A lot of people talk about retirement as if it was a destination of some sort. The problem is most people don’t know what to do once they reach this destination. What we get when we’re working are the things that we take for granted.
We forget that going to work gives us a reason to get up in the morning. We forget that when we get to work that there is a purpose in what we are doing. We forget when we’re working that our colleagues have become like family and very close friends because of all the time we spend together each day. We forget when we’re working the validation, we get from a job well done.
When we retire, we are happy that we get to do whatever we want. We get to sleep in each day if we like. We don’t have a schedule, so our day is totally flexible. This is great at least for a couple of weeks to a month. After that we are looking for things to keep us occupied both physically and emotionally.
The problem is we really forgot to plan the emotional side of retirement. We may have spent 25 to 35 years working and saving so that we are financially ready to retire when we decide we’ve had enough. That was a great plan until we actually retired.
Now what? There may be many reasons why you chose to retire at this point of your life but now you have to figure out the now what? What’s next? Many people think they will have the time to finally get some of the projects done around the house.
Other people think they will fill up their time with some of their hobbies such as golfing, fishing, travelling etc. Eventually those same people are starting to get bored because the seasons change, and they find they can’t do or they don’t want to do these things absolutely every day. For some it may start to feel like work.
So how do you know if you know if you are emotionally ready to actually pull the plug on your career. Some people are really good at retirement. Others not so much. You have to make sure you plan so that you’re in the percentage of those that made your retirement destination a time to enjoy.
What’s the difference between the two groups? The ones that are emotionally ready for retirement are the ones that started planning a few years in advance some of the things that would help them acclimatize to not going to their job every day. For the other group they never gave retirement much of a thought but knew because of proper financial planning they could and so they should retire.
People shouldn’t retire just because it’s acceptable to retire at a certain age if you can financially afford to. Retirement is not necessarily your reward for putting in all your years of service.
The biggest reward could be continuing to work if it satisfies all your emotional needs. Retirement is best suited to people that have planned emotionally for replacements of all that their careers gave them. Think about why you want to retire before you actually take the plunge. Be emotionally ready so that you can enjoy everything retirement has to offer.
Linda J. Levesque, CFP®, FMA, FCSI®
Sr. Investment Advisor
iA Private Wealth
Insurance Advisor*
iA Private Wealth Insurance
One Corporate Plaza, 2075 Kennedy Road, 5th Floor, Toronto, ON M1T 3V3
Tel: 416-412-8018 / 1-800-322-4030
Fax: 416-332-6772
linda@levesquewealthplanning.com
Daniel Fearon, MBA, CFA, CPA(CA)
Sr. Investment Advisor
iA Private Wealth
Levesque Wealth Planning
One Corporate Plaza, 2075 Kennedy Road, 5th Floor, Toronto, ON M1T 3V3
Tel: 416-412-8018 / 1-800-322-4030
Fax: 416-332-6772
daniel@levesquewealthplanning.com
‘Saving Today for a Richer Tomorrow’®
WANT TO USE THIS ARTICLE IN YOUR WEB SITE?
You can, as long as you include this complete statement with it: Linda J. Levesque and Daniel Fearon, are Senior Investment Advisors. Linda J. Levesque is an author of The 5 Minute Wealth Plan, Saving Today for a Richer Tomorrow®, in The Road to Success with Jack Canfield and in The Authorities, Powerful Wisdom from Leaders in the Field. If you’re ready to jump-start your life, have more fun and joy in all that you do, get a FREE consultation from Linda J. Levesque and Daniel Fearon.
iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operates.
This is not an official publication of iA Private Wealth and the information and opinions contained herein do not necessarily reflect the opinion of iA Private Wealth. The particulars contained on this article were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Private Wealth, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this article is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered.
*Insurance products are provided through iA Private Wealth Insurance, which is a trade name of PPI Management Inc. Only products and services offered through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund.
Recent Comments