How to Succeed at Retirement
|Thursday, November 17, 2016|
By Kelsey Penty, HBSc, CFP
Articling Financial Advisor
Don't simply retire from something; have something to retire to.
~Harry Emerson Fosdick
The word retirement can mean different things to different people, and can evoke wildly differing emotions.
To some, retirement translates to excitement. For years, you have been working those long hours and diligently setting money aside, and now you can finally enjoy it. Your dream of leisurely enjoying your morning coffee and taking that extended vacation can finally become your reality. You’ve earned it!
To others, the concept of retirement invites fear and uncertainty into your thoughts. Soon, that routine you’ve become so accustomed to over the years vanishes and you’re left thinking— now what? What will you do with yourself day-to-day, and how you could possibly fill the time you have spent working for so long? The unknown can be a scary place.
The rest will generally fall somewhere in between these two thought processes. So whatever your mind rushes to when you think of retirement, just know that you are not alone! We all inevitably reach this next stage in our lives and have to see ourselves through the transition out of the workforce and into retirement.
There are proactive measures you can do take to ensure a smoother transition into retirement.
First - Decide on a Retirement Income Plan
Start by tracking what your current expenses, then try to predict how your spending patterns might change in retirement. It is essential that you have a realistic grasp on what will be coming in versus what will be going out – use your financial advisor as a resource as you do this.
Then - Come up with a Game Plan
Spend time thinking about how you want your life to look like, and what you want out of your life once you have fully immersed into your retirement. Think about what truly makes you happy, what motivates you, and what you would like to spend your time doing.
And Finally - Put that Plan in Motion
Get involved, explore your hobbies, and stay social! Head down to your local community centre and see what sorts of programs are offered, or consider volunteering in your community. Retirement provides you with the opportunity to focus on learning a new skill or discovering a new passion, so take advantage of that. Not to mention, active involvement (both physical and mental) has proven to have tremendous health benefits as we get older.
So, as you come to terms with the inevitable path in front of you and what retired life will mean for you, try not to think of it as a loss, but rather, focus on the new opportunity that lies in front of you.