All the numbers in your financial plan add up and they say, “You can do this.” You’re ready to give notice to the world that your long working career has ended.
However, as people who have been down this road before will tell you, retirement is not just about money. Yes, it’s critical that you ‘have enough’ to make retirement possible. But when you cross that line, your plans for a long, happy life could get tripped up by non-financial issues.
Here are seven non-financial questions to be asked by people approaching retirement…
- Will I seek personal growth and staying relevant with a higher purpose or choose comfort and internal satisfaction? High achievers are typically identified by the company they own, the career or profession they’ve excelled at, or the special skills they use to make a living. When they leave the workforce, they need to decide if shaping a new identity and purpose is important.
- Loss of identity and a sense of purpose is a strong predictor of retirement dissatisfaction.
- People who view retirement as a new beginning are more likely to be happy and satisfied.
- What do I want other people to say about this phase of my life?
- Is my plan in alignment with my spouse/partner’s plan? Retirement is often accompanied by significant changes in household dynamics. Couples need to make sure they discuss and are in agreement about how their roles will shift and what independence looks like for each of them. Spending more time together isn’t always a good thing, with the “silver divorce” rate, among people over 65, tripling since the 1990’s
- How strong are my social circles? Many high achievers’ work and social lives are intertwined, with a significant number of their friendships among their employees, co-workers, customers, vendors, and industry and professional connections.
- Which relationships will fade when I leave the workforce?
- Who do I want to spend more time with?
- Will I need to rebuild or re-connect with my social circles?
- Are my friendships activity-based, proximity-based, or values-based.
- How will I stay medically healthy and physically fit? Your health is one of the wild cards you must deal with in retirement. Despite its unpredictability, it’s more important now than ever to positively influence your health and fitness.
- See your doctor for annual physical exams.
- Re-engage with physical activities you discontinued because of work
- Enjoy the experience and accept the reality that your skills and proficiency are diminished.
- Join a health club.
- Regular exercise increases blood flow throughout your body, including to your brain.
- Exercise classes are an excellent place to make new friends
- Free memberships are included in some senior health insurance plans
- Eating an intentionally healthy diet is also good for your brain health.
- What will I do to stay mentally engaged and cognitively challenged? The best way to prevent cognitive decline is to keep your brain activated. Many of the things discussed above will help preserve your cognitive ability, including living with purpose, being socially connected, exercising, and eating well. Here are a few more excellent activities to keep your brain challenged and stimulated:
- Learning a new language, musical instrument, or complex skill
- Take an online, or preferably, in-person educational course
- Play games of strategy like bridge or chess, not just passive puzzles
- Develop your creative talents by writing, making art, or making music.
- Pass along your cumulative knowledge and wisdom through teaching or mentoring younger generations.
- How will I structure my time? When you transition away from your career and a full-time working life much of your daily, weekly, and monthly calendar will be wiped clean. This could be stress-inducing or viewed as a great opportunity. Remember, it’s easy to stay ‘busy,’ but your goal is to be intentional and fill your days with purposeful activities.
A great place to start is to schedule regularly occurring activities that will give your calendar a rhythm, providing you with anchors to build your days around.
Activities related to your new purpose- Volunteering
- Date night with your spouse or partner
- Standing lunches with friends
- Exercise and fitness classes
- Educational classes
- Where will I (we) live? Leaving the workforce is an excellent opportunity to re-evaluate where and how you live. If you desire to be closer to family, escape a harsh climate, or have a strong social circle at your present location, this may be the first decision you make.
Factors to consider include:- Proximity to adult children (and, of course, grandchildren!)
- Impact on your social network
- Climate and outdoor access
- Urban, suburban, or rural
- Services infrastructure
- Walkability
- Political climate
Sandene Strategies’ Solutions
We have a deep understanding of the non-financial issues faced by retirees. The Relevant Living™ component of Your 360º FutureTM Blueprint will help you develop answers to the seven questions discussed in this article. The inclusion of these non-financial issues makes Your 360º FutureTM Blueprint uniquely comprehensive. It integrates your financial plan with the plan you have for your life and empowers your future of growth, purpose, and fulfillment.
Your Blueprint can be used as a decision-making filter, guiding your retirement decisions and actions.
“Your Future Is Now. Let’s Get To Work!”