Vacation versus retirement. Are they really so different? If you are one of the individuals I described in “Welcoming all seasons of life” who started thinking about retirement years ahead of time and planned your retirement lifestyle and financial future, you already recognize there is a difference.
However, you may be one of many who see both vacations and retirement as well-deserved times of relaxation, as opportunities to relieve the stress of work. Retirement is not just another form of vacation. Consequently, taking a vacation is not the best way to think about retirement. If the truth were known, it’s the farthest thing from a vacation.
Retirement is a lifestyle instead of a temporary break from the normal routines of life. As such, you should pay more attention and invest more conscious effort into planning a fulfilling retirement than you do into booking your dream vacation. Contemplate what you want your life after work to look like. Think hard. Ponder more. Explore possibilities for your next chapter.
Let’s consider the vacation versus retirement scenario from a different angle. Suppose for a moment that you had good friends or family members who always talked about their lifelong dream of going to Europe for a month during the summer. After listening to their dream for years, they excitedly tell you that they have finally decided to go next month and they’ve already made their plane reservations. They have saved for a long time so money is plentiful. While you’re excited for them, you’re also amazed when you realize the only planning they’ve done is buying plane tickets and purchasing travel checks. Where will they stay, what will they do?
Your friends sense from the kinds of questions you’re asking that you have some concerns about their plans. They brush off your concerns by saying reservations aren’t a problem—it’s only a concern if there are thousands of travelers stranded in Europe because of a catastrophic event causing flight cancellations—and that they’ll book their tours, hotels, museums, etc. when they arrived in Europe. You wonder if their dream will be realized if they can only find a few available tours and the ones they do find aren’t to the places they dreamed of seeing.
Unfortunately, leaving vacation plans to chance can result in huge disappointments.
Failing to plan vacation versus retirement lifestyle has even greater, devastating consequences than going to Europe without room reservations? The irony of this comparison is that many people put more energy into their vacation planning than they actually spend thinking about their potential 20 to 30-year retirement lifestyle. Be thoughtful about this very important transition.
Planning Guidelines To Make This Time Of Your Life The Best Yet
Consider the following steps towards a retirement lifestyle that will give you so much more to look forward to. You need to be conscious and prepared to pursue a quality of life and a purpose so that you can leave a legacy that you will be proud of.
1. Begin planning 3-5 years ahead of this transition because there are many lifestyle factors to consider in addition to financial planning.
2. Read and educate yourself about all of the aspects of this transition including moving to a new location or staying in place; staying close to family and friends; making financial plans that will support your desired lifestyle; finding purpose and meaning in your life; and incorporating leisure with purpose and meaning.
3. Talk with your spouse or partner or with family and friends if you are single. Discuss your expectations and listen to theirs so your plans don’t end up looking like the aimless trip to Europe mentioned earlier.
4. Consider whether or not you want to work in retirement and thoughtfully explore what that career would look like so that your life will be fun, flexible, and meaningful.
5. Just as many of us have used the guidance of a financial planner, seek the support of a lifestyle retirement coach. A skilled retirement coach can help you plan your dream retirement and keep you from making mistakes that could be costly both financially and emotionally.
After taking these kinds of steps, you will be confident about the vacation versus retirement distinctives and you can look forward to this season of life with excitement, peace of mind, and confidence in what you are building. You will be creating a legacy that you can be proud of.