Decisions you will need to make when you retire: Part 3 - Beyond The Money
In the first two articles of this series we discussed the financial aspects of planning for your retirement. This article will look beyond the money. It will help you to identify what you would like the next phase of your life to look like.
Retirement planning is a combination of financial aspects and most importantly personal and emotional aspects. Having a plan for the financial aspects and the personal aspects of your life will ensure a much smoother transition to a personally meaningful, stimulating life. It will help you to stay young, healthy, and happy.
The resources we are sharing with you below were chosen based on our experiences working with clients and research we’ve studied regarding retirement and ageing and how to achieve the most stimulating and healthiest retirement possible.
These are not absolute commitments that are set in stone. Your own retirement may still be many years away: a blip on the horizon or a distant star in the sky. Your personal preferences and goals may shift and change as you grow older (I know I am a very different man than I was 7 years ago and 7 years before that). What working through these tools will do is set you on the path to drafting a plan that is meaningful to you, that incorporates your goals, and leads you closer to the life you want to live now and in the future. It will bring meaning to your money.
The four S’s from Author Neil Pasricha:
Social: Who will I spend time with each day?
Structure: What time will I get up and go to bed? What will my daily schedule look like?
Stimulation: What will be my reason to get out of bed every morning? How will I continue to learn and grow?
Story: What can I be a part of that is bigger than me? Something I believe in: how can I help bring it to life?
From the book “Your Client’s Story” by Scott West and Mitch Anthony:
What observations have you made and what lessons have you learned from watching others retire?
Are you sure you want to fully retire?
What will your ideal week look like in retirement?
Select five choices from the list below that best describe your next phase of life and place these on list A. Place your second five choices on list B.
Travel
Continue present work
Dust off old dreams
Relax
Find balance
Do consulting work
Teach others
Play
Increase my community involvement
Spend time with spouse
Mentor others
Hang out with retired friends
Explore
Connect with friends
Help others
Learn new skills
Educate myself
Connect with a cause
Connect with family
Work with charities
Get a part-time hobby job
Engage in a hobby
Help out with kids
Take on a new challenge
Do projects at home
Take it easy
Write about experiences
Start a new business
Go back to school
Places I would like to go:
1.
________________________________________________________________________
2. ________________________________________________________________________
3. ________________________________________________________________________
Experiences I would like to try:
1. ________________________________________________________________________
2. ________________________________________________________________________
3. ________________________________________________________________________
Skills I’d like to learn:
1. ________________________________________________________________________
2. ________________________________________________________________________
3. ________________________________________________________________________
People I’d like to meet/spend time with:
1. ________________________________________________________________________
2. ________________________________________________________________________
3.
________________________________________________________________________
I hope that working through these tools can be the first steps in helping you create the future retirement of your dreams.
Brendan Dunn, CA(SA), CFP®
Financial Planner
Bibliography:
1. “The four Ss of meaningful work: Pasricha”, Nov 15 2016, https://www.thestar.com/life/relationships/2016/11/15/neil-pasricha-on-the-four-ss-of-meaningful-work.html
2. “Your Client’s Story”, by Scott West and Mitch Anthony, Chapter 11 and Chapter 13 (pages 116-129 and 146-156), 2005, Insights Press
