Building a vision of your future life
In building your vision, there are various questions you should ask. First, consider if you like structure or want your days unstructured. I am a structured person and feel uncomfortable without a plan. So, I know more or less what I will do on any given day but you may want to live more in the moment. Will you want a full calendar of activities or no calendar at all?
Consider how much activity you want in retirement. Do you enjoy engaging in physical activity or prefer a more sedentary lifestyle? Maybe you have not had time to be as fit as you want and envision joining a gym or yoga studio. Do you have a stack of books you have been collecting but have not had the time to read? You might answer “Yes” to both of these questions and, if so, plan accordingly.
Think about where your energy comes from. Do you gain energy through social interaction, or do you prefer quiet? Joining social groups or volunteering may be the ticket for you. And it does not need to be formal. How often have you gone to Panera in the morning and seen the multiple tables of older men having coffee and conversation? Ask neighbors and friends for recommendations, follow the events page of your community, or just “Google it!”
On the other hand, you may feel very comfortable with a low level of interaction in retirement. Maybe quiet activities like gardening, reading, or cooking will make you happy.
Are there areas you want to explore further in retirement? When planning for retirement, I made a list of what my future life would look like. On the list was a desire to become an “outdoor” person so I started kayaking and hiking. Conversely, it could be that there is something you always wanted to do but have not had time to do it. Now is the time to create and complete your bucket list!
Consider whether a move to a new community will support your vision. Are you an avid golfer or boater? Perhaps a different community will support these passions. However, consider trying out your new community before you move there. Maybe you want to live closer to family or friends and moving makes sense. You might stay in the same community but downsize or upsize. Do you already own a vacation home but now can consider making it your permanent residence?
Contemplate whether you want to completely leave the workforce. Like me, maybe you want to start your own business. Is there some aspect of your career that you can use differently in retirement? Maybe you have a side hustle that you can expand. There are always opportunities to use your expertise serving on a board, especially non-profit boards that might critically need someone with your area of expertise.
When and where do you start? Start now! I recommend five years before your potential retirement date, especially if you need to see a financial planner for the first time as that is the first step to identifying when you can retire and how. Take time to think through your answers to these questions and put pencil to paper to sketch out that new life. Next, begin researching and trying new things to see what fits for you. If you are remotely thinking about retirement, now is the time to start planning. Have fun!
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