An Invitation:
Reimagine Retirement
Notes
Words matter. They can shape our expectations and choices. What is your word for this
time when routines, patterns and paychecks change? When you get friendly with the idea
of adapting to whatever comes your way, you become confident that you are capable of
continued reinvention at any point.
RetirementStop working
Be pensioned off
Step down
Go away
Rewording RetirementRewire
Re-create
Reset
Revisit
Retune
Revise
Rethink
Reinvigorate
Reframe
Reorganize
Reinvent
Notes
Retirement: The Old ViewI will no longer earn a paycheck.
I’m relieved to step out of the daily grind.
I will completely stop working and use my financial resources to provide for my living expenses.
Retirement: The New ViewI will find my vision for the rest of my life.
I’m looking forward with enthusiasm.
My vision could include continued work, leisure time, learning, or any activities that are meaningful to me.
This isn’t an ending; it’s a transition to the next thing.
This conversation is the active exploration and mapping of
various scenarios and possibilities, where your personal
desires meet your financial realities. It’s OK if you don’t have
all the answers, and it’s OK to change your mind.
• Give yourself room to back up and turn around.
• Bring back the vigor and passion.
• Get in better mental and physical shape.
• Stop worrying and get excited.
• Find new people to hang around with.
• Spend time making a difference.
• Have more fun!
Notes
For a moment, look at life as a journey upon a winding river.
The water flows with the direction of our natural inclination to
move forward, but it meets obstacles along the way. What we
encounter as resistance actually creates opportunities to find
the best workaround, so we can continue making progress.
Notes
Now, if you think of retirement as the point where the river begins to widen and branch off,
you’ll see so many possible destinations. Some of them are lovely, and some are to be avoided:
• The wide-open ocean, where you really need a sound navigation plan.
• A quiet cove, where you can live a contemplative life.
• A tropical resort, where every day brings new games and parties.
• An island, where you can gather those closest to you.
• A riverside village, where you become part of the community.
• A murky pond, where you become trapped in the stagnant waters.
• A raging waterfall, where you lose all control.
Notes
As you approach the decision-
making stages in anticipation of
retirement, it’s wise to pull your
boat into a safe port to
consider the options. Ask
yourself where you really
want to go.
This is when you need your
river guide, someone who
helps you navigate, who
knows the water and knows
what’s ahead, who is in your
boat to make the journey safer
and more enjoyable for you. You
chart your course together.
Notes
This exercise is designed to allow a trained Financial Transition Planning
professional to help you imagine and map out the route to your next chapter
of life. Transitions are not permanent. Transition is the time between the way
life used to be and the way it will be in the future.
The purpose of this conversation is to figure out what kind of retirement
experience you wish to have and where money fits into the retirement
experience you’ve imagined.
Community: The social element of retirement, which includes meeting new
people, taking a class, and getting out into the world. If your job got you out of
the house, you may not have had to think much about community. Now that
you’re retired, you may have to.
Control: Being the boss of your income, your health, and your schedule. When
you’re in a space of autonomy, you make decisions for the right reasons and
you’re equally free to make changes and adjustments when necessary.
Contribution: It’s crucial to have a purpose, and to be part of something bigger
than yourself. Volunteering your time or expertise actually raises your happiness
set point. Those who are most satisfied in retirement are those who have found
ways to give back.
The Three C’s
Think of Flow as a sustained feeling of connection and vitality. If
this is your idea of a desirable experience in the upcoming
chapter of your life, then make it happen by intentionally
adding activities and commitments that have four
components:
1. Routine. The pursuit is regularly scheduled, but
not necessarily daily or weekly.
2. Social. The activity involved interaction with
other people – some just like you, and some very
different.
3. Challenging. The endeavor helps you learn
someone new or meet a goal, whether your own or
an organization’s.
4. Measurable. There is some way to measure progress,
achievement, or success.
Psychologists tell us that pursuing activities with these four
components produces a feeling of well-being and energy.
The Three C’s in Action: Seeking Flow in Retirement
Notes
#1: What does retirement mean to you?
#2: If you had unlimited resources, what would you do?
#3-6: If you found out you had to retire in one month, how would you feel about that? What would you be excited
about? What would you miss? What would worry you?
Questions for Retirement Planning
Are You Ready to Retire?How do you define ready? Retirement readiness is more than having enough money, though that’s part of it. On
the next few pages, you’ll find several categories of retirement readiness questions you can begin to ask:
Notes
Are you looking forward to retirement?
Are you planning to work after retirement?
Have you shared your decision to retire? If so, with whom?
Is your spouse/partner retiring with you?
Have you examined needs that are currently filled by your job (productivity, structure, purpose) and planned how to meet those needs during retirement?
Is anyone financially dependent upon you (parents, adult children, grandchildren)? Have you discussed how/whether that might need to change if you retire?
Have you explored how your retirement will affect your relationship with your spouse/partner?
Personal/Relationships:
Do you have a clear idea of your income streams?
Do you have a solid understanding of your expense needs once you retire?
Have you discussed maximizing your Social Security benefits, including the best time to begin taking benefits?
Have you confirmed other retirement and pension benefits?
Financial:
Notes
Have you thought about your housing needs now and in the future?
Have you considered where you might like to live in retirement?
Have you explored interesting alternatives to your current living arrangements?
If you are staying in your current home, is it equipped to “age well” with you?
What are the public transportation options, in the event you no longer drive?
Housing:
How would you describe your current level of activity and your overall wellness?
What level of energy will you need to pursue your interests in retirement?
Do you want/hope/need to make any changes to your personal habits, to become healthier in retirement?
Do you know when and how to sign up for Medicare, and have you explored supplemental insurance options?
Physical Energy/ Health
Have you considered the amount of additional time you’ll have, and how you want to use it?
Have you explored new activities and hobbies, and started experimenting with some?
Have you developed a daily/weekly activity plan?
Have you identified meaningful activities that will give you a reason to get up every day?
Daily Life:
Notes
The “How Much?” Questions
How much house can I afford?
How much do I need to save?
How much can I spend?
How much income can we count on from investments?
How much can I give away?
How much insurance do I need?
How much will I need for my children’s/grandchildren’s education?
How much money will I have at a specific age?
Stress-Testing Your Scenarios
The “What If?” Questions
What if I change careers and earn less money?
What if I take some of my retirement money to invest in my professional development?
What if I retire soon and start working part time?
How long will my money last?
What if the stock market goes down?
What if I don’t get the lump sum from inheritance/sale of a business?
What if I get sick?
Notes
The Value of the River GuideYou’re smart. Why hire a guide to help you navigate this part of your life?
The guide knows the river and knows what’s around the next corner. The guide also
understands when it’s best to get out of the boat and survey the situation, so you’re not forced
to make decisions when you’re flying down the rapids or plunging over a waterfall.
A wise guide understands that everyone navigates the river in their own way. Your guide –
your Financial Transition Planning professional – is here to help you find your way.