“What’s Next?” – A Key Retirement Transition Question
Are you considering retirement? The first question on your mind is likely “How much?” That is, how much is enough for retirement? And the answer is…it depends. There is no one-size-fits-all number. Whether you are a business owner, a professional, or an executive, the starting question is really “What’s next?”
Those now approaching retirement will enjoy the longest life expectancy in history. And now, more than ever, the resources you need depend very much on what you are planning to do in the 10, 20, or 30 years after you retire. Planning for what can be your Platinum Years® is key to a successful retirement.
Generally there are three approaches to retirement transition (lifestyle planning):
1. Maintain current lifestyle – No new activities after leaving employment
2. “Roll the Dice” – Hoping that resources are sufficient for exploration
3. Explore new paths – Create a life of significance in The Platinum Years®
Your wealth advisor can develop a financial plan for any one of these approaches, but you need to determine which is the best for you. An early start to lifestyle planning is important. Five or more years before your planned retirement will permit making meaningful changes in your saving activities to pursue a wider range of activities.
If you are retiring in the near future, or have already retired, you can still benefit from lifestyle planning. Your increased longevity allows you to make changes to your financial plan that can support a healthier and more satisfying lifestyle.
What do you gain from creating a plan to answer the question “What’s Next?” First, you replace uncertainty with a set of carefully considered lifestyle options. Next, you have increased confidence as you look forward to starting the next phase of your life. Finally, you will be able to work much more effectively with your financial and legal advisors to create a successful “Third Half of Life”.
If you want to think seriously about a major change you are facing, download Chapter One of the new book by Jack Beauregard, “7 Principles for Living with Authenticity: Discovering Your True Self When Facing Life Change” (now on Amazon)