In many ways, we can consider current and soon-to-be retirees only the second generation to experience retirement because it’s only in the last 50-80 years that government and private pensions have allowed working people to support themselves after leaving paid employment.
The nature of retirement is undergoing a transformation. Although the change is positive, it still means that many of us aren’t sure just what elements we need in place, and we lack role models we can easily emulate.
Briefly, to have a contented and successful retirement, you need:
• A definition or image of your new role: How you see yourself in retirement
• A balanced leisure lifestyle: How you spend your time
• A place to live: Where you spend your time
Successful retirees also teach us that the above must be realistic. For example, your ideal retirement might include living in a new home closer to your grandchildren so you can spend more time with them. However, should the state of the housing market prevent such a move at the time you retire, your vision and plan need to include your current home or some other alternative. That doesn’t mean you should put your hopes of moving aside forever—quite the opposite! Few aspects of your plan and retired life will or should be static over time.
Successful retirees also tell me they take steps to nurture the following:
• A positive attitude
• Good mental and physical health
• Spirituality
Note the word nurture; many people acknowledge they had to work a bit harder at some of the above once they retired. Successful retirees make the effort rather than wait for outside influences to do the work for them.
A successful retirement also includes applying certain strategies along the way. These strategies are:
• Apply the idea of your desired legacy. Imagining what you want to be remembered for can help guide today’s choices.
• Enhance relationships and communication. Major life changes almost always affect relationships, and retirement is no exception.
• Find and use mentors. Success rarely occurs in a vacuum!
• Document the plan, process, and progress. Writing things down is a best practice among all successful retirees.