Hi Folks,

I really enjoy retirement. It gets a little scary at times during this economic disaster but it truly is the best of times. Today’s article focuses on planning for retirement which is an absolute must if you are going to have the best retirement possible. But don’t forget that after you begin your retirement you should continue planning … this year, next year, five years.

Happy retirement
Woody

Retirement Living At Its Finest

By Tom Turner

We all work hard and for many years to get the opportunity to retire. We may talk about what we will do once we retire and hopefully we have set money aside for the final event. There are many things to consider once you retire so planning ahead is important. Retirement living can be a wonderful experience if you have planned for it. Don’t do what many people do and wait until the last minute to begin thinking about retiring. Most people will not be able to support themselves on social security alone so making some investments or planning ahead with an ira account could be very beneficial for an exciting life of retirement living. This article will talk about some of the planning you will need to do to enjoy retirement living at its finest.

Retirement living can be a lot of fun. There are many things a person can do once they retire. There may be many things around the house that you are looking forward to doing. You may look forward to not having to go to work everyday and just the thought of sitting on the deck with a glass of ice tea, reading a good book, sounds delicious. You may want to spend more time with your grandchildren and be able to go to their sporting events. The list goes on and on of all the possibilities you could do once you have retired, but if you don’t discipline your time once you are no longer working, then it is easy to get in a rut and not fulfill many of your goals. Retirement living requires planning ahead, not just financially, but setting some goals and making your dreams come true.

Many people desire to do some traveling once they retire and retirement living on the road can be a lot of fun if you have planned for it. Don’t wait until later in the game to plot out your destinations and travels as it will not only take money to do these things, but how are you going to travel. Are you going to buy a fifth wheel, or travel trailer and pull it or are you thinking about a motor home. You won’t want to just go buy one of these items. You will need to think through how much space you will comfortably need and what type of floor plan would best suit your needs. Retirement living should be a time of luxury so treat yourself to some of the finer options. You don’t have to buy any of these items new, but you can still treat yourself to comfort at an affordable price if you shop around and plan ahead.

It is very important that you set a budget to live on for your retirement living as money can go very quickly if you don’t set some goals. If you have set money aside in your working years, you will probably be able to do a lot, but you will still need to live on a budget to stretch what you do have. This doesn’t mean that once in awhile you won’t be able to spend a little more than normal if you have it saved, but overspending in the early retirement living years can be devastating for the later retirement years. Just because you may have some money doesn’t mean to not look for bargains. You can go online and find many traveling experiences at affordable prices. Retirement living at its finest is hard work and requires a lot of planning and thought, but it will be worth the effort.

If you are retired or are considering retirement, this article is for you. Actually, this article could serve you well even if you are not considering retirement. 

Everyone should have a purpose in life, a reason for getting up and out every morning or as Dee Cascio says, “Living on purpose”.

Here’s to your purpose driven retirement,
Woody

Discover Your Unique Purpose in Retirement

By Dee Cascio

Many in my hard-working generation are looking forward to the day they retire. The expectation is that many of us will just go with the flow, relax and do the things that we always wanted to do. However, it doesn’t take long before one day resembles the next and you are developing habits that don’t serve you well. Sometimes these bad habits are so subtle that the damage they cause happens before you even know it. Eventually you realize that because you have always been part of a high achieving generation, you will need much more purpose in life than you will get in a traditional retirement. When we were working and raising families, our life purpose was built-in. We knew what was expected of us and what we expected of ourselves. However, because we have 20 to 30 more years in retirement than our parents and grandparents did and we now have fewer obligations to others, we have to create a life based on our own personal interests, values, skills and passions.

How will you spend your time? What will give you the sense of purpose that has been built into every other stage of your life? Along with fewer obligations there is also less information readily available about what we call the internal shift, better known as an “inside job” that will occur in your life at this critical stage. There are no two people alike, so this transition requires a different kind of preparation that is not very concrete or well understood.

Discover your unique purpose and keep it clearly in mind when planning for your retirement. Consider all the possibilities that can enhance a dream retirement of work, leisure, volunteerism, travel, education, hobbies, and individual pursuits and imagine how each will contribute to fulfilling your purpose.

What gives your life meaning?

There are numerous ways that you can create a foundation of self-trust and open communication with yourself and your partner that will help you to move forward with more self-assurance. You should recognize that this might be the only time in your adult life that you have the freedom to focus on what you really want to do with the rest of your life. For the first time since you were young, obligations to others are a backdrop and you come first. This realization begins with how you want to “be” in your life. While we might sometimes want more and mourn the loss, it is a blessing that more and more of your work obligations and family responsibilities have come to a resting place. This change will allow you time to focus on your own personal development. This change takes on more importance and urgency as you no longer have a multitude of external factors driving your every decision on a daily basis.

The longings, ideas, questions and concerns regarding this movement towards retirement occur at several levels: internally which includes the feelings and thoughts about this stage and externally through planning and taking action.

In all of my training, I have learned that doing what you love is the cornerstone of a successful life. It is clear to me that teaching, counseling and life coaching are what I love to do. It really reflects my values, gives me purpose and brings me joy. It requires that I continue to learn, grow and challenge myself. These are important objectives that I know must be a part of my personal retirement plan.

