Plan For Your Next Chapter
As you begin to think about retirement, consider beliefs you have, maybe unconsciously, about retirement. Some people see retirement in a negative light because they think it’s just for old people or had a parent whose life turned worse after retirement or know of someone that died shortly after retiring. Others may view it as an escape from a demanding situation, without having a real plan. You’ll be better served if you can get any negative thoughts out of your head and reframe retirement in a way that is empowering.
As you start to plan for your next chapter, envision daily life and make a detailed list of what you want. Connect with how you want to feel in retirement. Getting clear on your vision and talking about it with others can make you more likely to achieve those goals and also understand if you are nervous about any aspect of retirement.
And be sure you are talking with your spouse or partner, if you have one, to uncover any differences; you’ll want to ensure you share the same vision for the future. Brainstorm alone and together.
I have a friend in her mid-50s that is ready to give up the business she’s built and move on to a less stressful life with other new adventures, but her husband is planning to stay in his job another 10 years. This is creating some conflict. It’s important to have these conversations early and often to come up with creative solutions that can satisfy everyone’s needs.
Dream big to start, even if you have to edit down later due to finances. Retirement tends to be overhyped in the media – we see the big budget items like RVs and frequent travel. You’re going to need to fill those 8 to 10 hours every day that you spent working. Get clear on your vision for daily life and start to take steps in that direction.
· What is going to get you out of bed in the morning?
· How will you spend the average Tuesday?
· Who are you going to spend time with?
Knowing what you don’t want is just as important as figuring out what you do want so you can set boundaries and be intentional with your time. What are your hard NOs?
The nonfinancial aspects of a retirement plan require a fair amount of self-reflection, which can be hard work. You don’t have to do it alone. Click here to book a free call to learn more about how coaching can help you design your second act.