Retirement Planning: Tools for Creating a Blueprint for Your Ideal Life

Create a Plan for a Meaningful Retirement

Contents:

  • 1. Have a Sense of Purpose and Meaning
  • Need Prayer?
  • Want to Have a Good Retirement? 50 Tips for a Healthy, Wealthy and Happy Retirement

    • He loved the corporate training company that he owned in Cincinnati, Ohio, but his wife, Cindy, a university professor, wanted to retire to a new community. Fink recalls attending a lecture at the Osher center, where a speaker mentioned that women tend to handle transitions better than men because they're more likely to have social networks.

    Something clicked for him. After several months of research, Fink "cajoled" a group of nine other retired men to join the first Men's Wisdom Works group.

    That was in October Today, 11 groups totaling retired men—ages 55 to older than 90—meet for two hours twice a month. The groups also go to ballgames, hike, and meet regularly for meals where they discuss everyday topics such as sports and the news. The support groups help the men "find avenues to establish meaning" in their lives, Fink says. Fink says these relationships gave him the confidence and sense of well-being to pursue new interests. He took a stand-up comedy class and is participating in a personal storytelling group. In their quest for a meaningful retirement, many new retirees look for activities that provide for the greater good or connect to a long-held passion.

    Sally Conkright had held top management jobs at large companies for decades. In , after a corporate restructuring, she decided to retire.

    With a Little Help From Friends

    Unsure what to do next, Conkright, now 61, who lives in New York City, sought the guidance of New Directions, a Boston firm that helps executives navigate career transitions. Extensive coaching confirmed what she was already thinking: She wanted to work for a nonprofit. Early in her career, Conkright worked for a health care company and wanted to return to the field. Through her connections, she found paid part-time work consulting on strategic planning for two medical centers in Brooklyn. Conkright also is using her executive skills as a volunteer for two nonprofits in Marion, Mass.

    After she retired, she was invited to sit on the boards of directors of the local historical society and the Buzzards Bay Musicfest, an annual four-day concert series. Today, Conkright is president of both. She never played an instrument, but she always loved music. The Musicfest board job "melded with one of my passions," she says. Need guidance with your quest for self discovery? You can hire a coach, enroll in a life-transition program or go to a retirement workshop. Or you can visit a financial life planner who will help you figure out your passions and ways to afford them.

    Twice a year, about two dozen retirees and those approaching retirement visit Asheville for a weekend program called Paths to Creative Retirement http: Participants engage in exercises that probe everything from fears of loneliness to fantasies of taking risks. They circle the dreams they would like to pursue in the next few years, and then choose the three most important dreams and list steps to make them come true.

    If one of your top three is spending several months making pasta in Tuscany, Frank says, you need to figure out how to make it happen. How do you find out if there's a course you could take? What kind of arrangements would you need to make? Thinking through the practical steps helps participants realize that a dream "doesn't have to seem insurmountable," Frank says. Unlike the Asheville program, New Directions www.

    Preretirees are likely to enter the Life Portfolio program, which helps participants find a mix of activities that provide meaning—perhaps some income-producing work, ongoing learning, more time for recreation and family, and community service. Clients are given exercises to help them dig deep to determine their values, motivations, aptitudes, interests and skills. They also undergo extensive interviews with the senior consultant and a psychologist. In addition, the organization interviews a group of friends and relatives who know the person well.

    Shepard says clients explore what may have been left undone and what engaged them even in their childhood. He also helps them figure out their "drivers. He recalls his dad talking about the business at the dinner table. Decision-time came sooner than he had planned when his bank underwent a restructuring. While considering a senior executive position at another bank, Dawson went to New Directions to ponder his priorities. In the end, he decided that he did not want to commit to working 50 to 60 hours a week for the next several years. He preferred to spend more time with his wife and two adult children and pursue some interests he had postponed because of his time-crunching career—stand-up paddling, bike riding, learning a new language and taking up the piano.

    Today, Dawson, who lives in Beverly, Mass. Perhaps you need help figuring out what you want to do in retirement—and you need some financial advice as well. You can see one of a growing number of "financial life planners," mostly fee-only certified financial planners. These advisers help you determine what kind of life you want to lead—and then design a financial plan that will enable you to pursue it. The movement is the creation of George Kinder, president of the Kinder Institute of Life Planning, which has trained financial advisers in 25 countries.

    A happy retirement is no longer really about sitting with your feet up and watching the rest of the world whiz by. This is the time to do what you want with the experience-laden good sense to appreciate it. How to be happy in retirement?

