Keeping an eye on the future

Now that you're retired, you're probably anxious to get on with living your life and doing all those things you never had time to do when you were working.  And, although it's important to be present and enjoy the 'now' of your retirement, it's also important that you look towards the future and try to anticipate what your needs will be, so that you can prepare accordingly.

You don’t need to dwell on the future too much - especially if you've only just retired - you just need to keep an eye on it.

Keeping an eye on the future means, for example, that, the next time you do any updating or renovation work on your home, you take the opportunity to build in any features that will enable you to continue living in your own home for as long as you possibly can.  Maybe you could flatten out that steep slope in your garden or backyard so that you can continue to enjoy (and manage) it later in life.  Or maybe building a parking area closer to the door or installing a garage door opener would be a wise move. 

Keeping an eye on the future means not overspending now, so that you'll have enough money in the future. It means taking care of your health – eating well and exercising regularly, so you have the best possible chance of remaining fit and healthy as you get older. It means finding out whether it would be prudent to take out long-term care insurance now (and whilst it’s still relatively cheap for you do it), so that the cost of care won’t be depleting your savings or eating into your kids’ inheritance in the future. It means putting your affairs in order, making a will (and possibly a living will) and having important documents readily available – just in case.

Keeping an eye on the future means keeping your brain active and remaining curious and interested – working on the principle that, ‘if you don’t use it, you lose it’. It means thinking about the legacy you want to leave behind – not just your financial legacy, but what about that family tree that you’ve always wanted to compile or that biography about your war hero grandfather that's just crying out to be written? Or that organ donor card that you’ve always been meaning to apply for but never managed to get around to? Well, you’ll never have a better opportunity to do those things than right now! 

And the peace of mind you'll get from having that 'eye on the future' will only add to your enjoyment of the present.

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The Big Project

Do you have a big 'project' that you can immerse yourself in during the first year of retirement?  Something that you can devote your time, energy and skills to?  Something juicy that will get you out of bed in the mornings and add structure and a sense of purpose to your days?

Many people report that they 'wasted' the first 18 months to 2 years of their retirement just because they were pottering about, finding their feet and generally adjusting to the typical 'one day you're working, the next day you're not' style of entry into retirement. Having a Big Project to throw yourself into at this time can soften your landing and give you something to focus on and be enthusiastic about.

Your Big Project might be something that you've always wanted to do but never had the time to do it.  It could be a big item from your bucket list that you've been looking forward to all your life.  Or it could be a 'masterpiece' that you've been waiting your whole life to create – maybe you always wanted to build your own boat (or restore an old one).  Perhaps you dreamed of having the time to put a kit car together.  Or finally write that novel.

If you've spent your working life as an employee, maybe you always wanted to create a business of your own - to be your own boss and work when and how you want to.  Or perhaps you want (or need) to begin a second career in a field that has always interested you? 

Maybe you're not ready to give up that expertise that you've spent a lifetime acquiring and want to use it in a way that will benefit others.  Maybe you have ideas about how you could apply that expertise to a environmental, health, education or community 'cause' that you're passionate about.  Maybe you even want to take that a stage further and create a charitable organization.

Your Big Project could involve your home - finally getting it to look the way you want it to look.  Transforming your garden or yard.  Planting veggies and fruit trees and becoming more self-sufficient.  Renovating an old house.  Building a granny flat you could rent out for extra income (or move Granny into!).

It could be a trip you've been longing to take - round the world, round the country or just along Route 66.

Your BP could be a skill you've always wanted to acquire or improve upon.  It could be a talent you've never had the time to develop fully.  (Or maybe a talent that was completely wasted during your working years but which you can give free rein to now.)

Your Big Project might even be yourself!  Improving your health, getting fit, conquering a medical condition, overhauling your diet, finally losing that extra weight, getting that degree you always promised yourself you'd get...

In fact, you don't have to reserve the Big Project idea for the first year of your retirement - you could have an annual Big Project.  Something to get your teeth into each year.  Something to give you an ongoing sense of achievement and satisfaction...

So, with all that in mind, what's your Big Project going to be?

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P.S.  If your Big Project involves starting an online business, you'll need a copy of our free guide: Working at home online - Is it for you?  Get it here.

Are you dreading the thought of retirement?

Why are you considering retirement at this particular time? Is it because you've met all your professional goals and feel that the time is right for you to retire?  Or is it just because you’ve reached the traditional age for retirement, everyone assumes you'll retire and, because of that, you feel obliged to go?

Maybe your partner is already retired and is pressuring you to join them.  Maybe another family member has their eye on you as their next babysitter, dogsitter or full-time carer.  Or maybe you have a feeling that the 'powers that be' already have your successor lined up and are just waiting for you to go before they can slip that dynamic 'new broom' into place.

The run-up to retirement can be a lonely time for some and, if you're one of them, the isolation you feel is often exacerbated by the fact that the thoughts and feelings you're having are often ones which you feel unable or unwilling to talk about with the people you work (and, sometimes, live) with.

Let's explore this in a little more depth...  Firstly, you're contemplating leaving an organization which has not only been your work, but an enormous part of your life for so long.

When you've dedicated your life to an organization, business or profession, it can be difficult to separate your identity from your work persona.  This can fill many people with a distinct lack of motivation to prepare for retirement, since they're unable to envisage what life in retirement could be like.  Or, if they ARE able to envisage life in retirement, they don't particularly like the vision they've created.

