Getting to What’s Next in Planning Your Retirement
Frank Armstrong, III and Paul B. Brown
Some people have known from the minute they started work what their retirement would look like. They can give you each and every detail of the cottage they are going to buy on the Maine coast, or what kind of furnishings their condo near the Gulf of Mexico is going to contain. Not only that, they can tell you in detail how they are going to spend their days after they are no longer employed. The rest of us can use a little help picturing what the next phase in our life is going to look like.
One way to start is by answering the following questions. They will help identify what is truly important to you. Seeing the answers in black and white (and in your handwriting) might make it easier to plan for and achieve a life that you have only imagined.
Ready? Begin.
If you could do anything, time and money aside, what would it be? Spend time with family, buy a vacation home, start your own business, whatever it is—write it down here.
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What would you like to add to your life? More time, more money, or something else?
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What would you like to reduce or eliminate from your life? Debt, job stress, or the alarm clock?
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What have you always wanted to do? (Need a hint? It could be change careers, start a new business, continue doing the work you love free of some of the headaches.)
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Are there hobbies you want to pursue? Restore an old car, make quilts, garden, write a novel, learn to play the piano, act....
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Volunteer work. Many people tell us they love their jobs, but wished they had more time to give something back. Retirement will give you that time. What do you want to do? Build homes for the homeless; volunteer for a political party; teach people to read; clean up a specific area; help out a local church/synagogue/mosque?
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Learning. It is no surprise to us that college towns are popular places to retire. Do you want to go back to school, learn another language, get your pilot’s license...?
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Relaxing and enjoying life. Do you want to travel, spend more time with the kids/grandkids, read more, savor quiet time?
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Who do you want to spend time with? Maintaining social connections can be challenging throughout our lives. Young parents are often surprised by how much they miss just talking to adults. The newly self-employed might miss the “water cooler,” and the loss of work friends is the most unforeseen challenge of retirement. It’s important to take an active role in building and maintaining your support network of friends, family, and acquaintances throughout your lifetime. Which people would you like to spend more time with?
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Spouse or partner. Consider new activities you might want to participate in together.
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Family. How far away are your parents, children, and grandchildren? What activities do you like to do together?
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Friends. How much do you like to entertain and stay socially active?
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New friends. Do you want to meet new people? How are you going to do it? (Consider classes, clubs, and organizations.)
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Where do you dream of going? Just about everyone we know has one (or more) special destination(s) in mind. Where is it? Who do you want to go with?
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Where do you want to live? Where you want to live is an important part of your vision of the future. Do you want to be part of a community? Do you want to try a new climate or lifestyle? Do you want to live in multiple locations? Move closer to the kids or your parents? Move to a place that would be perfect to start that new business? Head up to the mountains so you will have more time to ski...?
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How do you intend to stay healthy and active? As your lifestyle and your health change throughout life, think about how you will take care of yourself. Consider it in broad terms, including mental as well as physical well being.
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How do you want to make a difference? Sometimes dreams can include helping others. Think about the people that matter to you, what you hope the future holds for them, and how you might help them realize their own dreams. What organizations or causes represent your values? How do you want to support them now and in the future? Think big.
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One Last Thought
Dreams are going to remain just dreams unless you do something about them. Our suggestion for turning them into reality? After you have identified the dream (or dreams) you want to fulfill, follow the STAR technique: Make it specific, time-bound, actionable, and relevant. Then, prioritize your dreams and work to develop your plan and track your progress along the way. If you follow this course of action, you will find yourself asking such questions as the following:
• What do I need to do to make my dream a reality?
• What will it take to keep me on track?
• What is all this going to cost me?
You must put in this work, because unfortunately it takes more than wishing to make dreams come true.