When asked when they want to retire, most individuals respond in one of two ways: when they reach a particular age or have a specific amount of money.
Fremont, CA: Retirement may be a long-term journey, so it's critical to be financially and emotionally prepared. The five W's of retirement—why, who, what, where, and when—can help users clarify their vision for the years ahead.
• Figure out why you’ll be getting up every day.
When asked why businesses are retiring, including what users want to gain from their retirement.
Certified Financial Planner said one guy in a focus group of recent retirees declared had failed retirement. Users had enough money to retire, but it took a little while for him to find himself moping around the home with nothing to do. Users failed because they needed to consider what gave them meaning and fulfillment.
The why provides context for individuals to have a purpose to get out of bed in the morning. Thinking about the why helps people discover what gives them meaning and satisfaction and then prepares them to ensure they have sources of meaning and fulfillment after retirement.
• Determine who will be in your life.
Users are staying in folks because they are retiring. Determine who users will surround themself with in retirement and the nature of those connections before making the change.
If one is married, their partner will undoubtedly be involved. But it's also worth considering who else will be in the mix and whether their interactions with them need to change. It's not simply going through the list of individuals users will see daily but thinking about the relationships themselves. How will those connections alter, and what can they do now to prepare?"
• Plan what you’re going to do.
Users know what they won't be doing when their retire: going to work. However, it is critical to consider what they will do with all of your spare time. This question relates to why one is retiring and what offers their purpose and fulfillment.
Are they going to travel, spend more time with their children or grandchildren, pursue new interests, or cross items off their bucket lists? They may begin volunteering or working part-time, and the options are limitless.
• When retire is about more than just money and age.
When asked when they want to retire, most individuals respond in one of two ways: when they reach a particular age or have a specific amount of money.
While such statistics are helpful beginning points, deciding when to retire is more challenging. There is no set age or money number for when users should pull the trigger, but it does require preparation.
Work gets included in one-third of people's retirement plans, and others intend to volunteer for companionship and the chance to give back. In any case, you should know what you're retiring to.
