Retirement is about more than the money
With many retirees expected to spend twenty or even thirty years in retirement, you should have more ambitious goals than being shuffle-board champion of your 55+ community (though an admirable goal). Dream big and work hard to make those dreams a reality. When you retire, it is finally your time. No more alarm clocks to spend eight hours a day doing what someone else tells you to do.
Setting personal goals is tantamount to setting financial goals when it comes to retirement planning. You have spent your entire life saving for this day, make it count. The dream may help you save more in the years leading up to your retirement as well. And, unlike your plans for the $1.5 billion Powerball, these plans can actually come to fruition.
I like to think of these personal goals in three buckets: Experiences, Growth and Contributions. While they may not be entirely mutually exclusive, I’ll give you some examples to consider. Make sure you have these conversations with your financial advisor.
The first big goal is experiences. From the cliché RV trip across the country to finally traveling abroad, retirement is a chance to make this happen. The grander the goal, the grander the price tag, so if you dream to be part of Elon Musk’s first trip to Mars, you’re going to need to save more than if you want to spend a weekend flipping household creations at the flea market. While both are solid, going to Mars is clearly more ambitious.
The second goal is growth. Just because we begin physically shrinking as we age, doesn’t mean we should stop intellectually growing. Have you always wanted to learn a new language? Si, oui, yes? Well, don’t be the crazy old man yelling at kids to get off your lawn, be the crazy old man yelling at kids to get off your lawn in German, Cantonese, Italian or whichever language piqued your interest all these years.
The final goal is contributions. For many, the prospect of living a fulfilling and rewarding life is partially measured by your contribution to those around you, society, the world or a cause. This can be financially or otherwise. In retirement, you finally have the time to volunteer. More importantly, you no longer have an excuse not to.
When you’ve logged your third consecutive game of backgammon by 7am on a Tuesday (because you’re conditioned to wake up early after 50 years of alarm clocks), it’s the perfect time to head off to the nearest intersection and help the school kids cross the street. Maybe you would rather head to school yourself and donate the money to have your name on a building. Or, if you don’t have the money for a building, put your name on a brick. Bricks are good too. Schools need bricks. Florida State University has lots of them.
This list is certainly not exhaustive but it did get me excited about retirement. Until then, I’ll have to settle for helping other people planning their dreams; and maybe adopting some of the good ones.
This article is meant to be general in nature Please consult your financial advisor prior to making financial decisions. Gary Parsons is a Financial Advisor with Waddell & Reed and can be reached at 850.894.9950. Waddell & Reed, Inc., Member SIPC (01/16)
