TRANSCRIPT:
Retirement should be a wonderful reward at the end of your working years, but for many, it’s not as simple as just leaving work and instantly feeling happy and fulfilled. Retirement planning involves more than just your finances. If you don’t plan how you’ll spend your time, where you’ll live, what your family situation will look like, and consider your social circle, you could end up with regrets in retirement.
Hi, I’m Hunter Brockway, founder of Boca Retirement Strategies. I’m here to guide you toward a successful, stress-free retirement while helping you spend wisely and avoid excessive taxes. Let’s talk about the mental and emotional side of retirement planning, which, if overlooked, could lead to regrets later in life.
The first key point I want to emphasize is that you retire to something, not from something. If you’re retiring just to quit your job in a hurry, you might find yourself bored in retirement, lacking purpose. If you’re in a difficult situation at work, here’s what I suggest: While you envision your retirement and plan what it will look like, draft your retirement notice. Print it out, fold it up, and carry it in your pocket while at work. This will give you a sense of empowerment and buy you some time as you plan what you will retire to. Knowing you have that notice in your pocket, ready to go, but staying at work by choice, can help you feel in control. Once you’re ready or if work becomes unbearable, turn in the notice.
When you picture your retirement, consider your social circle. Research shows that maintaining a social life in retirement contributes to happiness and brain health, even helping to prevent Alzheimer’s. Make sure your retirement plans include your social connections. Consider what your kids and grandkids will be doing and where they’ll be living. People often move for work these days, and retirees may follow their families to stay close. But the constant moving can be exhausting, and it can also negatively impact your social life and routines.
Lastly, maintaining your health is crucial. You don’t want to be physically unable to enjoy your retirement or have it end prematurely. At age 30, we begin losing muscle mass, so it’s important to stay healthy and active throughout retirement. Plus, staying healthy can save you on medical costs, as people typically spend about 50% of their lifetime medical costs in their later years.
Finally, create a retirement income plan to ensure you can maintain dignity and independence throughout retirement. This financial planning aspect reduces stress and helps you enjoy your retirement. Given market fluctuations, including drops of around 30% once every five years, having a plan to sustain you through inevitable market volatility is critical. In addition to income, have a long-term care plan in place, whether through insurance or options like a reverse mortgage.
What good is all that work over the years if you can’t enjoy your retirement? So, take action. Sit down and envision your retirement, making sure you’re retiring to something, not from something. Invest in both your health and wealth, and make sure you believe in your financial plan to reduce stress during retirement. If you have any questions, reach out to contact@BocaRetirement.com. I’m Hunter Brockway, founder of Boca Retirement Strategies. Enjoy your successful retirement, and thank you for watching. Goodbye.
