Lots of people dream big about what they’re going to do when they retire…buy that sailboat and cruise the Mediterranean…play every golf course on the PGA tour…find a hammock with an ocean view and nap the day away. And their retirement planning reflects that: retire as early as possible so they can start enjoying the good life.
Nice concept, but there are a few catches: you might just be around for a whole lot longer than you anticipated, and that hammock—or sailboat—might start to feel a bit lonely.
And boredom wasn’t exactly what you planned for. Nor was running out of money.
Welcome to the “Age of Longevity”
People are living longer. Chances are unless you have a chronic disease, smoke, or abuse alcohol, you will too. And that’s great… as long as your retirement planning accounts for the extra years.
But it’s not just the fear of outliving your assets. It’s how you might need to shift your goals. Thinking that you will just want to put your feet up and watch an island sunset for the rest of your life probably isn’t realistic.
If you are like most retirees today, you have more intangible goals, such as greater meaning and purpose. More time to spend on hobbies. Lifelong learning. New ways to reconnect with family and friends on a new level.
Of course, a successful retirement does mean having the funds. But what many people don’t factor in is how happiness is also about being around those who matter to you, which is also very important for your mental, emotional and physical health. Social interactions are what keep us going, and with so much more time—maybe an extra 20 years—on your side, you want retirement planning that helps you realize what truly matters to you.
So maybe your goals shouldn’t concentrate on taking a world tour, but instead discovering how you can find fulfillment and connection every day of your retired life.
In a recent AgeWave study of older adults, when asked which best describes retirement today:
- 6 percent said a time to wind down
- 11 percent said a continuation of what life is
- 16 percent said a time for rest and relaxation
- 66 percent said a new chapter in life
One thing is for sure, no matter how you view your retirement, you don’t want to be worrying about whether you have the financial security to make it happen over a longer lifespan. So now might be the time to consider adjusting your retirement planning goals.
For example, maybe rethink that luxury yacht or vineyard in Tuscany. At least don’t make it the first thing you do in retirement. Remember, you’ll have many more years than you probably first envisioned to not only achieve your long-term goals but ensure that day-to-day life is comfortable and fulfilling.
Strategies to consider as you prepare for retirement
Part-time employment. It could be related to your previous career, in the form of consulting or occasionally stepping in on a project. Or it could be something completely new that you never considered before. A home-based business. Taking an occasional shift in a grocery or department store. Being the extra help during the holidays.
Hey, don’t knock it until you’ve tried it: getting out there and doing something new not only puts more dollars in your pocket, it gives you the opportunity to meet new people and benefit from more social interaction.
Saving more money. Examine where your cash is going every day. Are there areas where you could tighten your belt? Maybe less dining out and more enjoyable time at home. The more you can put away before retirement the more you should have when you need it.
Consider downsizing. Many older adults view retirement as freedom from all the chores they’ve been responsible for their whole life. If you’re tired of taking care of a big home with all its maintenance costs, think about opting for something smaller and easier to maintain.
Greater longevity calls for more thought given to what truly matters to you. It also means adjusting your retirement planning to meet the need not only for more funds, but more opportunities to fulfill your dreams.
At Retirement Lifestyle Coaching, we know a fulfilling retirement is about so much more than numbers on paper. We can help you discover your thoughts, feelings, and beliefs around retirement and you.
About Bob Foley
Bob Foley is your Retirement Lifestyle Coach and you can reach him by email at bob@retirementlifestylecoach.com or simply by scheduling time on his calendar.
