What are the top mistakes in retirement?
What are the top mistakes people make when they retire
? Is the struggle knowing when to retire? Is everyone primarily concerned with finances in retirement? Isn't there so much more to planning for retirement?? Do you worry about what you will do to occupy your time once you retire? You've raised children, taken classes, worked your way up in the work world, always focusing on 'external' things, giving of your time unendingly. When you think about retirement, what will it mean for you?
In order to find out some answers, clients find it useful to take an online retirement assessment to see where they are now, and where they expect to be when they retire. It gives some insight into their expectations of retirement, and where they are now in relation to these expectations. Most clients find they definitely have some work to do before they retire!
This assessment helps so much, yet it certainly doesn't give all of the answers. Instead, it helps identify some of the questions you need to think about and answer before you retire, and to help others do the same.
In an online forum when I asked the question of the top mistakes people make in retirement, one participant's ideas were that there are two primary issues:Soft and Hard. In his opinion, the soft issues are behavioral and includes the emotional component of retirement while the hard issues are financial. He recommended that potential retirees retire in stages; i.e. stay on part time if possible, then maybe a few days a week, then on intofull retirement. In his opinion, the emotional system adapts MUCH better to the drastic changes thatoccur. He also suggested with the hard issues of finances, that if only one thingis considered, be sure to understandjust howmuch money will be neededto support the lifestyle you want BEFORE retiring. It may affect your timing.
In reply, to his suggestion, I pointed out that, "Unfortunately, the emotional component of retirement that you refer to isn't considered or planned for by many BEFORE they retire. The media portrays that it's purely a financial decision, yet those who have retired often find out differently, sometimes when its too late."
I then went on to say, "Retiring in stages is right for some people, yet not for others. Some people retire fully, only to find a job shortly after because they are bored or unhappy. If the preparation had been done before they retired, this can often be alleviated.As with most things in life, planning helps to ensure all aspects of life have been looked at or thought about. Even if there are some areas that aren't fully planned, having gone through the process can be worthwhile to help ensure retirement success.
In reference to the financial aspects, too many people feel it's an all or nothing choice when it comes to working. Yet, by looking at their life realistically and identifying what it was that their job fulfilled, they have options they may not have considered. For example, one fellow thought he would quit his full-time job and retire, doing the things he loved -- relaxing, golf, traveling, whatever he wanted WHEN he wanted. If he was to work, he wanted a job where he didn't have to use his brain so much since his previous one had been stressful and alot of brainwork. When he retired, he quickly got boredand took a job at a gas station pumping gas (no responsibility, just go to work and do my job). He found that he was very frustrated because others didn't take their job as seriously as he did, he was workingwith teenagers who's workethic wasn't as developedas his,and he felt that he was working wayyyy harder than they were for the same pay. Money wasn't the reason for him returning to work, yet his sense of self-worth was being challenged."
The most important thing when preparing for retirement is to work through the many areas, talk to someone who has experience in helping people through the retirement transition, and plan for all aspects of your retirement. By taking steps now, you can avoid some of the mistakes others make, ensuring that YOUR retirement is a success!
If you have no idea how to accomplish this, get help from an expert. Email me at Tracey@NewFaceOfRetirement.com. Although I can't always answer your questions one-on-one, I can dedicate an article in this ezine to answer your specific questions.
What are the top mistakes in retirement?
By: Tracey Fieber
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