Retirement Planning: Beyond Dollars & Cents

“Retirement is a time of great change, and a chance to begin an exciting new phase of your life. But like anything done well, it takes planning. While everyone thinks they are ready to retire, not everyone is truly prepared.” – Retirement Options Coaching

Financial planning for retirement is crucial. It takes center stage in retirement preparedness, as it should. Concerns such as, “have I saved enough, will I be able to cover [my/our] medical bills, or will I have enough to leave to my family?” are tough questions to plan for and to truly answer. To compound things further, despite the average life span in the U.S. continually climbing in the last 50+ years, retirement age has not kept pace. Therefore, an increasing number of people are living well beyond their expectations in retirement – sometimes 20 to 30+ years longer. And because they were not expecting to, they were wholly unprepared. A number of recent studies, including one from GoBakingRates.Com show that 1 in 3 Americans have no money saved for retirement, and the large majority don’t have enough saved. So without question, many of us need to do more (maybe a lot more) to get prepared. Hop to it!

But to narrow the point for this article, let’s be positive and assume you’re not a part of the unprepared mass, and you’ve taken the necessary steps towards financial preparedness. Now it’s on to the next step in retirement planning.

Embracing non-financial retirement plans and expectations

There are many other significant areas in retirement life that also require attention, planning and consideration aside from finances. We know many are financially unprepared, so it’s likely, many including those who are financially prepared, have done little to no planning or even considered asking other questions about their own retirement. ”What will I do to fill that time with purpose, meaning, and productivity? How do I plan to stay healthy, engaged and even flourish in retirement? Can I or must I reinvent myself? Do I need to work? What will that journey look like for possibly 10, 20 or 30+ years in retirement?”

Part of finding this balance and ensuring a positive experience in retirement is changing our attitude toward aging and embracing it as a time of gain, not loss. Messiah Lifeways, Coaching in particular, believes in changing the conversation about aging. In late 2016, we began to offer the Retirement Options Coaching (ROC) program to reinforce this ideal. ROC helps retirees plan for their next phase of life by assessing, focusing, and guiding retirees through a Life Options Profile™ which concentrates on 6 key life arenas:

  1. Career and Work
  2. Health and Wellness
  3. Finance and Insurance
  4. Family and Relationships
  5. Leisure and Social
  6. Personal Development

A Life Options Profile evaluates these six parts of retirement and provides personal, practical, and a relevant self-portrait of one’s lifestyle needs and strengths. It also provides insight and guidance on transitioning from your current lifestyle to a new retirement lifestyle. Suggested reading, powerful questions and client exercises work in conjunction with the Life Options Profile, which enables retirees to examine and plan for a more fulfilling, healthy, and productive lifestyle and can help balance many of the other attributes vital to a successful retirement.

How can you tell if you are prepared? Answer these eight short, seemingly straight-forward questions to help you determine if you are retirement ready.

In retirement, do you have a plan for…

…exercising your mind for continued, personal learning? Yes or No

…changes in income, health and/or lifestyle that may affect your financial security?  Yes or No

…maintaining your sense of purpose and self-worth? Yes or No

…how you will purposefully spend your time with fulfilling activities and interests?  Yes or No

…interaction with others to build and maintain enjoyable relationships? Yes or No

…managing family commitments to aging parents, children and grandchildren? Yes or No

…where you will reside? Yes or No

…making adjustments to ensure a healthy attitude towards life and retirement? Yes or No

Give yourself 1 point for each question you answered ‘yes’ and zero for ‘no.’ Then add up the total. If you scored a 6 or under, you could benefit from taking the Life Options Profile assessments and working with a Certified Retirement Coach to develop a personal retirement plan. To learn more about this valuable program, rates, or to schedule a free 30-minute consultation, contact the Messiah Lifeways Coaching office at 717.591.7225 or email Coach@MessiahLifeways.org.