    1. Have a Sense of Purpose and Meaning

    Here are 50 retirement tips that can help you have a really good retirement. Make this the best time of your life! Make every day meaningful. Oxford University suggests that a meaningful life lessens the effects of aging. And, research from Patrick Hill and Nicholas Turiano found that people who have a sense or purpose or direction in life outlive their peers. In fact, people with a sense of purpose had a 15 percent lower risk of death, compared with those who said they were more or less aimless.

    It could be in their 20s, 50s or 70s — even when controlled for other factors that affect longevity like age, gender and emotional well-being. The study found that a sense of purpose led to a longer life.

    How to Craft a 5 Year Plan - Brian Tracy

    Explore 3 ways to find meaning. However, retirement is the time to have the best plan possible. You want to spend this time of your life doing what you want to do and you want to make sure you have the finances and wherewithal to achieve what is important. A retirement calculator can help you achieve the best retirement plan. Working with a financial advisor is another excellent way to achieve your goals.

    Perhaps the best way to plan for retirement is to visualize your future — really think about the details of who you will be, where and why. Being able to imagine now who you will be in the future and what your needs and desires will be at that time is perhaps the most important aspect of planning. Explore these 7 ways to visualize your future so that you can create and achieve a secure and happy retirement! Yet the vast majority of people have not factored health care costs into their retirement planning.

    So, the best retirement plan involves not just your finances but also ways to stay mentally and physically healthy. Gardening, walking, joining a gym, eating healthy are all proven ways to stay physically healthy. Staying vital, having a purpose and challenging yourself mentally are great ways to maintain your mental health. If you can live on a little less than you have been planning, then retirement can be a lot closer than you might have thought possible.

    Cut expenses dramatically and the time to retire might be tomorrow. Try making exercise something you look forward to instead of something you have to do. Instead of walking trudging on a treadmill, take walks through the park or go for mini hikes. Still does not appeal to you? Why not listen to music or — better yet — bring a friend along and talk and laugh as you get the heart rate going. Best of all, there is a bonus to the fun! Research from Cornell Food and Brand Lab found that those who think they are having fun while exercising end up eating less than those who are doing it for exercise.

    Many research studies have found that how fast you walk after age 60 is a good gauge of longevity. Apparently your walking speed can predict dementia, shorter life spans and depression. In one study, published in Neurology , researcher, Dr. Esteemed economists like Nobel Prize winner Robert Merton believe that it is more important to estimate and plan for your retirement income needs than worry about investments and how much you need for retirement.

    He recommends dividing your income needs into three categories:. The best retirement plan insures that you have enough income to cover your expenses. A retirement calculator can help you figure out how much income you need. Or, explore 12 strategies for lifetime income.

    Retirement is not always about scrimping and saving. Many people are lucky enough to be able to increase their wealth throughout retirement. Bud Hebeler was one such guy. Read his advice — 8 tips — for having more money at 80 than he did when he retired. It can be difficult figuring out just what to do with your time once the 9 to 5 is over and done.

    Retirement is a major life change, and not all of it is fun. But with a schedule, you can help avoid the boredom and restlessness that comes with switching from a busy life to one where busyness only happens because you want it to. Studies have shown that a structured life is one of the keys to happiness. Work usually imposes a schedule and structure on your life. When you retire, you are faced with days and evenings at your leisure. While you may find this novel and a bit exciting, you may want to define some specific routines to maintain order and structure.

    New lists about the best places to retire are common. While it is possible that you already live in the best place for you, it is also possible that there is a better place for your retirement. Best of all, relocating may give you more money for retirement expenses if you manage to downsize or move to a more economical location. Downsizing can free up your time. Not sure where to go? Try this Retirement Destination Checklist or find out why more seniors are opting to age in place — stay in their homes.

    According to surveys of NewRetirement users, knowing how to have a good retirement typically involves figuring out how to travel. Travel is clearly the most popular and desired pursuit for this phase of life.

    Need Prayer?

    What debt do you have outstanding? A Roth IRA, funded in your twenties or thirties, is an incredible deal. Because they are so potent yet flexible, you should make a serious effort to start funneling money into one as soon as you get your debt under control and emergency savings up to a reasonable level. Perhaps you need help figuring out what you want to do in retirement—and you need some financial advice as well. Consider these to be normal growing pains—chances are, it's your first experience setting and living on a serious budget. He'll keep your ideas in mind, but "blueprints are so restricting," he says—he wants to have the freedom to be spontaneously creative as the house is being built. The new SMI Managed Volatility Fund may be a useful tool for the stock allocation of those at this stage, since it attempts to offer some downside protection while still pursuing the Upgrading strategy.

