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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.

 

 

Saying Farewell to Volunteer Director Lois Hutchison

On Friday, July 14 we said a fond farewell to long-time Director of Volunteers, Lois Hutchison. Lois started working at Messiah Village in 1989 and worked in several areas until she took leadership of the volunteer office in 2002. Since that time, we’ve recorded an amazing 415,160 volunteer hours that are valued at nearly $9 million! Hundreds of volunteers and residents attended her retirement celebration in the Chapel. President Curt Stutzman and Vice President of Gift Development Sharon Engle both made special presentations.

Lois has poured her heart and soul into volunteers, residents, guests, and fellow colleagues over these past decades and her smile will be missed. Lois plans to enjoy resting, reading, visiting family, and traveling with her husband.

As we wish Lois Godspeed, we remember that volunteers are always needed and most welcome. To learn more about volunteer opportunities, please call the Volunteer office at 717.697.4666, extension 5411.

Preparing for Retirement Isn’t Just About Finances

Our attitude and preparation toward retirement savings is continually evolving as we age.  For past generations the ever-growing need for retirement funding was normally calculated based on varying levels of inflation and cost of living increases. However, this formula has become a bit more complex in the present day. The need for growing retirement funding is not only affected by inflation, but is compounded by rising health care and drug costs, which continue to outpace normal inflation. Furthermore, it is affected by the uncertain future of entitlement benefits like Social Security and pensions, and our increasing life expectancy. In the U.S., the average life expectancy has jumped from 69.77 in 1960 to almost 79 years of age currently¹. A man reaching age 65 today can expect to live, on average until age 84.3. A woman turning age 65 today can expect to live, on average, until age 86.62. We are fortunate to be living longer and healthier lives. But are we prepared? Statistical data suggests that 33% of Americans do not have any money (ZERO!) saved for retirement with another 23% having $10,000 or less in retirement savings. Only 26% report having healthy retirement savings of $200,000 or more.3

Reaching out to your employer’s benefit specialists regarding pension and retirement funding or consulting a financial planner are a must- especially if you think you’re not where you want or need to be. But aside from money, what about the other aspects of life after retirement?

Like most times in life, having the necessary finances to live and play during retirement is crucial, but there are other areas in life that need similar attention, planning and consideration. Despite the average life span jumping as it has, retirement age has not kept pace. An increasing number of people will live 20-30 years past retirement. “Will the money last?” is likely at the forefront for most, but what will we do to fill that time with purpose, meaning and productivity? What will that journey truly look like for 1, 2, 3 or even 4 decades as a retiree? How will the time sustain you? How will it get you up in the morning?

Part of finding this balance and ensuring a positive experience in retirement is changing our attitude toward aging as well as embracing it as a time of gain, not loss. In a continual effort by Messiah Lifeways Coaching to change the conversation about aging and to explore and plan for the future, we’re pleased to announce a new service called Retirement Options Coaching. This new program is here to help retirees plan for their next phase of life by assessing, focusing, and guiding retirees through a Life Options Profile which concentrates on six key life arenas:

  • Career and WorkCertified Retirement Coach Seal
  • Health and Wellness
  • Finance and Insurance
  • Family and Relationships
  • Leisure and Social
  • Personal Development

As a certified Retirement Options Coach, I can now administer the Life Options Profile™ which evaluates these six areas and will provide you with a personal, practical, and 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™ and will enable 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.

Not sure where you stand? Take this simple retirement quiz and see if you are prepared.

To learn more about this valuable program, rates, or to schedule an appointment, please contact the Coaching office at 717.591.7225 or email Coach@MessiahLifeways.org.

¹ World Bank
² Social Security Administrations
3Time.com 1 in 3 Americans Has Saved $0 for Retirement by Elyssa Kirkham / GoBankingRates

 

 

The Changing Definition of Retirement

What do you think of when you hear the word retirement? It may have a negative connotation or be thought of as “the end of the road,” a time of uncertainty, or conversely a time of leisure or overindulgence. It leaves many new and prospective retirees asking “what’s next?” However, we are living in an unprecedented time for retirees, and in the next twenty years 76 million Baby Boomers will redefine what we think about retirement for the better.

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© Copyright 2015 – Career Partners International LLC

According to Career Partners International (CPI), “Because current retirees are living longer, this group does not view retirement as an ending, but as a transition to a new, exciting phase of life! For many, they will spend more time in retirement than in their working life so they’re looking for ways to achieve and live their retirement dreams.”

CPI goes on to say, “Research shows that many people spend more time planning for a two-week vacation than for their retirement. While many resources exist for financial planning, it’s just as important to think about all the other aspects of life that are impacted by retirement.”

Some retirees discover their bucket list and retirement plans do not sustain them for very long. Will finances be sufficient enough for a decade or two, will there be enough purpose and fulfillment? Successful retirement requires significant exploration, guidance, and planning. So rather than dwell on the negative aspects or “kick back” for several decades, forge your purpose and meaning, strive for personal development and growth, and savor new opportunities.

Messiah Lifeways and the Coaching program have been committed to changing the conversation and embracing aging. So, we’re excited to announce that in early 2017 we’ll launch the Retirement Options Coaching program to help retirees plan for their next phase of life by focusing and assessing six life arenas:

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

This Life Options Profile evaluates these six sections and provides individuals with a personal, practical and relevant self-portrait of one’s lifestyle needs and provides insights on transitioning from their current lifestyle to their new retirement lifestyle.

Take a free quiz to see how prepared you are and if you’d benefit from retirement coaching and a Life Options Profile.

To learn more about this new program, please contact Messiah Lifeways Coaching at 717.591.7225 or email coach@messiahlifeways.org.

[adapted from Messiah Lifeways Magazine, Fall 2016, Issue 10]

 

Photo Credit: TCRS