlooked. For instance, what will you do with all of your new-found free time once you have said goodbye to your employer? Believe it or not, having a defined answer to that can be crucial to a happy retirement.
Just last week I was talking with one of my clients. For the sake of this post, let’s call him Joe. I’ve been working with Joe for over a decade now, and he is quickly closing in on his anticipated retirement date.
I asked Joe what plans he had going forward, and to my surprise, he sounded unsure. With so many options available to him – such as volunteering, further education, and a long list of social-related clubs in the area – I encouraged Joe to determine how he would like to spend his time, and then look into ways of taking action on them.
While we all look ahead to a time when we will no longer be dictated by the alarm clock and sitting in morning traffic, having a clear cut, defined purpose in retirement is essential. Even as far back as 15 years ago, researchers determined that, while happiness in retirement had a lot to do with generating reliable income, other key factors included spending time with friends and neighbors, and having a purpose.
Are you struggling with nailing down your purpose in retirement?
If so, a great read I came to know, called How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor, is a pretty good start.
And if you don't have a copy, I have 5 left on my bookshelf to give away to the first 5 who ask for it.
Send me an email (artie@Retire-USA.com) with "HAPPY" in the subject line and if you are in the first five, I'll send you your copy.
Happy NEW YEAR!
Best always, Artie