Although many of us may be far from retirement, we need to start asking ourselves these 5 questions before we retire. Bob Lowry from Satisfying Retirement, kindly agreed to share his expertise on this subject. You may recall his previous post on my blog entitled: “4 Important Keys to Prepare for a Happy Marriage After Retirement.”
There is nothing simple about retirement. Everyone has a different path and a unique set of circumstances to face. But, there are some basic decisions that must be made. If you can answer these questions you are well on your way to a successful retirement.
1). When do I want to stop working? A goal without a timetable is simply a wish list. You don’t need to pick the exact day at some point in the future. But, you do need to commit to something: late spring of 2013 is fine. Now you can visualize the finish line and do what must be done to get ready.
2). Is my financial house in order? If nothing else the last few years have made many of the “rules” obsolete. Even the wisdom of owning your own home is up for review. Take a fresh look at all parts of your financial plan. Is the 6% annual rate of growth you were counting on realistic anymore? Is there a chance Social Security payments will be means-tested in the future? Once you retire, it is a little late to ask these questions.
3). How are my health and health coverage? Both will have an important impact on your life. Do you have health challenges now that might limit you in some significant way? Does your spouse have a disease that is chronic? How about your insurance? Do you keep full coverage after you stop working? Can you afford Medicare Part D or supplemental coverage? If you need to buy a new policy will anyone sell you one at a rate you can afford? I believe the costs and direction of our health care system will have a bigger impact on retirees than anything else on the horizon.
4). Where do I want to live? This is a biggie. I strongly urge you to not make a move soon after you retire. There is too much upheaval in your life as it is. A move away from friends, family, and the familiarity of the area should not be undertaken lightly. You may be sick of winter and snow. Your grown children and grandchildren may live quite a distance from you. Throwing away your winter coat sounds heavenly. Being closer to the kids would be wonderful. You may be absolutely right. But, being far from everything that gives you roots has its own costs. Don’t rush this decision. It will have a major impact on your happiness and health.
5). What will I do to stay busy and motivated? It is the rare person who can answer this question with much assuredness before retiring. You will have ideas and wishes. But, until actually living the life you won’t really know what might unfold. My suggestion is to make plans. Get excited about doing the things you have not done during your working years. Then, remain flexible. Be prepared to make corrections in your direction. Be OK with deciding one thing you thought you’d love isn’t the answer, but something new you just discovered might be.
From Building Your Satisfying Retirement-How To Make The Most of This New Phase of Your Life
You can download Bob’s free e-book, on Satisfying Retirement.
I find Bob’s questions 4 and 5 easier to answer, what about you?
(I could see myself living 3-4 months out of the year with a view like this. A pier on Ambergris Caye, Belize. A great place to inspire writers.)
Please leave your comments below for Bob to answer.
@Bob
Thanks for your guest post and as I mentioned, I'm a firm believer in looking ahead at your retirement, as soon as you can. I have several friends who have no clue what they want to do and are lost when their kids leave home. So planning is key.
Thank you so much for this guest post, Sonia.
My readers can look forward to a guest post from you in a few weeks about your journey to becoming a published author and your experiences in Belize. I am really looking forward to it.
I'll check back often. Please leave a comment or pose a question and I'll be honored to respond.
Thanks for a good post, Bob!
Hi Gutsy…
We retired 13 years ago yesterday.13 years ago today we were moving into our first apartment here in Iowa. As you know we now own the house we live in. It is two apartments.
I enjoyed the advice of your guest writer. I agree it has to be thought out. We downsized from a large farmhouse, to a 2 bedroom apartment. I have never looked back, I love my retirement. The last 2 years I have developed a health problem, but you deal with whatever each day brings you, and continue to love life and retirement.
Thanks for your visit to Ann's Moody Blues, today.
@Ladfi,
You are very welcome!
@Gigi Ann,
Thanks for the kind words. Sonia is a good blogging friend and I'm looking forward to her guest post with me.
I agree Gigi is a nice replacement for great grandmother! My mom was called GG by her great grandkids…easier for the kids to say and quicker to spell!
Bob!
I agree with #4 EXCEPT some of us moved the last part of our career to stay (or find) a job. We have been here for seven years and have no roots. It will be a year-tomorrow-that we both retired. We are now looking, seriously, at a second home (which will become a first home).
Otherwise- you are RIGHT on track- IMHO.
Janette
Hi Sonia…great post! Thank you too for following my other blog. I appreciate your support.
It's not that easy where I live, most people just cannot afford for anything else than just sit at home and raise grandchildern, thanks to our 'modern" social insurance system:(
@Janette,
Actually we may be in agreement. What I urge folks to not do is retire and immediately move to their "dream" community. You have spent a year staying put. That has given you the time and perspective needed to not rush anything. Since you have no roots where you are, any transition should be relatively easy. It sounds to me as though you are right on track.
Hi Ola,
I know nothing about the social services setup in Poland, but I gather it is not the best :(.
I bet Sonia's readers would be interested in how it operates and why it keeps people rooted in place. Thanks so much for sharing.
Bob,
Good suggestions about thinking ahead for retirement. My experience was that I retired when my work became crazy due to impossible management (I'm a slow learner since I did this twice). I retired to keep my sanity and then had to scrap around to make it all work. Not everybody has the luxury of control.
Ralph,
After two failed attempts to work within a large corporate structure (including one firing), I determined that I should be my own boss. That was the only way to be sure I wouldn't get fired.
It also allowed me to be totally in charge of my retirement plans, both financial and otherwise. So far, so good.
@Ola,
Bob is right. That is an interesting topic about the "modern" social insurance system. In what way has it changed? Less help from the government, therefore the need for grandparents to take care of grandkids while their parents work?
Questions 1 through 4 I have nailed down. Number 5 – since my documentary is done I'm looking for a new project.
This I can tell you for sure, if someone loves fishing or golf and thinks they can do that every day in their retirement, they have one hell of a shock in store for them.
My husband worked for a large corp. for 35 years. The last 9 were just to get his full pension while he held on by his fingernails. They went bankrupt and he lost almost half his pension anyway.
Needless to say our ideas of actually retiring haven't been realized and may never fully be.
On the flip side of that… he's doing work he really enjoys, I'm doing what I love and we're ok if we never completely retire.
You have to plan, but keep in mind it could all be for naught. Find what you love and you'll never want to stop doing it. That's my new philosophy.
Thanks for the post Sonia and Bob.
great guest post and lots of food for thought~
that pier looks mighty enticing — i bet it would quite an inspiring locale for a writer!
@Barbara,
You have cut to the core with your comment, "Find what you love and you'll never want to stop doing it."
As I am discovering, retirement is really just a label society puts on someone who is no longer doing what he or she did to earn a living. The whole idea that work stops at a certain age or after you primary job ends is rapidly evolving.
Working at something to stay energized and involved is important, no matter what your age.
@ Satisfying Retirement: Your last comment sums it up for me. I find after six years of retirement that I have just enough structure and all the control I need to wake up every day with a purpose and go to bed every night with satisfaction. I also appreciated your comment about not moving. I'm reminded of the advise always given to widows (or widowers) to never make a major financial decision for the first year after a spouse dies. My mother made that mistake.
Thanks for the guest blog. I follow both of you on a regular basis.
@Doctor Eclectic
Just wanted to say, "Thank you," for following Bob Lowry @Satisfying Retirement and me.
@Satisfying Retirement
Thanks Bob for this thought provoking post. You really show us how to plan ahead.
This was a great post! Thank you for all the great information. We are getting close and I can't wait!
Following you from VoiceBoks!~Lisa
I am all a twitter about life