So, you’re thinking about retirement. Ah, freedom at last! You’re no longer working. You’re no longer commuting. You’re going to enjoy living!
But are you ready? You may have asked yourself money questions such as “How much money will I need to retire comfortably?” “Will my money last long enough?” and “How much will I have to pass on to my heirs?”
However, there is another dimension to retirement, the realization retirement is much more than money and our need to consider such things as maintaining or improving our health, and how we’ll develop new social circles outside of work, to name a few.
Retirement Phases
Many pre-retirees think only of the first phase of retirement – the Go-Go years (55 – 75). This is the early, active, and most expensive phase of retirement. This is the time when we generally enjoy good health and want to travel, pursue hobbies, and embark on new adventures. There are two additional phases:
Phase two – the Slow-Go years (mid 70’s – early 80’s). During this transitional phase lifestyle and energy levels start to slow. Activity levels decrease, and travel may shift from international trips to more local or domestic excursions. This is partly due to declining health and mobility but also reflects a shift in priorities.
Phase three – the No-Go years (mid 80’s – 90’s) This final phase involves a decline in physical and cognitive abilities. A time when support from family, caregivers, or assisted living is part of our retirement planning.
Living Alone
There is another aspect of retirement often not planned for – the chance of living alone. Approximately 1 in 4 Canadians 65 and older live alone. If you are retiring alone or if you become a solo senior during retirement, what actions are you going to include in your retirement planning? Things such as pet ownership, creating a support network, staying social, personal safety, where to live, and more.
It’s time to get ready for the second longest time in life. It’s time to prepare to be a successful retiree.
Read my new book: Retirement: The Ultimate Life Journey. Available on Amazon as both a print book and Kindle e-book.