    From day trips by car to round the world journeys, retirees have wanderlust! Anything is possible with the right prioritization. Achieving what you want out of retirement can be a matter of setting a goal and then prioritizing that goal above everything else. Using a good Retirement Calculator can help you visualize what you need to do to achieve whatever is important to you.

    When you learn to tap this source, you will truly have defeated age. Really interesting retirement happiness research from Becca Levy, an associate professor of epidemiology and psychology at Yale University , shows that Sophia Loren was onto something. Levy has found that when older adults think of getting old as a positive experience — being about wisdom, self-realization and satisfaction — then they:. Research from the Institute on Aging at Boston College found that grandparents who were able to both give and receive support from grandchildren are less likely to be depressed.

    Moorman, an assistant professor at Boston College. If you have grandkids, spending active play time with them can help you stay healthier. It may seem obvious, but it is actually important to remember to include loved ones — especially spouses — in your retirement planning. A survey by Fidelity Investments found that finances and retirement planning are extremely difficult subjects for married couples. Going through a retirement calculator can be an excellent way to really get into the details with your loved one s.

    Just make sure you use a retirement calculator for couples. Here are more reasons it is important for couples to discuss retirement plans. If you are single, here are tips for you. Much new research indicates that you are who you think you are. The power of positive thinking is turning out to be very true. The Journal of the American Medical Association reports that seniors with a positive bias toward themselves and life are 44 percent more likely to fully recover from a bout of disability than someone with a negative outlook. Keeping your retirement goals front and center is important. Some people write down their goals, keep a budget or plan.

    Other ideas include creating a Pinterest board with your retirement goals or finding a famous retirement quote , a funny and inspirational quote about retirement and aging or a quote about the pros or cons of retirement and putting it up on your refrigerator. Seniors are an all too common target of fraud. Some estimates range as high as 5 million elders who are abused each year. One study estimated that only 1 in 14 cases of abuse are reported to authorities. Marriage is good for you, and so are long-term relationships. This Psychophysiology study points out that while stressful marriages are detrimental as we age, strong relationships with a partner help in nearly every aspect of life.

    Additional research from Harvard Medical School found that men who have marital partners live longer than men without spouses. Even though you might spend every day together once you retire, date night is something different and special. Research shows that most people spend more time buying a TV, making a restaurant reservation and planning a vacation than they do planning their retirement.

    Planning, assessing and updating your retirement plans should be on your monthly checklist — even after you retire. It is important to check in with your budget and investments and adjust as necessary. Online tools like retirement calculators can help. Consider the importance of a quarterly retirement plan review! There are so many questions. Still worried about spending? Here are 6 ways to overcome the terror. Research abounds on the benefits of being social as we age. The links between healthy social relationships and better health are well established.

    One study from the Pennsylvania State University found that when the social activities are linked to physical exercise, even more benefits are achieved.

    Want to Have a Good Retirement? 50 Tips for a Healthy, Wealthy and Happy Retirement

    And, it turns out that the opposite is also true. Researchers at the University of Chicago found that loneliness in older people may increase the chance of death by 14 percent. Psychologist John Cacioppo says that loneliness may have twice the impact on early death as obesity and is as damaging as disadvantaged socioeconomic status.

    Whether you are an introvert or an extrovert, maintaining friendships is actually critical to your health and well being. You need people you can rely on emotionally and for real life help. And, believe it or not, science says that you are way better off when you have people who rely on you! It turns out that there are some powerful benefits to have younger and older pals — a sense of vitality, energy, different perspectives and more.

    Get inspired by some beautiful stories of friendships across generations. The later you start Social Security, the more monthly income you will receive. You might be eligible to begin benefits at 62, but delaying the start of benefits can reap big rewards — especially if you are a woman. Calculate your most optimal start date and explore spousal benefit options before committing.

    Many seniors make some kind of career change and work because they love what they are doing. The additional income is good, but it is often the satisfaction of a job well done that keeps them working. There are so many benefits to working past the traditional retirement age. Research found that that Boomers who are working with a financial advisor are twice as confident about having sufficient savings for retirement than their peers who are planning retirement on their own.

    Worried about what to expect? Be prepared — learn about all the questions you should ask a financial advisor as well as what they are going to ask you. The costs of being a caregiver can be overwhelming. There is the extreme emotional turmoil but there are also serious financial concerns — from money spent out of pocket and from time spent caregiving instead of earning income. While you may only be able to think about how to help the person you are caring for, there are steps you can take to protect your own retirement.