The Retirement Answer? A Blank Stare

blank stare emoji

The Retirement Answer? A Blank Stare

I had just asked a 59-year-old, “You said you can retire in 3 years. How will you spend your time after that?” Expressionless, all he gave was a blank stare.

“I never thought about it,” he replied.

Unfortunately, he wasn’t the first 59-year-old with that answer. “I don’t know” is a more common answer than most think. 

More To Retirement Life Than Money 

According to a study by United Capital, when asked about their financial life stories, most people talked about working and spending, not saving and investing.

Over the decades of our working lives, we tend to follow a formula: Work. Spend. (Save). Repeat. We do this knowing one day those (savings we try not to think about or touch) should equal a nice sum, hopefully enough to reach the nirvana of “financial independence.”

Along the way, we can get trapped into planning meals and vacations, but not a potential 25-year chapter of our life. If nothing trips up the formula (divorce, premature death, disability), then a milestone birthday, the loss of a parent, or the arrival of a new boss may cause one to someday dial up a financial planner and ask, “Am I there yet?”  

Are You “There” Yet?

To which the answer is usually, “That depends.”

That depends…on where “there” is. “There” = how, with whom, and where you will find purpose, meaning, and happiness in life after Work-Spend-(Save)-Repeat.

Once that’s known, “there” can be translated into real financial goals. If you don’t know what “there” looks like, then attempts to answer the question are merely rough guesses. More importantly, if you don’t know, you’re not likely to enjoy that supposed nirvana time nearly as much.  

There are many thought leaders contributing to discoveries about the time of life past “Working” and before “Old.” That time of life, which will be 25 or 30 years for a lucky few, goes by many names: Your Third Age. The Third Stage. The Encore Years. Your Life’s Next Chapter.

Examples of such leaders include Dori Mintzer and Mitch Anthony.

According to experts like these, retirement planned well has the potential to be a time of peak fulfillment and meaning. Not planned well or planned at all, potential paths lead to boredom and, in the worst cases, clinical depression.

Real Retirement Planning 

Many people think “retirement planning” means “IRA investments” or “401K rollovers” or “pension options.” Those are certainly part of it. But the best, yet sometimes the most difficult, kind of retirement planning is not found on your retirement account statements. It’s found inside of you. 

Begin with a blank stare, and build your “There.”

Not sure where to begin? Check out this free download: https://www.hollydonaldsonfinancialplanner.com/wp-content/uploads/2018/11/Beyond-the-Numbers-Whats-Retirement-Money-For.pdf for a questionnaire about what kind of retirement lifestyle choices are ideal for you.  

Holly Donaldson

Holly Donaldson, CFP® runs an hourly and fee-for-service financial planning practice virtually from her Tampa Bay, Florida office. She also works with clients throughout the U.S. (except Texas) interested in retirement and tax planning advice without product sales or investment management. Holly is the author of The Mindful Money Mentality: How to Find Balance in Your Financial Future (Porchview Publishing, 2013) and publisher of the award-winning monthly e-letter, "The View From the Porch."

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