Most people only focus on the money when they think about retirement. Yes, you need to have sufficient money to enjoy your retirement. However many are not ready to retire and are being forced out. Or perhaps you have not mentally prepared for retirement. It really does not matter how much money you have. Retirement will not be what you thought it was going to be until you have mentally adjusted to being retired.
For many people, being busy and maintaining your self-worth are important attributes. Some people will turn to golf as an alternative to keep busy. Many will have hobbies that will keep them busy. Many will also just go back to work to seek the social life that they miss when they are not working. Let’s assume that you have the money thing figured out. What is the other part of the planning activity associated with retirement that must be considered?
Retirement – It is not just the Money
You have drawn up your financial plan and have discovered you could retire today with the pension you will receive and the savings that you have been able to put away. Sounds like a good news story and it is. But what will you do on your first day of retirement, the 10th day, the 100th and so on?
We believe that you may not need to draw up a detailed plan. But you really should give some thought to how you will spend your time. Will you travel and do you have the money for that? What about volunteering? Will you golf and take out an expensive membership? These are just a few of the things that many people will consider. The bottom line is that you now have 40+ hours to fill each week that you spent commuting to work and working.
Every person will have a different plan and it will be very personal. Develop yours and then be prepared to adjust it as you gain experience with the things you like to do and even perhaps the weather or seasons. Be flexible and you should have a nice long successful retirement. Remember that someone who is active physically, engaged with other people and participating in a variety of activities stands a much better chance of living long and in a healthy manner than someone who does not strive for these types of things.
Matching your finances for the type of lifestyle that you are looking for is also important. If you plan to travel a great deal on expensive trips for example, them you may need to have a stronger financial plan that can provide you with the funds that you need to support your travel plans.