Am I psychologically prepared to retire?
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There is no correct retirement age. You may find that retiring at the standard retirement age of 65 is not realistic – or desirable – for you. However, what matters most is if you are financially and emotionally prepared to stop working.
We believe it is critical to invest time now to prepare for this shift, and hence propose that you include your spouse and other family members in the discussion. Discussing your vision openly can help ensure a smooth transition to your new life. And, while there is a lot to consider, your WAG Consulting financial advisor can assist you in better planning for the economic consequences of not working full time – whenever that may be.
Consider the following five critical questions.
Consider the following questions to assist in bringing your vision to life:
1. How do you define the term "retirement"?
Make a list of the first three, five, or ten things you want to accomplish — and don’t expect to achieve everything in the first week. Bear in mind that you’ll have plenty of years to pursue your interests.
The concept of traditional retirement no longer fits many of our idealized visions of how we would like to spend our future. For example, you may choose to travel, volunteer, or spend additional time with family members. Additionally, you may be ready to devote more time to a pastime or even embark on a new job. Having a strategy for what will make you happy in the next part of your life will assist you in envisioning how your days might look.
2. How will you feel about leaving the workforce?
You’ve probably spent most of your adult life working. Switching can be a significant adjustment. It’s natural to be delighted while harboring reservations. You are not required to go anywhere every day. Are you comfortable with that? Do you have any other plans? Money is only one aspect of the equation. Ascertain that you’ve considered your true feelings concerning retirement.
3. When you retire, what is the first thing you wish to do?
4. Is your spouse or partner on board?
Is your spouse or partner interested in retiring alongside you? If so, how do you feel about your health insurance situation? Is part-time work or volunteer work an option or a desire for you? If you desire to travel, does your companion? Discuss your retirement plans with your companion. If your visions vary, discuss them and try to find some common ground. By speaking now, you can collaborate to ensure that both of you have the best retirement possible.
5. How do your children feel if you have any?
Discuss your children’s – and your – expectations. For instance, do they expect you to provide child care or other services once you stop working full-time? Determine ground rules and boundaries in advance, if necessary. This can help avoid awkward talks in the future.
It’s natural to be concerned about making the correct retirement choices – these are significant decisions. However, working with your financial advisor can help alleviate some of these concerns and instill confidence in your future course.
How we can assist
By gaining a better knowledge of your retirement goals, we can assist you in developing a financial strategy to help you achieve them.