Getting ready for retirement can be something being looked forward to with anticipation and joy, or it can be a fearful situation with many worries about an uncertain future. Although finances can be a major contributing factor to this uncertainty, this is not always the case.
Preparing for retirement takes a balanced approach to life, as well as an awareness that our current attitude is much more important than our individual circumstances. Even when health is an issue there can be options and solutions available of which we may not be currently aware.
Getting Ready for Retirement with the Proper Attitude
In my article, Semi Retirement Options — More Than You May Realize, I cover some of the practical ways to prepare for retirement. I will also review some financial planning suggestions here as well, but for the moment let’s discuss the importance of attitude.
Even with the most ideal situation for our retirement lifestyle, we will not truly enjoy it without our attitude in place so that we can “allow” joy and happiness into our lives. Instead of striving for more, it’s a matter of living more now regardless of our circumstances.
Although it is always good to improve and expand our situation while doing that we must not forget to live fully in the present moment. “I’ll be happy when ______(fill in the blank)” will not produce a happy lifestyle, and will only set us up for many current and future regrets.
“The attitude is very important. Because your behavior radiates how you feel.” — Lou Ferrigno —
When we have the proper attitude about ourselves, others, and life in general, we are empowered to live fully in the present moment and are much more likely to make good decisions that benefit all. Worry, stress, and anxiety are no longer part of the equation as we are now empowered to look for solutions by asking good questions, and we are not caught up in the morass of circumstances that are actually only temporary inconvenience.
Now we all have many different types of challenges in life, some more severe than others, but with the proper attitude, we are able to know we are doing the best we can. And that is enough. I have been inspired by so many people that have extreme challenges in health and finances, but you would not be able to detect that anything was wrong by their attitudes. I am extremely honored to have met such remarkable individuals.
Getting Ready for Retirement with a Financial Plan
Let’s now cover a few of the practical aspects of getting ready for retirement as it relates to financial planning. There is a ton of information out there as well as many financial advisors/fiduciaries who can be of great help in this area.
Part of any financial plan for retirement needs to include saving as much as you can over the years. Also, with the help of a fiduciary investment advisor, you can get a good idea of what your retirement needs will be. Also, take advantage of the plans that your employer offers if they make sense within the basic investment principles you are learning from your fiduciary financial advisor.
There are a lot of factors to consider and that is why I am stressing the importance of obtaining good financial advice from a fiduciary advisor. It’s important to set yourself up the best you can prior to pulling the plug on your retirement. When your working income stops you have reached the Retirement Cliff. Now your retirement plan kicks in. The better prepared prior to reaching this cliff the better.
At this point we rely on our assets to generate income for us; the distribution phase of the retirement plan. The more reliable and safer the assets are the better in producing income for retirement. In general terms, a retired person will need approximately seventy (70%) to eighty (80%) percent of their pre-retirement income to maintain their lifestyle. A solid financial plan with the correct investment strategies can help satisfy that need.
Any difference between your guaranteed sources of income and what you need to maintain your lifestyle is called the Income Gap. Now the challenge is to fill that gap with the fewest dollars as necessary to maintain your desired lifestyle. Ideally, you want to maximize your return on your safe investments and lower the risk on your more volatile investments.
Then you can leverage your other assets the best you can. This is best done with the advice and experience of a fiduciary financial advisor. In today’s world, it is not easy to find investments that will provide safety of principal as well as a reasonable return. the three things to consider in any investment are safety, liquidity, and return.
Semi-Retirement as a Viable Option
What exactly is semi-retirement? Well, it is staying involved in life through part-time work, volunteering, or a hobby in which we are fully engaged. It is mostly thought of as working part-time after we retire.
This is the most viable option for many including myself. In fact, I prepared for this while working in my main career by setting up a part-time business in which I was able to smoothly transition upon retirement. Now I am able to earn extra income in a business that I enjoy.
What that is will vary person-to-person, but for those who would like to use their knowledge, experience, and skills to create a viable online business, it is important to have a good reliable training platform that teaches the basics of digital marketing and also offer both technical and personal support as you continue to learn, earn, and grow. Click here for my personal recommendation for online training.
Semi-retirement can provide a balance between creating additional income as well as leaving plenty of time for other family and personal fun activities. There are many options available, and it just requires spending a bit of time determining what your ideal retirement lifestyle looks like.
Getting ready for retirement can be a fun adventure in itself given the proper attitude, support from needed professionals, and a financial plan that makes sense for your individual circumstances. There is no need for any stress and anxiety when you realize that you do have options right at this very moment, and it is never too late to make constructive changes.
These are retirement ideas for any age that will empower us to make the most of our retirement years. We can decide on how to best structure our retirement to meet our immediate and future needs and desires.
All the very best in getting ready for retirement or enjoying your current retirement lifestyle.
Joseph William
Click on the Image Above for Online Training information
Hi Joseph. Thank you for very interesting article. Couldn’t agree more that going for retirement is big step in our lives and we do need to start thinking about it years earlier. And obviously we can’t have happy retirement without financial safety. Good advisor and plan is must here, and for sure your recommendations are great help to start thinking about this part of life.
Thanks so much for your comments and thoughts on my article. Planning and goals are important in every stage of our lives so that we are best situated to maximize our skills and interests throughout our entire lives so that retirement itself becomes basically a non-issue. All the best.
I believe that once you plan for your retirement especially with your finances in place you can look forward to a good retirement. Many people don’t look forward to retirement because of not putting a plan in place that can be so scary. Once we plant properly we should look forward to dose golden years where we can live like kings and queens.
Thank you, Norman for your thoughts and comments on my article on planning for retirement. With proper planning and goals retirement becomes an easy transition. All the Best.
Planning makes all the difference! Without a plan, you honestly cannot move forward! “Winging” it can only get you so far before you realize you need to lay out a strategy that will ensure you don’t fall on your face. I’m a constant planner. I think I pick this up from my father, who always had a game plan for everything, including what seems to be the unexpected. Thank you for the article, Joseph, as it helps keep me focused.
You’re welcome, Millie. I agree with you and your dad that planning is essential. All the best.