We all want failsafe retirement planning advice. In previous newsletters and blogs, I’ve discussed that old adage “Failing to plan is planning to fail.” I have frequently seen examples of “failure to plan for retirement” in my personal and professional experiences. It has nothing to do with how intelligent, educated, creative, or resourceful you are. It is about realizing how complicated a transition retirement can be. It is unmistakably the only transition in life that has no clear definition of what will happen except that one day you will leave work with little direction or idea of what comes next.
I have personally traveled the maze of this transition and had numerous conversations with clients, my husband, friends, and family who have moved through various stages of this transition. We shared our excitement, expectations, and fears as we realized just how complicated this maze can be. It was clear that there were many decisions to make and people to consider other than ourselves. We had to locate resources, identify and deal with our emotions, and fight the pervasive temptation to do nothing out of fear of making a mistake. Fear of failure and fear of making a mistake are my personal challenges, even though I have made great strides in these areas. Fortunately, my husband is a risk taker, so he brings balance to that part of our marriage. At some future time, I will elaborate on this issue for you as you navigate this important life transition.
Bringing Clarity To This Transition
I know myself well enough to realize that the best way to address my fears is to educate myself. For example, in 1995, my husband and I began to subscribe to Where To Retire. Unfortunately, this informative magazine stopped publication during the pandemic. You can find information and past issues on their website. Their articles talked about places to retire, but more importantly to my husband and me, the journal featured pieces that describe important new concepts in retirement living. They focused on lifestyle trends, taxes in various geographical areas, cost comparisons, average weather temperatures, crime levels, cultural amenities, and higher education opportunities just to name a few. Some of the lifestyles they featured included retiring to college towns, beach towns, the mountains, large cities, and rural settings. Other articles focused on people who stayed in their original home but traveled to a second home during the winter months like my husband and I have chosen to do. Still, other retirees remained in their current home and traveled more frequently. All of these considerations enter into failsafe retirement planning.
I referenced several other magazines and resources with up-to-date information on the best places to retire for various reasons including cost of living, amenities, tax benefits, etc. in an earlier blog post. You can read more at “Resources for those curious about the best place to retire.” Because we are all so unique, each of our retirements will be different. You have the potential to make your retirement anything you want it to be. However, regardless of what path you eventually choose to take, planning is a must.
My husband and I found that gathering information years before this important transition has worked well for us. I highly recommend collecting a personal library of as much information as you can get your hands on. There are so many books, magazines, and newspaper articles available that can help you get started. Use this information to begin thinking about the kind of a lifestyle you want and how your desires can complement your partner’s dreams. If you are single, talk to friends, family, and colleagues about your ideas, desires, and plans and possibly get more ideas. Talk to those who have retired and learn from their experiences, good or bad. Communicating with your spouse and family about what you are learning and the kinds of ideas your research reveals are important aspects of effective failsafe retirement planning. Information and educated decisions build the foundation of a successful transition.
These focused and honest discussions helped my husband and me share our needs, interests, desires, and concerns. Eventually, we were able to make a decision that worked well for both of us. Our research and numerous discussions resulted in our selecting an urban lifestyle in Tampa, Florida, two hours by plane from our home in Virginia. Our second home is on the water but only a short walk to a variety of activities. Like most of Florida, Tampa has a warm climate during the winter months and offers abundant social, environmental, and intellectual stimulation.
What is your next step in failsafe retirement planning? Give me a call at 703-435-2273 if I can help you.