ex●plore. According to Merriam-Webster.com, explore means to investigate, study, analyze; to look into.
We explore many things. Vacation destinations, new cars, home purchases, antique shops…the list is long. And I am sure many of you have at least given your retirement a passing thought. Sadly, more than half (55%) of adults ages 26 to 41 say they spend more time planning their vacations than their retirement, according to the 2022 survey from Empower Institute, “Empowering America’s Financial Journey.” And when someone does give some thought to their retirement, often they focus exclusively on the financial aspects. Spoiler Alert! There are various aspects of retirement that need to be explored before retirement, and often, the financial part is not at the top of that list!
We have been conditioned to view retirement as a financial exercise. The physical, mental, and social aspects are largely ignored by “retirement experts.” Your blueprint should consider who you are as a person and how you want to live your life in what may be the most extended, single phase of your life. Do you have several leisure activities that you will carry into retirement? Or are there some you want to explore? A complete and robust “Retirement Mindset” will enable you to take advantage of the opportunity that you will have.
Let’s look into several critical areas of your “Retirement Blueprint” that you will want to explore before you take the “leap.”
If you would like to explore your current “Retirement Mindset" further, email mindset@yourhappyretirement.com, and we will send you a self-assessment to get you started on your retirement journey.
How will you stay mentally engaged?
You know what you are retiring from, but what are you retiring to? You are not retiring from life. As such, your mental abilities and skills can make meaningful contributions in many areas. Will you give your time and talents to charitable endeavors? Will you work part-time? Start a consulting business or teach classes?
How will you approach healthy aging?
A definitive plan for physical and mental health will aid in longevity. Father Time is undefeated, but a strategy to maintain or even improve your health can lead to a more pleasurable retirement journey. And have you considered a plan for your family when you or your spouse or partner begin to have trouble with activities of daily living?
How will you spend your free time?
If your retirement strategy is to play pickleball or golf every day of the week, you may be disappointed with the journey. Non-stop leisure can transform itself into work and fundamentally change what these leisure activities are supposed to do for you. A “balanced” approach to leisure will help ensure these activities remain enjoyable and provide the deserved enjoyment factor.
How will you maintain your social networks and relationships?
Do you have a large circle of friends and family you can stay engaged with in retirement? If not, are there activities or interests you can pursue that would expand your social network? Our social connections are usually one of the most critical aspects of a successful retirement.