HOW DO WE CREATE NEW POSSIBILITIES?
Most of the literature about retirement planning focuses on the financial aspects or talks about all the exciting new possibilities in this next stage of life. But most of the information does not tell you “how to” create new things in your life. In fact, this next stage is the first time there is no one to show us the way. There aren’t any parents or teachers, or bosses, or co-workers to keep us in line. We’re on our own, free to do whatever we want, but, what do we want?
When I was a financial advisor, I met a lot of people who said they wanted to plan for retirement and other major life events. What I discovered was, that while everyone thought their situation was unique, the reality was that everyone’s planning challenges could be broken down into 6 key areas: their financial position (their balance sheet and cash flow statement), their investment portfolio, their protection needs (health, life, and disability), education planning, retirement planning (including long term care needs) and estate planning. That’s it, folks!
The same is true for creating your new retirement. Most issues will fall into one of 6 categories: the career and work arena, the health and wellness arena, the financial and insurance arena, the family and relationships arena, the leisure and social arena, and the personal development arena. A truly balanced and satisfying retirement plan requires giving each some consideration.