I'm going to "retire" in 7 years. So are a number of my clients, as a sought after and unique part of my mortgage consultation involves a Financial Freedom Plan.
The Wall Street Journal's, November 22nd, "Getting Going" column in the Personal Journal section, Off Your Rocker: For a Happy Retirement, Don't Swap Work for the Front Porch," by Jonathan Clements mentions the pitfalls of "vacation confusion" and questions to consider to avoid its traps.
Poor retirement planning often results in depression, mental deterioration, declining health and a shorter life -- not because of lack of planning, but because of wrong planning. Retirement should be treated more like a career change than a long-term vacation.
There are a few considerations to ponder when you plan your furlough.
First, outside of money, work "gives a structure to your day, let's you exert influence and garner praise, offers friendships with colleagues, and provides a sense of purpose and identity." Second, "if you're married, ...you will suddenly be spending far more time with your spouse. The potential for conflict is huge, especially if one spouse is used to running the household while the other works."
That said, the article offers 4 questions to ask when organizing your liberty.
- What are your passions? What achievements are you most proud of? If you inherited $10 million dollars today, what would you do?
- What is your purpose? What's your reason for getting out of bed in the morning? What do you do that you feel is important and satisfying? GoalMinders, a distinctive networking group in the Washington DC area, helps you discover your passions and purpose and meet people who share them with you. More on GoalMinders in future postings.
- How will you replace the stimulation of work? '"The most important factor in a successful retirement is the strength of your social network," says Margaret Altmix, director of coaching services at Navigating your Retirement, an on-line coaching program recently launched by Employee & Family Resources in Des Moines, Iowa.'
- What's your new role at home? Like a new job, the description of responsibilities and duties must be discussed and understood.
So, do you have a 7 year "retirement" plan, even if you're 18 years old? If you want one, then email me and set up an appointment.
Recent Comments