So ask yourself: what is it that you love to do? What will get you up in the morning when you no longer have to be at the office by 8:00? If you are already retired, what gets you up and going now?

Living on purpose When you are living “on purpose,” you are consciously in touch with your talents, skills, gifts, strengths and values. Living with intention requires time for introspection, thoughtful reflection about your life and the ability to move forward using this knowledge. Once you are knowledgeable about these aspects of yourself, you are then ready to move into the decision-making process about where these parts of yourself can best be expressed. Is there a cultural problem, cause, new career, etc. that is calling you to exercise all of those countless gifts you possess? In Repacking Your Bags, R. Leider and D. Shapiro said it well. “Purpose is not a goal. A goal is something that can be reached. A purpose is never achieved. It exits before you and lives on after you are gone.”

Finding your purpose Having a purpose in life will give your life meaning no matter what life stage you are in. While doing this exploration, I have found life purpose in using my gifts of listening, empathy, compassion, resourcefulness and creativity. These gifts have allowed me to help people grow through self understanding and move forward to live healthier and more satisfying lives that are filled with purpose and meaning. What is your purpose?

Take the time to reflect on the following questions:

1. Sit quietly and reflect on your talents, strengths and skills. Write them down. Ask those you love and trust to reflect on what they experience with you and give you feedback about your gifts.

2. What issues, social challenges or causes in your environment, your life or the world stir passion and interest where you can use your gifts and talents discovered in #1?

3. Can you develop a plan that will be focused on implementing action towards this purpose?

4. What kind of support do you need to move forward?

5. How will you know that you are on the right journey for you?

In creating a purpose-filled retirement, remember that your retirement will be unique just as your goals, passion, and reason for being is unique. You may choose to incorporate some aspects of retirement living that your friends and family enjoy, but it is your purpose that should be the deciding factor.

Once you have discovered your passion, you can use this knowledge in a variety of ways. Use your time and structure your days so you are accomplishing your purpose instead of killing time, waiting for the next social activity or trip. Work part-time to advance a cause or be able to contribute to the charity of your choice. Express your sense of purpose and meaning in your life in useful ways instead of letting time slip by. Put your years of experience and knowledge to work pursuing your passion. You may no longer have a title and an office, but you have something more valuable: a clear purpose and the life skills to accomplish that purpose. Join with others who share your ideals. Volunteer, mentor, or teach.

Finding purpose gives life meaning and is the foundation of all successful retirements. Get help or take the time necessary to discover your unique purpose now. This will prepare you for a retirement where you are excited about each new day.

I am retired. I have been retired for six years (Gosh! It doesn’t seem that long!), and I am here to tell you -  from experience – that if you don’t have one million dollars, a part time job, or a side-line business, don’t retire! 

I have another blog – www.retirementonabudget.com- and each day the most visitors I get to that blog arrive there from a Google search “living only on social security” or similar search term.

Folks, it’s tough living on less than you need. And I can almost guarantee you that you are not going to win the lottery or come into a fabulous inheritance, so you had better come up with a great “Plan A”.

Today’s author has some sound advice for those who have not yet retired. For those of you who have retired and are a little short on income, we’ll discuss ways to get by on what you have and ways to earn more in future posts of this blog. And if any of you have comments, advice, or questions - write me - that’s what this blog is all about.

Have a great day,
Woody

Crunching the Numbers – How Much Do You Need to Retire?

Many visitors to this blog have not retired but are planning retirement. That is why a lot of my posts are directed to those folks.

And that is the purpose of today’s article, things to consider as you are looking forward to your retirement years.

Woody  

Planning Your Way to the Right Choice

by Michelle Laidler

Hi Folks,

I debated whether to post this article in this blog or in my other blog, Retirement on a Budget, but as it’s such an insightful little article I just might publish it in both.

Woody

Easing Into Retirement

By Liz Koh

Retirement is something to look forward but ensuring that the experience lives up to your expectations requires some forward planning.

It is common for people close to retirement to wonder if they can afford to retire or whether they are doomed to carry on in at least a part time capacity until their late sixties. Whether you can afford to retire will depend on two things – how much you need to live on and how much wealth you have accumulated. As a rule of thumb, for every $5000 of income you need over and above your pension and assuming a return of 4% after tax and inflation, you will need to have $125,000 invested. If you decide to use up your savings over your lifetime as well as the income from your savings, you will need roughly half as much, say $63,000 invested for each additional $5,000 of income you need. To make an easy transition into retirement, try and live on your planned retirement income for the last one or two years of your working life, and save the difference between that amount and what you earn. For example, if you have saved enough to produce an additional income of $10,000, then try and live on around $31,000 before you retire (you might want to add to this figure any work related expenses such as transport costs).

On your retirement, have a general tidy up of your affairs. Make sure your wills are up to date, take care of any other estate planning issues, and consider granting enduring powers of attorney to a relative or friend, so that they can sort out your affairs if you become mentally incapacitated. Your solicitor or trustee company will be able to assist with these matters. Once you’ve sorted out the paperwork and your budget, you’ll be free to enjoy the retirement you’ve been anticipating.