Countdown To A Successful Retirement – Finance Commentary
February 23rd, 2018 CEO
By Aida Mounkes
For so many retirement is a dream. Something that other people can do. Then for others retirement might be a reality but how do you know when you are ready? It is a very different subject altogether when you are talking about being able to afford retirement.
The most successful retirements go through an emotional process. An almost five step emotional process much like the emotional process for grieving. Retirement is a completely different chapter to your life so I choose to think of it like a countdown. So let us take a real look at the emotional countdown to retire!
Step 5 – Dreamers
People believe that retirement is a word that they hear, but do not actual believe it is for them. This is the stage where people believe that they will be working until they die! No matter what they do, they will never be worthy to retire.
Step 4 – Believing is Seeing
In this step, many people have been seeing their friends or family members retire. “They aren’t all that different from us.” “If they retire why can’t we?” These questions come up. This is when the belief that retirement is at least a possibility.
Step 3 – Affordability
This is where the professionals come in. Most people seek the help of HR or a Financial Planner to see if they really can afford to retire. The professionals will calculate estimates for retirements, pensions, 401k, IRAs, etc. In this step, the belief becomes reality. Knowing your retirement Income needs and seeing the numbers of the estimates fortifies your realities for the future.
Step 2 – Bargaining
With estimates in hand, bargaining between couples getting ready to retire is common. Life Insurance or a separate annuity? Cash out of the Retirement Savings Account or leave it in the fund. In the process of making these decisions, something happens that many do not realize. Plans start happening. Plans to travel. Plans to volunteer at your favorite charity. What your schedule will be like, etc.
Step 1 – Love
Knowing you are ready to retire is like being in love. You know that this is the person for you. No one can tell you different. Just like you have that knowledge. You know when you are ready to retire. Nothing can distract you from your goal to retire. Usually, the week of your retirement date you can’t stop smiling.
Count it down. It will go by really fast, and soon enough a cake that says “Happy Retirement” on it appears in your conference room. You are ready!
Countdown To A Successful Retirement – Finance Commentary
For so many retirement is a dream. Something that other people can do. Then for others retirement might be a reality but how do you know when you are ready? It is a very different subject altogether when you are talking about being able to afford retirement.
The most successful retirements go through an emotional process. An almost five step emotional process much like the emotional process for grieving. Retirement is a completely different chapter to your life so I choose to think of it like a countdown. So let us take a real look at the emotional countdown to retire!
Step 5 – Dreamers
People believe that retirement is a word that they hear, but do not actual believe it is for them. This is the stage where people believe that they will be working until they die! No matter what they do, they will never be worthy to retire.
Step 4 – Believing is Seeing
In this step, many people have been seeing their friends or family members retire. “They aren’t all that different from us.” “If they retire why can’t we?” These questions come up. This is when the belief that retirement is at least a possibility.
Step 3 – Affordability
This is where the professionals come in. Most people seek the help of HR or a Financial Planner to see if they really can afford to retire. The professionals will calculate estimates for retirements, pensions, 401k, IRAs, etc. In this step, the belief becomes reality. Knowing your retirement Income needs and seeing the numbers of the estimates fortifies your realities for the future.
Step 2 – Bargaining
With estimates in hand, bargaining between couples getting ready to retire is common. Life Insurance or a separate annuity? Cash out of the Retirement Savings Account or leave it in the fund. In the process of making these decisions, something happens that many do not realize. Plans start happening. Plans to travel. Plans to volunteer at your favorite charity. What your schedule will be like, etc.
Step 1 – Love
Knowing you are ready to retire is like being in love. You know that this is the person for you. No one can tell you different. Just like you have that knowledge. You know when you are ready to retire. Nothing can distract you from your goal to retire. Usually, the week of your retirement date you can’t stop smiling.
Count it down. It will go by really fast, and soon enough a cake that says “Happy Retirement” on it appears in your conference room. You are ready!
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