PLANNING FOR RETIREMENT

You’ve almost certainly heard of the “Baby Boom”, the rapid increase in the number of babies born between roughly the end of World War II and the early 1960s🚼

During this period approximately 76 million babies were born, and today many in this increasingly affluent and savings-conscious demographic are getting set to retire👶

According to the U.S. Census Bureau, approximately 10,000 Americans
retire each day and this number is steadily climbing.

In addition to the large number of upcoming retirees, another factor
is that people are living longer and healthier lives⚕️

The average life expectancy in the United States today is about 76 years for men and 81 years for women (these figures are slightly higher for Canada) compared to an average for both genders of about 68 years in 1950🚻

This means that if people retire at 60-65 years of age they can expect to live
an additional 15 to 20 years or even longer after retirement⚕️

The fact that more people are using their retirement years to recreate themselves and try new things🧳

One of the most obvious concerns of retiring is having sufficient finances to live a reasonably comfortable lifestyle throughout retirement💰

Things to consider before actually taking the retirement plunge:
• Planning for retirement in advance of retiring📆
• Where to live during the retirement years🏠
• What to do with one’s time during retirement⏰
• Possibly working or opening a business after retirement💼
• Finding a sense of purpose in retirement:
• Finding personal fulfillment in retirement
• Finding leisure activities (hobbies, etc.)⛳
• Finding volunteer work
• Deciding whether retirement is the best option:

Retirement Planning📆

• Retirement planning can include a number of different facets of retirement.
• The aspect of retirement that probably first comes to mind for most people is financial planning for the years after a person no longer works at the job they've had for a number of years.
• Identify what they would consider the ideal lifestyle in their retirement years. It's important to start thinking about what you are planning to do after retiring.
• You might decide to take that European tour they’ve been dreaming about for the past 25 years.

Sample Pre-Retirement Questionnaire📆
Are you ready to retire?
Read each statement and decide whether you agree or disagree:

• It's important that I accomplish something meaningful in my life.
• I feel financially secure and ready for retirement.  
• I usually set and achieve my goals.
• My boss/spouse/government says it’s time to retire. (I can’t wait!)
• I find it easy to stay busy when I’m not at work.  
• I have at least one hobby that I really enjoy and can spend hours working on it.
• I don’t need to be the person in control of every situation.
• Someday I would love to travel and see the world.  
• I believe I am in excellent mental, and physical health.

How to Score This Questionnaire💯

• Generally, if a person checks off “Agree” more than “Disagree” then
  they are probably ready for retirement. The questions are designed to discover whether or not you are emotionally and mentally ready
  for retirement. If you agree with most of the statements, chances are
  you have a number of personal resources that allow you to be happy
  and productive in retirement.
• For example, if you like to stay busy, have friends outside of work,
  have a hobby, and so on, then you won’t likely miss the job even
  though you might need to set goals as far as finding something rewarding to do once you’ve retired.
• Some of the statements will help you determine if you are happy
  about the notion of leaving your job. From this assessment, you can
  learn whether or not you miss being in charge of things.
• Maybe you would prefer to stay at the job rather than retire, or whether you have aspirations of owning your own business.