We all know what we are retiring from – our job, boss, company, occupation or trade – but what are you retiring to? Creating a retirement vision which includes what you are doing, who are you with, what leisure activities you are participating in, what makes up your typical day, what is your diet like, what is your state of mind, helps you determine actions to take and plans to make.
Visualization helps you create a mental model of retirement and helps to prepare you for making the right choices. A word of caution, building a realistic vision is not a 5-minute think job. It may take you days or weeks.
When you have drafted your retirement vision, ask yourself these questions:
- Is my vision clear and understandable? Yes or No? Remember, it’s okay to have undefined parts of your retirement vision. These are just areas you have to think about further.
- Is my vision brief or does it ramble? Over time, your retirement vision will crystallize and be your guiding direction.
- Does my vision have a primary focus? Having a vision concentrating on meeting four to six important needs will be more manageable and achievable than if you were trying to meet eight or nine needs.
- Is my vision flexible enough to change? Recognize that your personal needs today may not be the same a few years from now. Down the road, you may require additional medical assistance and increased family support, which you may not need currently.
- Does my vision serve as a guide that will help me make good decisions?
- Does my vision reflect my values, beliefs, and philosophy?
- Is my vision representative of who I am?
- Is my vision attainable? If you build a retirement vision that is not realistic, you may set yourself up for failure.
- Does my vision serve as a source of inspiration? When you read and think about your vision, does it excite and give you positive feelings?
Recently I spoke with a colleague named Bill and I asked him what his vision of retirement is. After a couple of minutes, he described his vision this way: “I envision myself continuing in my professional but only working two days a week. My wife and I are having fun together, attending auctions, concerts, and traveling – all after the pandemic. I’m spending approximately one day a week doing volunteer work. I see myself curling twice a week in the winter and golfing once a week during the spring and summer. I’m eating healthy meals and exercising regularly. I envision my wife and I spending about 20% of our time with our children and grandchildren.”
Bill has a clear and balanced vision of his retirement. His vision is brief and understandable. Bill’s primary focus is Affection (one of the 19 wants and needs I mentioned in my last video and blog entitled: Will Your Needs and Wants Be Met in Retirement). Bill’s other focus is Family, Health, Pleasure, and Service.
The quality of your vision and your retirement is up to you. Once you have created your vision, share it with your spouse or partner, and several close friends. Explain to them in as much detail as possible, what you’re doing (i.e., continuing in your profession or trade), the new activities you are attempting, who you have as a support system, where you want to be living, your health and diet, and all other aspects of who you are and where you want to be.
As you describe your vision, make note of what questions come to mind and those asked of you. Ask for suggestions on how you can achieve your retirement goals. Brainstorm ideas and solutions. Take time to consider the input. Make changes as necessary. At the end of this process, you should have a clear picture of your retirement life.
It is true that the visualization process and drafting of a balanced retirement plan take time and effort. But I can assure you, it is very worthwhile! A well-thought-out retirement vision acts as your anchor and your compass for direction and future decisions.
Rick Atkinson