Tools for Retirement Planning
In thinking ahead and making retirement plans, I’ve found it can be helpful for clients to take some time with the exercises linked below. The exercises can be especially useful for people experiencing burnout or being pulled in many different directions in the years before retirement. The exercises are designed to identify what’s truly important and what areas of life may need more attention.
Core Values
As you start to design the next phase of your life, connect with your core values. Values are the set of principles that represent your deepest beliefs and what you believe is important in life. These principles will guide you and help you define your priorities, and shape how you spend your time. Folks that are close to retirement and stressed from work may not be aligned with what they truly value. If that sounds like you, focus on what needs to shift for a fulfilling retirement. You can link to a values exercise here.
Wheel of Life
Another tool that can help you examine the different dimensions of your life is the Wheel of Life found here. With this exercise, you’ll consider your satisfaction with each of the areas in the wheel, including family, friends, love, leisure, growth, health, etc. Areas of low satisfaction may require changes, and there is room in the exercise for you to set goals to address those areas before retirement.
Personal Inventory
Next, consider all of the positives that you’ve gotten from work: structure and routine that is comfortable and familiar, skills and capabilities (“personal assets”), friendships, social network, and purpose. The day you retire is the day you lose many of these. For some people, a career has played a major role in creating their identity. To answer that question, take an inventory and consider:
· What skills you possess (both work-related and from other projects and hobbies)?
· What about your career do you most enjoy? (In other words, what type of work makes you lose track of time or lights you up and makes you feel energized)?
Knowing what you don’t want is just as important as figuring out what you want to do 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. Once you’ve done the exercises and considered what you do and don’t want, you can start taking steps toward your ideal retirement. You don’t have to go it alone. Click here to book a free call to learn more about how coaching can help you design your second (or third or fourth) act.