I was asked by Bob Powell, the author of the above titled article, to give him my thoughts on creating a retirement vision for the article he was writing. He asked me not to focus on the “easy” financial part. Here’s what I said:
I don’t agree that getting the money part right is easy. While individuals may think they have a plan, it may not be the right plan. For example, we recently interviewed a soon-to-retire individual who did not have a plan that secures her income. It was clear that she’s afraid to “spend her principal” on the trip she’s been dreaming of; instead, she needs a Plan for Retirement Income in which she’s living off secure income checks.
So my tip to retirees is what I consider a “back from the future” approach that addresses retirement in larger chunks of time:
- Create a Plan for Retirement Income that gets you to a “No Worry” situation when finances take care of themselves
- Consider where to live that will give you the best opportunities to enjoy what you love doing
- Front end your retirement with plans to travel, visit kids or grandkids, and at least one of the things you always wanted to do or see
- Continue your work life as long as possible into retirement and/or volunteering in your areas of interest or expertise
- Challenge yourself with at least one major activity you always wanted to do but never seemed to have time to do so
In addition, whether or not “getting the money part” is easy is not the issue – it’s still very important.