Everyone wants a failsafe retirement but in retirement, there is no “One Size Fits All.” What many of us want and ultimately choose is very personal, even within a marriage. One spouse may have some expectations that are different from the other spouse. Regardless of the variations in lifestyles, it is how we navigate these differences that will determine how happy and successful we are in our retirement. Even if only one spouse is bored, unfulfilled, lost, unhappy, or has regrets about retiring, this could be a recipe for a failed retirement. Solo retirees may not have that challenge, but may have others, like sustaining a healthy support system and a variety of activities.
Thoughts To Avoid For A Failsafe Retirement
All I need is a good financial plan and I will be happy in my retirement.
Unfortunately, this is a set up for disaster. People think that the only action that they need to take is to plan for financial security. While this is certainly a very important part of the plan, it is only part of the process. It is unsettling to realize that some people spend more time planning for their vacation than they do for the lifestyle decisions that they will need to make for the next 20 to 30 years of their lives. Don’t make this mistake too. Make sure that you get help with retirement lifestyle planning so that you can design the best retirement for you.
I will be able to figure out what I will do with my time all on my own.
In other words, wing it. Some of us believe that we can figure it out as we go but the reality is that we will have a lot more time in retirement than our parents or grandparents did. It will be very easy to fall into idle busyness and then wonder why you are bored and feeling unfulfilled. This stage of life is the only one for which there is no blueprint. All of the other stages of life were shared with family and friends. This one may require you to enlist the support of a coach, read books about retirement, explore where and how to live, and strategize.
• When retiring, what is the right time and the right place?
• Do you stay in place?
• What will you do with no schedule, no family, and no friends close by?
• How will you deal with the loss of medical professionals and other service providers you have relied on and trusted for so many years?
These are very critical decisions that should not be postponed until after the fact. I cover all these things and more in Ready To Retire? Successful Retirement Planning To Make The Best Of The Rest Of Your Life and Where Will You Retire? A Retirement Guide And Exercises For Deciding Where To Retire, Buy A Second Home, Or Relocate.*
My spouse will be so happy to be spending more time together every day.
Often this stage of life throws two people together who have had little day-to-day involvement during the working phase of their lives. Suddenly they are together every day. In some cases, one has been home and the other, typically the husband, has been at work 8 to 10 hours a day. After retirement, a couple may be home every day with no idea as to how they will spend this time together. One spouse may feel responsible for creating the schedule when previously s/he has been free to make their own plans. As a result, conflict may arise. It is so important that a couple communicate well in advance of either or both retiring. My husband and I had many discussions long before we became more serious about these plans and long before I was ready for these discussions. At times, it was challenging for me. However, I am forever grateful to him. Our discussions helped me to realize how terrified I was about this transition and how much preparation I needed to make friends with this life stage. I actually had to do preliminary preparation to then begin planning. I am now well into semi-retirement and really enjoying it.
What do you need to rethink for your retirement? This additional failsafe retirement planning advice may help.