In “Retirement Planning More Than Just Finances, ” The Wall Street Journal highlights an important part of the retirement planning process: figuring out what to do when you stop working. The finance expert interviewed for the article says that he reminds his clients that if they took the time to plan their last vacation, they also need to take time to plan their retirement since they are “about to embark on a 30-year vacation.”
While you can always change your mind, having a plan for retirement is a sound course of action because if you are unhappy or bored, you may spend more money than is advisable in your early retirement years.
Having a vision for retirement can also make you more content during the last years that you work. You will be able to work and look forward to what you will do next. Many people assume that they will be so happy to stop working that it doesn’t matter what they do when they retire and for some this may be true. However, there are many of us who will feel a void without work and that restlessness may cause more strain than you would think.
As you begin your transition into retirement, ask yourself what you really want to do with your time. The end of your professional career means you can devote more time to family and friend or to pursuing your interests.
Successful retirement planning requires an advisor who pays attention to all aspects of your financial life, has excellent communication skills, and has the commitment to be available when you need advice and support. A Fee-Only financial advisor is capable of helping you envision the kind of life you want in retirement and she can help you get your finances in order so you have the resources to enact that vision.