512px-Retired_Picnic_at_Otford_Lookout_(6748299401)

 

 

 

 

 

 

 

 

 

 

 

Credit to Alex Proimos, licensed under CC Attribution 2.0 Generic

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“Retire from work, but not from life”–M.K.

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Introduction

Over the past several years, the baby boomers (people born between 1946 and 1964) are starting to retire. Those people who have reached age 65 can expect to live, on average, another 20 years or more. Many of them are in good health.

More and more services will need to be created to cater to this retirement segment of our population.

Retirement is an important phase in one’s life yet many are unprepared for its challenges.   

Personal development is directly related to making a successful retirement transition.                                                                                              

The purpose of this post is to provide basic guidelines on how to make an effective retirement transition.

Definition

Merriam-Webster Dictionary defines Retirement as “the act of ending your working or professional career; the act of retiring”

Retirement Transition Guidelines

A Financial Plan

One of the most important things you can do well before retiring is to set up a Financial Plan. This  plan can be set up in conjunction with a retirement expert – that  is up to you. The most important thing to consider with such a  plan is the total net income you will have at retirement, and what this translates into in terms of annual income, adjusted for growth and inflation. This can include savings, annuities and retirement plans, the equity you own in your home/condo/co-op and investments.

You may want to consider speaking to someone at Social Security in regard to the amount of money you will receive. Since the amount of money you receive from Social Security varies, depending on how soon you want to draw on your Social Security, it is important to know what your options are.

Also, it would be important to know how to minimize paying taxes on your assets.

Since your biggest expense may be your living quarters, you may want to consider downsizing from where you presently live, especially if you want to consider moving to a different location. Where your children live may factor into this equation.

Since many retirees have another 20 years to live, they may have to lower their present standard of living to make this retirement transition successful.

Adequate health care coverage is critical.

Remember it is always better to live within your means especially during your retirement years.

It should be noted that some people will opt not to retire. Thus we have some people working well into their 60’s,70’s and 80’s.

A Purpose In Your Life

Well before someone retires, they must create a strategy or blueprint. This strategy should include some interests and/or activities that they are or could be passionate about. The key to a fulfilling retirement transition is to have some interests or activities that give you pleasure and bring meaning to your life.

A Continued Learning Program

When anyone retires, it is important that they find activities to stimulate their mind. Life should always be about continued learning. Some examples of this would include reading a good book, learning the computer, developing a hobby and taking an online course.

A Physical Exercise Program

The Greek adage “a strong mind in a healthy body” is so important for retirees. Having  a daily physical exercise program is essential to continued good health. This daily regimen should include at least 20 minutes of a good cardio workout.Such activities could include running, swimming, bicycling or brisk walking.

Be A Giver And Do Not Isolate Yourself

For some people, volunteering in their community can be highly satisfying. Getting involved in something that is emotionally gratifying and making new friendships at the same time can be extremely beneficial.

Be Open-Minded

You must be willing to pursue new interests that you might never have done before. Depending on your personality, your ability to get out of your comfort zone is key to having a successful retirement.

Summary

Retirement is an important stage in one’s life. It is always better to plan for your retirement. Proper financial planning is paramount in the retirement process. But,  of equal  importance is having a daily physical exercise regimen and also pursuing activities that provide mental stimulation. Depending on one’s personality, it is time to cultivate new interests that broaden your horizons. Personal development plays a key  role in  making a successful retirement.

About the author: Bob

Bob is a businessman, athlete, and entrepreneur who is passionate about helping people progress personally through better self-awareness.

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