How to Plan for a Happy and Successful RetirementSubmitted by Reby Advisors | Certified Financial Planners | Danbury, CT on April 12th, 2019
By George Koeltl, CFP®, April 12, 2019
This article originally appeared in the Spring 2019 Newsletter
So, now you are retired. You’ve done your financial planning and have addressed the 15 most important financial risks to your lifestyle. Now what?
Almost as important as having an “all clear” signal from your financial advisor, is charting a rewarding, active and healthy retirement to enjoy after working for most of your adult life. You’ve earned the right to make the most of your golden years. Retirement today is different than what it was 20–30 years ago. First of all, we are retiring later. The days of retiring at 55 or 60, like they did in the seventies and eighties, are long gone. The lack of retiree healthcare and pensions has caused folks to delay retirement, but that’s not the only reason. We are working longer because of advances in medical care, more active lifestyles, and just plain old taking better care of ourselves. We are living longer and healthier, so we are content working longer. That’s the good news. The bad news is that we have to make sure that our money keeps up with us…lasting longer too.
So, what do happy/successful retirees do?
Get a Job
Wait a second, I thought I was retiring! Well, a great many retirees still feel the need to be out and about making a few bucks. Whether it’s continuing your career as a consultant, starting a new business or working part time at something you love, lots of retirees have chosen to work. The pro shop at the golf course or the antique shop on main street, earning some extra money is popular among retirees.
Teaching or Mentoring
Over our lifetime we accumulate so much knowledge and wisdom it’s a shame not to share. Some retirees find opportunities to help others through teaching or mentoring. Business executives can offer their time to SCORE (SERVICE CORPS OF RETIRED EXECUTIVES). Or we can volunteer to help mentor students at the local high school or college about life after school. The opportunity to exchange ideas with people of a younger generation keeps us young!
The saying, “you’re never too old to learn” is 100% true. Many local colleges and universities offer free tuition for retirees. Whether it’s the music, piano, or pottery class you always wished you’d taken or to finish your degree, now you have the time and access and most importantly, at the right price!
Take up a Sport
Whether is tai chi, golf, or pickleball, being active is a good thing. It’s a great way to meet other people and, if we’re going to live longer, we might as well be in better shape.
Travel is the activity that most retirees look forward to the most. The lack of time and discretionary income in our working years greatly reduces the opportunity to travel. Now we have both. Maybe: A month long stay in a seaside village in France sounds nice… How about a river cruise from Prague through Budapest and on to Vienna and Germany? Maybe a safari in Africa… Maybe the Grand Canyon? No better time than now!
Fly South for the Winter
A little-known fact; it gets colder in the winter when you get older. Similar to restrictions on travel during our working years, being a snowbird is really a retiree lifestyle. It’s like a summer vacation only in the winter and everybody is older than you. There are lots of activities, everybody’s happy, and the Tiki Bar is hoppin’. So, what are you waiting for:
Work your butt off...
...Send the kids to college...
...Payoff the mortgage...
...Fund your retirement...
...And you’ll be ready for the time of your life!
If you would like help planning for retirement, please do not hesitate to call Reby Advisors: (203) 790-4949