Do you need answers to retirement questions? When I have a difficult or complex life decision to make, I often resort to these six time-tested questions: Who? What? Where? When? How? Why?
People are under the impression that as a Retirement Lifestyle Coach, I have all the answers but that’s seldom the case. My job is not to give clients answers but to ask the right questions to elicit the answers that are right for them.
Let’s look at some of these questions to help you find some answers. Whether you are married or single, you can consider variations of these questions as they relate to your unique situation.
The “Who” Of Retirement
Who will be affected by your retirement plans? You and your spouse/partner are the first ones to consider. However, you shouldn’t overlook How your retirement will affect other people in your life. Are you both emotionally and financially ready to disengage from work? Is your identity attached to the work you do? Years ago, I saw “The Big Year” with Steve Martin. He was trying to retire from a corporation he had built from the ground up. His dream was to observe and take pictures of as many birds as he could in one year and win the annual birding competition. Throughout his journey, his company kept calling him to come back to close this deal and that deal. He finally decided to say “NO.” On his journey to win this competition, he realized the Who was more important at this stage of his life than the business he spent a lifetime building. He was focused on his family, friends and interests.
Will your retirement dreams coordinate with what your spouse/partner would like in retirement? Retirement can be such a complicated transition, especially for couples. It is hard enough to think about this transition when you are single, and it’s even more complicated for a couple.
Have you planned how you’ll spend your time and money and are you and your partner in agreement on those plans? It will certainly affect your relationship, especially if you retire together and have to figure out how to navigate autonomy and togetherness in your new lives together. Do you still have dependent family members—parents, adult or disabled children, grandchildren Who will count on you for financial or emotional support? Do you have health issues that could force retirement before you are ready?
I know these are a lot of questions. The time you invest now will lead to answers to retirement questions that are the right ones for you and your circumstances and desires.
While it is less complicated if you are living alone, singles should consider Who you can count on, the importance of your family and friends, and the responsibilities you still have.
The “What” Of Retirement
You will also find answers to retirement questions when you reflect on What will your purpose be in life without work? What values are important to you? Are you already living by them, and will your retirement reflect them? What are your current hobbies, interests, entrepreneurial desires, part-time work interests, skills, and strengths? What volunteer activities do you want to pursue? What legacy do you want to leave future generations?
What are your current obligations and responsibilities that could affect your retirement plans? Often, we make plans in life, yet unforeseen circumstances derail those plans. An adult child goes through a divorce and suddenly comes home with a child while he/she gets back on his/her feet. An elderly parent needs medical and/or financial assistance. Will you be flexible when that happens? What reasonable boundaries or adjustments are necessary to set so that you don’t have to give up or postpone your retirement plans?
What will you do if your employer closes his/her business or has a buyout offer and begins laying off employees? What if job responsibilities change for you and you decide that you don’t want any more learning curves in your career? Would you find another job or would you retire? What would you do if your employer asked you to relocate? Would you move, find another job, or retire?
In What way would a divorce or the death of your spouse affect your retirement plans? This part of our lives is often unpredictable. Do you have the kind of support system that would help you get through these kinds of losses? What kind of resiliency skills and support system do you have? Grief can happen in a much healthier way when you have the support you need to relax into your grief.
The “Where” Of Retirement
As you look for answers to retirement questions, one of the biggest challenges is deciding Where to retire. If you are single, you may be joining friends who have moved to a certain area, or you may want to move closer to family. Where will you go? Will this be a second home or a move to a new location for you?
If you are in a relationship, you and your partner need to explore your desires together. You may want to stay in your current home or be close to where friends and family are. Is one of you more adventuresome, wanting to travel more yet keeping your home base? How will you react to a spouse/partner who may not want to travel? Do you and your spouse/partner want to have a second home? Where would that second home be? Will your retirement funds support that lifestyle? Will the “Where” of your retirement be affected by an elderly parent needing you close by or you wanting to be closer to grandchildren? If you move for these reasons, will the climate and the lifestyle be comfortable for you?
The “Where” of retirement takes a lot of time and thought before a decision can be made. Check out my book Where Will You Retire? A Retirement Guide And Exercises For Deciding Where To Retire, Buy A Second Home, Or Relocate* to help you navigate these decisions. Read “Other things to consider in the ‘where to retire’ equation.”
In asking these Who, What, and Where questions, I hope you have found answers to your retirement questions that are a good fit for you and your retirement lifestyle. We’ll take a look the When, How, and Why of retirement in my next post.
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