When it comes to the right retirement age, there is no right answer. The traditional retirement age of 65 may not be feasible, or desirable for you. But what really matters is you are financially and emotionally ready to stop working.
We think it’s important to invest some time now to prepare for this change, so we recommend involving your spouse and other family members in the conversation. Openly discussing your vision can help ensure a successful adjustment to your new life.
To help bring your vision to life, ask yourself the following questions:
What Does The Word Retirement Mean To You?
The notion of a traditional retirement doesn’t fit today’s reality of how we may want to spend our future. You may want to travel, volunteer or spend time with loved ones. Perhaps you’re ready to spend time enjoying a hobby or even start a new career? Having a plan of what will make you happy during your next chapter of life can help you start to envision what your days may look like.
How Will Leaving The Workforce Make You Feel?
You’ve probably worked most of your adult life. Making the switch can be a big adjustment. It’s normal to be excited yet have some doubts. You don’t have somewhere to go every day. Are you OK with that? Do you have things to occupy your free time? How about the loss of a paycheck? Make sure you’ve thought through how you actually feel about retiring.
If You Have A Spouse Or Partner, Is He Or She On Board?
Talk to your partner about his or her ideas about retirement. If you have different visions, discuss them, and find common ground. By talking now, you can work together to make the best of retirement for both of you.
If You Have Children, How Do They Feel?
Talk to your children about their – and your – expectations. For example, do they expect you to offer childcare or other favors after you are no longer working full time? If necessary, decide on ground rules and boundaries ahead of time. This can help prevent uncomfortable conversations down the road.
It’s alright to be a little concerned about making the right choices about retirement, these are big decisions. Working with your financial advisor can help address some of these worries and make you feel more confident about your path forward.
How We Can Help
By understanding your retirement vision, we can help you develop a financial strategy to help make it a reality.