Did you ever learn the "W" questions in school? They are: Who, What, When, Where, and Why. These also happen to be the some of the most important questions to ask yourself ahead of retirement!
Who do you want to spend retirement with?
One of the great joys of retirement is that you can spend more time with the people you love. So ask yourself: Is it your spouse? Your kids or grandchildren? Old friends? People in your golf club or church group? Whatever you decide will help you answer the next question:
What do you want to spend retirement doing?
If the answer to the "Who" question is your grandkids, the answer to the "What" question may be, "I want to spend time teaching my grandchildren how to fish." Maybe there's another passion that you enjoy or feel is more purposeful more than working that you can spend more time doing once you are free of your full-time job. Coaching, volunteering, serving in your church, and mentoring could be a few ideas.
When do you want to retire?
Obviously a very important question. Have you dreamed of retiring early, or would you rather work for as long as possible? The answer will determine how much you'll need to save for retirement, when you take your Social Security benefits, and so on.
Where do you want to retire?
Maybe you'd rather live closer to family or are looking for a different climate. Either way, where you choose to spend your golden years will have a major impact on your finances from a cost-of-living and also tax standpoint.
Why do you want to retire?
You should never retire just because you're 65 or because you don't know what else to do. One of the keys to a happy retirement is finding your why. For instance, so you can help raise your grandkids, travel to places you've always wanted to go, or volunteer more time helping others.
Having an answer to these questions will help you plan a retirement that is meaningful, purposeful, and fulfilling. A lot of people look forward to retirement without an actual plan in place of how they're going to spend their time. They may plan all the financial logistics out to have a "successful" retirement from a standpoint of having enough money, but they haven't planned out their purpose and what life will look like in the day to day. This is the key factor that influences whether someone "thrives or dives" in retirement. We've seen many people retire and it goes one of two ways: they stay active doing meaningful things they love with the people they love, or they spend a lot of time at home sitting around and their mental and physical health goes downhill quickly. We can help you develop a plan and vision for what your idea of retirement looks like - both from a financial standpoint and a quality of life standpoint.
Be sure to check out our next webinar on June 15, How To Plan a Successful Retirement: 5 Things to Do Before Retiring where we'll talk more in-depth about the essentials of planning for retirement. You can sign up ahead of time or check out the replay on our Webinars page.