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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