Retirement Planning Beyond Finances

Think about how you want retirement to look

As someone of a certain age, with peers of a similar certain age, the topic of retirement comes up quite regularly. Most of those discussions center around the logistics of the transition:

• the finances -- do we/ when will we have enough?

• the timing -- when will we retire (often connected directly to the finances)?

• the location -- where will we live (if we move)?

• the familial implications of this transition -- vis a vis kids and parents (if we have them)

  
  

What almost NEVER gets discussed, though, is how we hope to spend our days during retirement. I think we all just naturally assume (yeah, yeah, we all know the pitfalls of making assumptions!) that life will be easy, relaxed, and wonderful (except for the inevitable physical issues) because we spent so much time discussing all the preceding questions.

I recently read an article entitled The 'Second Law' Of Retirement Rules in Kiplinger, and it really made me think. By clicking the title above, you can read the article yourself, but suffice it to say that I now think it is imperative we answer the "how do we want our life in retirement to look?" question before entering into that hallowed lifestage known as retirement.

I mean, after decades of hard work, a few months of living a life of Saturdays sounds great, right?! But forever? (Or forever until our days are punctuated by doctor appointments?) I don't know... What I do know is that there are two distinct aspects of life which require attention if you want to avoid a rudderless retirement: the social and the schedule. I believe that if you think about and plan around these areas, you'll surely be a successful and content retiree.

Let's talk about the social first. If your plans for retirement involve a potential shift in your social network, think about how to mitigate this. If you are planning to move, or if most of your friends are likely to do so, having a healthy and active social life can be challenging. I moved almost 3 years ago and am still (actively) working on creating a full social life in my new city. In fact, I am on an arguably selfish crusade to convince old friends who I think would like it to move here so we can all live through retirement together! (The commune idea makes more and more sense to me as I get older, lol.) I think we have all read about loneliness in old age and its adverse impact on health, so ignoring whom you'll spend your time with during retirement seems foolhardy.

Also, planning your days and establishing a general routine for your oh-so-flexible retired future is also essential. Only you knows how that looks for you, but a great rule of thumb is to think about ways you can do more of the things you enjoy(ed) during your pre-retirement life and do them more mid-week/ mid-day. Or, if you have wanted to start something new (a hobby, going back to school, travel, etc.), you can pursue that, and perhaps find a community through it. It really doesn't matter how you spend your time as long as there is some purpose and schedule to it. The trick is being busy, but not too busy! I know oodles of retirees who happily spend their scheduled time reading, taking daily long walks, babysitting grand children and grandpets, learning carpentry (and then making furniture), joining band gigs, traveling, as well as playing mah jongg, tennis, and pickleball -- as well as doing a slew of other things. Who knows, maybe you'll find you have enough to say about something that you'll want to start a blog? Or, maybe you can/ want to work part-time (either paid or as a volunteer) because that will ground you and you have skills and expertise to use or share. Whatever it is, make sure to schedule it -- while also building in enough free time to manage the unexpected things which will inevitably arise (good and not-so-good).

What are your plans for day-to-day life in retirement? If you are already there, how do your days work and do you have any insights to offer those in the planning stages?

Let's try to make those retirement assumptions a reality!