It's also possible that your work may not have left much time for developing the social, recreational and community/voluntary activities that will add satisfaction, fulfilment, mental stimulation and a sense of purpose and engagement to the next stage of your life, and prevent you from becoming bored, dissatisfied or even depressed in retirement.

And if you've been in the habit of using work as an escape route from family and relationship problems and conflict, you're probably all too aware that your bolt-hole is about to disappear and that retirement is going to provide you with an awful lot of opportunities to get under each other's feet...

What will be the consequences if you don’t do anything to address this situation? What action could you take? What action do you need to take?

Here are some alternatives you might consider:

Would you prefer a phased retirement - not so much a ‘one-off event’ but more of a process, whereby you gradually phase out work and phase in other activities to replace it?

If you really DON’T want to retire, how much longer do you think you would you like to continue to work? When do you think would be the perfect time for you to retire?

If you prefer to ‘play it by ear’ (because you believe that you’ll know in your heart when it’s time to go), could your current work situation provide you with that flexibility?

Do you want complete retirement or just partial retirement? Are you considering taking on part-time or temporary work, or even starting a small business? What would that look like? What would be the component parts of your ideal post-retirement job?

Have you explored any other options which might be available to you, such as becoming a consultant to your old firm, doing freelance work or contract work, training/mentoring other workers, etc.? What options do you have? Which options particularly appeal to you?

Retirement doesn't have to be the end of your working life.  It can be the start of a different way of working.  It can be a chance to do something else.  It can be an opportunity to work on your own terms. Take some time to review your options and make sure you get the retirement you deserve!

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Thinking of starting an online business once you retire?  You'll need a copy of our free guide: Working at home online - Is it for you?  Get it here.

Quick Links

From MSN Money:  The hidden costs of retirement

50 Questions You Need to Ask Yourself BEFORE You Retire - #5

This is a taster of my brand new '50 Questions You Need to Ask Yourslf BEFORE You Retire' eCourse (more details below):

Here's question #5:

 

If you're single, do you have any good 'single and retired' role models?  Who are they?  What makes them a good role model for you?  What have you learned from them about retirement?

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'50 Things for a Fiver' is a series of low-cost eCourses which deliver information or thought-provoking, self-coaching questions about retirement to your email inbox in 50 bite-sized chunks at 2-day intervals.

Please click here for details

50 Questions You Need to Ask Yourself BEFORE You Retire - #4

This is a taster of my brand new '50 Questions You Need to Ask Yourslf BEFORE You Retire' eCourse (more details below):

Here's question #4:

 

What expectations do other family members, (such as your children, grandchildren and elderly parents) have about your retirement?  Do your expectations and theirs blend together?  Will someone be expecting more of you than you are prepared to give?

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'50 Things for a Fiver' is a series of low-cost eCourses which deliver information or thought-provoking, self-coaching questions about retirement to your email inbox in 50 bite-sized chunks at 2-day intervals.

Please click here for details

50 Questions You Need to Ask Yourself BEFORE You Retire - #3

This is a taster of my brand new '50 Questions You Need to Ask Yourslf BEFORE You Retire' eCourse (more details below):

Here's question #3:

 

How will you spend the extra 2,000 to 3,000 hours that being retired will free up for you?  Do you have a nice mix of activities that you can do both alone and with other people?

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'50 Things for a Fiver' is a series of low-cost eCourses which deliver information or thought-provoking, self-coaching questions about retirement to your email inbox in 50 bite-sized chunks at 2-day intervals.

Please click here for details

50 Questions You Need to Ask Yourself BEFORE You Retire - #2

This is a taster of my brand new '50 Questions You Need to Ask Yourslf BEFORE You Retire' eCourse (more details below):

Here's question #2:

 

If you have a partner, what does your partner's ideal retirement look and feel like?  Have you shared your vision of your ideal retirement with your partner and have they shared theirs with you?  Do your ideal retirement and your partner's ideal retirement match up and, if not, can you craft a combined, mutual version of your ideal retirements to create something that works for you both?

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'50 Things for a Fiver' is a series of low-cost eCourses which deliver information or thought-provoking, self-coaching questions about retirement to your email inbox in 50 bite-sized chunks at 2-day intervals.

Please click here for details

50 Questions You Need to Ask Yourself BEFORE You Retire - #1

This is a taster of my brand new '50 Questions You Need to Ask Yourslf BEFORE You Retire' eCourse (more details below):

Here we go with question #1:

What would your ideal retirement look and feel like? 

 

Here are some additional questions to help you decide...

 

If you could imagine a typical day in your ideal retirement:

• Where would you be waking up?
• What would you do when you got out of bed?
• What would be the view when you looked out of your bedroom window?
• What could you smell?
• What could you hear?
• What kind of clothes would you put on?
• How would you spend your day?  Would you be working?  Volunteering?  Spending time with family or friends?
• Which companions would you like to have around you?
• Who would you be sharing your home with?
• Who would you be speaking to during the course of the day?
• What activities would you engage in?
• Which activities would you do with other people?
• Which activities would you do alone?
• How would you be feeling?
• What kind of food would you be eating and where would you be eating it?
• What would you be doing in the evening?

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'50 Things for a Fiver' is a series of low-cost eCourses which deliver information or thought-provoking, self-coaching questions about retirement to your email inbox in 50 bite-sized chunks at 2-day intervals.

Please click here for details

What kind of retirement planner are you?

When it comes to retirement planning, are you a Snoozer, a Wood-knocker, a Plan B-er or a Stewer and Brewer?

Find out in Pre-emptive Retirement Planning from Bankrate.com.