How much thought have you given to your non-financial retirement planning? There are numerous aspects to consider when planning for your retirement, besides just determining whether you have enough saved up. Listen to our retirement planning coach’s thoughts on the subject by listening to the podcast below, and read on for a transcription!
INTRO: You’re listening to the Coach’s Corner, your trusted source for advice and insight on aging well. Lifeways coach Matt Gallardo has been working in the long-term care industry for nearly 20 years. During his career he has helped thousands of individuals and their families on the journey of aging. His diverse experience, from hospital and rehab settings to senior housing, allows him to share a balanced perspective on aging, along with unique solutions for helping individuals proactively and purposely plan for the future.
And now, here’s your host, Matt Gallardo.
COACH MATT GALLARDO: Hello, this week we’re going to talk about retirement readiness. And I’ll be talking about being prepared in a different manner. First, did you know we’re living in an unprecedented time? We’re all living longer, healthier lives. And the number of people over the age of 65 is as large as it’s ever been in human history.
And that number continues to swell, because over the next 20 years or so nearly 76 million baby boomers will retire. Now that equates to nearly 10 thousand boomers turning 65 every single day until the year 2029 and the leading edge of the baby boom started retiring in 2011. Pretty astounding.
We’ve also come to realize that this group of retirees does not view retirement like previous generations, they don’t see it as an ending but as a transition to a new, exciting phase of life. More and more of them are living 10, 20, even 30 years after they retire. It’s really becoming the new normal.
Therefore, many are or should be looking for better ways to achieve and live their retirement dreams. They should be striving for a more meaningful, purposeful and productive life after their mid-60’s.
But here’s the problem, we often hear that many people spend more time planning a 2-week vacation than they do for their retirement. Now I’m not talking about financial planning. I think it’s fair to say that more resources and time is spent to financially plan for the future. But almost just as important are the number of other aspects of life that are impacted by retirement.
For instance, where will you find purpose and meaning in retirement? How will you handle changing relationships with family and friends? Or what is your plan to satisfy the desire for personal growth and development? What about health concerns, and where do you plan to live?
Again, financial planning for retirement is extremely important to answer questions like, how much will you need to fund leisure time during retirement? Or how much will you need to live on day to day? How much will you need for medical care? And finally, what will be left behind for your family?
But for today’s podcast, let’s focus on non-financial retirement planning. How much thought have you really given to that? I’d say a more popular question regarding retirement is do I have enough money, let’s say for the next 20 years, but your next question should be, what will I do to keep busy, healthy and engaged for the next 20 years.
Part of the secret to a successful retirement is having the insight, tools, and resources to renew and recreate yourself in a phase of life that is no longer determined by your weekly nine-to-five schedule. Initially this sounds great, but in reality it’s very challenging and disheartening for many retirees. Some people lose their sense of identity, their motivation, or their sense of direction or purpose.
Let’s take a doctor for example, let’s say after 40 years of a busy medical practice and a 70-hour work week, that doctor retires. Now I’m sure he’ll have plenty of leisure activities on his or her bucket list but what will fill the void after that? Or fill the need of helping others? Now some people have this figured out, but many are still searching for the right answers.
Another example, let’s say a person retires from a job that they never really felt fulfilled. And now they are retired and they want to try something new or they want to learn more, or they want to live a healthier lifestyle. What will retirement look like to them? Or how about a newly retired husband and wife who love each other but don’t necessarily want to spend every waking moment of the day with each other. What if their health and wellness becomes an issue?
As you can tell, there are a lot of “what if’s” and uncertainties, and finances is not the only issue that warrants pre-planning. Like I mentioned earlier, part of a successful retirement is having the tools and resources to renew and rediscover yourself at this point in your life. So, in a continual effort by Messiah Lifeways Coaching, to change the conversation about aging and to explore and plan for the future, I’m really pleased to announce a new service called retirement options coaching.
This new program is here to help retirees plan for the next phase of life by assessing, focusing and guiding retirees through what we call a life options profile. This concentrates on six key life arenas: career and work, health and wellness, finance and insurance, family and relationships, leisure and social, and finally personal development. I recently become certified as retirement options coach, and I’ll administer the life options profile and will evaluate these six areas that I mentioned, and I’ll provide a personal, practical and relevant self portrait of one’s lifestyle needs.
I’m really looking forward to offering this program to retirees and those on the verge of retirement. If you want to learn more about this valuable program, its costs, or to schedule an appointment, please call the coaching office at 717-591-7225 or email me at firstname.lastname@example.org. If you’ve enjoyed what you’ve heard, head on over to iTunes and hit the subscribe button to the Coach’s Corner podcast and never miss an episode. Or if you have an idea or topic you’d like me to cover please email me at email@example.com. Thanks for listening and until next time, age well.