Retirement Considerations: 6 Questions to Contemplate Before Retirement

Retirement. The word itself evokes peace and tranquility, suggesting a reward after decades of work and stress. But even before you retire, it’s important to know what you want retirement to be about. It might be that you want to travel. Perhaps you want to golf or learn to play an instrument. And maybe — just maybe — you want to continue working.

If you’re trying to figure out your plans for retirement, consider these six questions:

1. Why are you retiring? Some people have tangible goals for their retirement: spending time with family, travelling the world or living at a slower pace. However, if you’re thinking of retiring simply because you’re about to hit age 65 or some other milestone, you may want to consider other options.
2. What will you miss most about your job? Whether as a source of financial comfort, status, or the social connections, the workplace often plays several roles in your life. Think about the positives work brings to your life and identify what you’ll lose when you are no longer working.
3. How will you replace those things from your job? Think carefully about this question: The answer is the key to retirement success. Replicating the things you miss from work can help ease the transition retiring from your job. For example, if you want the status that came with your position, perhaps joining a board of directors or a start-up business can meet that want. If work gave you a purpose to get up in the morning, it may be a good choice to volunteer for an organization that inspires you.
4. What are you most looking forward to in retirement? Whether you think of it as the “30-year long weekend” or you have a bucket list, ask how you want to spend your retirement and what you need to do in order to achieve it.
5. What areas of your retirement life need a plan? Most retirement planning is financial planning, focussed on building a nest egg that is large enough to support you in retirement. But you can’t make a financial plan if you don’t know what you want to accomplish during your retirement. Consider goal setting for each area of your retirement, from volunteering to travel to more time with your extended family.
6. What opportunities do you see in retirement? Instead of leisure activities, think about the life that you want to lead, the values important to you, the opportunities you see and the accomplishments that you want to achieve. Your retirement life is a tremendous opportunity to do new things, go new places and fulfill some of your life’s goals.

Your retirement can be anything you choose — but the most critical component is knowing what you want. Taking the time to think about these retirement considerations is the first step toward identifying what will make you successful.