What NOT to Do in Retirement!
Don’t Confuse Having Free Time with Having a Retirement Plan!
When planning for retirement, many pre-retirees only think about the money! “Will I have enough?” But according to the Fidelity Investments Canada Retirement Report, only 10% to 15% of pre-retirees have a detailed, non-financial plan for their day-to-day retirement life, lifestyle transitions, and long-term care preferences.
Most pre-retirees experience a significant “action gap” between how they expect to spend their time and what they have mapped out. Most have blind spots when it comes to identifying passion projects, health maintenance, and social infrastructure.
I remember a time when I met a woman named Grace. When I asked her what her vision of retirement is, she answered: “I don’t know. All I know is that I’ll be able to spend more time on my housework. Plus, I’ll be able to watch the soaps’ I’ve been missing when at work.”
Retirement is more than a paycheque.
Without a clear vision, you may find yourself with plenty of free time — but no plan for how to use it.
Perhaps this is Grace’s ideal retirement. If this is truly her vision, then it is easily attainable but may not be fulfilling. Without a carefully articulated vision, Grace will be doing housework and watching the ‘soaps’ six months from now and possibly six years from now. Without a more specific vision, Grace will get caught up in the endless trap of doing the same thing, in this case cleaning and watching television, repeatedly, until she dies.
The quality of your vision and your retirement is up to you. A well-thought-out vision acts as your anchor and your compass for direction and future decisions.
Take Action Today
- Don’t let retirement happen to you!
- Start by asking yourself:
What do I want to do in retirement?
What brings me joy and purpose?
How do I want to stay healthy, connected and engaged?
A fulfilling retirement is within your reach – if you plan for more than just your money.
