Everyone has a different version of the perfect retirement. Regardless of how much money you have stashed away before entering the new chapter of life, your retirement cannot be perfected without a vision.
Your vision should encompass your values, new sources of comradery, consideration of your overall well-being, and someone to hold you accountable for reaching for your retirement goals.
Here are 5 ways to discover the “why” behind your retirement planning.
1. Analyze Your Values
First things first: use your values as the guiding principle for your retirement planning. When you only focus on growing your nest egg for retirement, you neglect elements that build a rich and rewarding transition.
To determine your top values, ask yourself:
- What are your post-work life goals?
- What activities give your life a sense of meaning and purpose?
- During retirement, what do you what to focus your time and attention toward?
Envision what you want your life to look like during retirement. Instead of just saving your money, you’re creating a comprehensive plan for the next chapter of your life.
Taking a values-driven approach to retirement planning allows you to prioritize your spending, learn new ways to grow your money, and push harder toward your retirement goals. The outcome of your retirement planning isn’t just a number on your bank statement, it’s a life to look forward to.
2. Consider New Ways to Engage in Your Community
If you’re moving from a full-time job — with connections around you all day — to a quiet retirement, finding replacements for your daily interactions might be important to you. Many retirees participate in community events to provide a greater sense of purpose and extend their network outside of their professional persona.
To find the upcoming happenings in Denver, some great resources to check out are:
- Colorado’s Nonprofit Association’s community event calendar
- Eventbrite’s list of events in Denver
- Denver.org’s community event calendar
- Denver Post’s calendar of events
By planning for community involvement during your retirement, you can enhance your emotional and spiritual needs, and live out your version of the perfect retirement in Denver.
3. Don’t Neglect Emotional Planning
If you were to visualize your retirement right now, is it full of questions marks? Unless you’ve created a comprehensive retirement plan, chances are there is uncertainty about the next chapter in your life. For some, these blank spaces create anxiety.
An article by AARP suggests those planning for retirement often share three common fears:
- The loss of professional status that's tightly bound to self-image
- Change, in general
- Concern over how to spend the extra time
A perfect retirement should take into consideration your mental well-being to limit this anxiety. One way to cater to your emotional well-being is to focus on activities that promote health.
Consider your existing health routine:
- Are you a member of a gym?
- Do you enjoy a weekly golf game?
- How are your tennis skills?
By focusing on your physical well-being, it can translate into long-term emotional well-being. That’s because exercise produces endorphins––the hormones that make you feel good–– which defends you from unnecessary stress so you can make your transition into (and life during) retirement more enjoyable.
4. Meet with Someone Who Helps You Plan Comprehensively
Attempting to plan for retirement on your own can be a costly mistake. By working with a wealth advisor who looks at your comprehensive retirement needs, you can develop a financial plan that brings your values, mission, and goals to fruition.
Our Denver wealth management firm creates custom retirement plans that look at six key elements:
- Your financial starting line
- Protecting what’s important to you
- Enhance your wealth
- Managing your taxes
- Plan for a perfect retirement
- Preserving wealth and creating a legacy for years to come
Our personal and customized approach to wealth management means we guide and advocate for you as you take strategic steps to meet your goals of a perfect retirement in Denver.
5. Keep Checking in with Yourself
Successful retirement planning isn’t a one and done situation. Instead, it requires daily effort to measure your progress and realign your habits to keep on track with your retirement goals. We also recommend meeting with a personal financial advisor at least twice a year to check in on your savings and investing strategies.
For peer support as you work toward your goals of a perfect retirement, try AARP’s online community that connects you with others going through the same life changes. Online communities are a great way to share ideas, tips, and strength as you transition out of the workforce and into your perfect retirement.