Retirement Questions That Have Nothing to Do With Money
Think about these matters before you leave work for the last time .
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Retirement planning is not entirely financial . Your degree of happiness in your “ second act ” may depend on some factors you cannot quantify . Here are a few of those factors as well as the questions they may end up provoking in your mind .
Where will you live ? This is a major factor in retirement happiness . If you can surround yourself with family members and friends whose company you enjoy , in a community where you can maintain old friendships and meet new people with similar interests or life experience , that is a definite plus . If all this can occur in a walkable community with good mass transit and senior services , all the better . Moving away from the life you know to a spread-out , car-dependent suburb where anonymity seems more prevalent than community may be a bad idea .
How will you get around in your eighties and nineties ? The actuaries at Social Security project that a quarter of today ’ s 65-year-olds will live to age 90 . Some will live longer . Say you find yourself in that group . What kind of car would you want to drive at 85 or 90 ? At what age would you cease driving ? Lastly , if you do stop driving , who would you count on to help you go where you want to go and get out in the world ? 1
What will you do with your time ? Retirement is not about leaving your old life behind , it is about enhancing the life you have created . It is about writing a new chapter in your life , informed by wisdom and experience . What will that chapter look like ? What narrative will unfold for you ?
Too many people retire without any idea of what their retirement will look like . They leave work , and they cannot figure out what to do with themselves , so they grow restless . Certainly , you do not want this to happen to you .
If your life , identity , and social circle revolves around your work , then maybe you should ignore any received wisdom that tells you to retire at a certain age and keep working . On the other hand , if you have goals and passions in mind that you need to pursue – dreams you need to fulfill away from your career or business – then you definitely have the “ raw material ” to write that next chapter in your life story and retire with purpose .
How will you keep up your home ? At 45 , you can tackle that bathroom remodel or backyard upgrade yourself . At 75 , you will probably outsource projects of that sort , whether or not you stay in your current home . You may want to move out of a single-family home and into a townhome or condo for retirement . Regardless of the size of your retirement residence , you will probably need to fund minor or major repairs , and you may need to find reliable and affordable sources for gardening or landscaping .
This Industry Insight was provided by Christopher J . Marsico , MBA .
Chris has been serving the financial needs of clients since 2004 . His experience ranges from mutual fund investments to life insurance products and annuities . Over the past eight years he has helped clients plan for all aspects of their lives , including saving for retirement , paying for a child ’ s college education , and leaving legacies for their estates . His dedication to his clients allowed him to be featured in the Life Insurance Selling article “ New Faces Going Places .”
Chris was born and raised in the Pittsburgh area . After he graduated from Shady Side Academy in Pittsburgh , he earned his undergraduate degree in economics from Indiana University in Bloomington , Indiana . He received his Master of Business Administration degree from the University of Pittsburgh , Katz School of Business , with a concentration in finance . He also holds a graduate certificate from University of Pennsylvania , the Wharton School of Business , in retirement planning .
In addition to serving his clients , Chris has always had a strong sense of giving back to his community . Upon graduation from Indiana University , he was commissioned as an Army officer and was stationed at Fort Riley , Kansas . He was later deployed to Iraq from 2003 to 2004 as part of Operation Iraqi Freedom . He now volunteers his time at his church and his children ’ s school . He lives in the Mars area with his wife , Kristine , and their three children .
Will your relationships with family and friends change ? Should you move nearer to your children or other relatives ? If you have grandchildren , what kind of role do you anticipate playing in their lives ? Your significant other may spend more of each day with you than he or she has in years ; that may be welcome , or it may take some adjustment .
These are the non-financial retirement questions that no pre-retiree should dismiss . Think about them as you plan and invest for the future .
Registered Representative , Securities offered through Cambridge Investment Research , Inc , A Broker / Dealer , Meber FINRA / SIPC . Investment Advisor Representative , Cambridge Investment Research Advisors , Inc . A Registered Investment Adviosr . Cambridge and Marsico Wealth Management LLC are not Affiliated This material was prepared by MarketingPro , Inc ., and does not necessarily represent the views of the presenting party , nor their affiliates . This information has been derived from sources believed to be accurate . Please note - investing involves risk , and past performance is no guarantee of future results . The publisher is not engaged in rendering legal , accounting or other professional services . If assistance is needed , the reader is advised to engage the services of a competent professional . This information should not be construed as investment , tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty . This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service , and should not be relied upon as such . All indices are unmanaged and are not illustrative of any particular investment . « RepresentativeDisclosure » Citations . 1 - ssa . gov / planners / lifeexpectancy . html [ 1 / 18 / 18 ]
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Registered Representative , Securities offered through Cambridge Investment Research , Inc ., a broker / dealer , member FINRA / SIPC . Investment Advisor Representative , Cambridge Investment Research Advisors , Inc ., a Registered Investment Advisor . Cambridge and Marsico Wealth Management are not affiliated . V . CIR . 0415
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