What should you know?
Recent research shows that more and more people are continuing to work or returning to work in what would traditionally be considered their ‘retirement years’ (after age 65).
In some cases it is a lack of resources and a failure to plan that forces people to continue to work deep into their twilight years.
However, in many cases, it is entirely through choice. 45% of retirees surveyed in the T. Rowe Price Retirement Saving & Spending Study said they chose to work for the social and emotional benefits.
This correlates with the natural emotional stages of retirement. After the initial elation, many people suffer disenchantment due to a lack of purpose and fulfillment.
Why should you care?
It is a common goal to strive for an early retirement. Who wouldn’t want the option to stop working and put their feet up?
It actually turns out that many retirees don’t take time to consider what a rewarding retirement should look like and are left unfulfilled, lacking structure and a purpose in their lives when they stop working.
Planning what you wish to do after you stop working is just as important as planning how to get there.
A complete financial plan goes beyond the numbers. It doesn’t only plan how you will spend your money, it also addresses how you will spend your time.
Only with both aspects well thought through can you ensure a fulfilling and happy retirement.
