Are You Planning to Win the Retirement Game?

Retirement is one of life’s more difficult transitions when compared to the death of a spouse, more then the adjustment to marriage or having your first child. Without direction you may fell rudderless, stressed, unhappy and confused in the 20-30 years of your retirement life! You can minimize the stress of transitioning into retirement if you have a well thought out game plan.

To win at the game of retirement you need to know what winning looks like for you. What is it that you want to do? Who do you want to be? Now that you can do as you please, what is it that you’re pleased to do? Knowing the game and developing a “play book” will give you a feeling of confidence, fulfillment and a sense of balance as you play the retirement game.

It is said, “ The one who writes the rules wins the game!” Are you writing the rule for your game so you’ll win? One thing about retirement is – there are NO rules!! This means YOU get to write the rules or you can let someone else write the rules for you!

So when should you start planning for your retirement? This will vary from person to person.  Peter Drucker said this about managing this part of your life. “You must begin doing so long before you enter it, generally up to 5 years before you plan to retire.”

You may think this seems a bit soon, however, early planning will give you time to review your plan, take early actions and alter your plan as circumstances come up as your retirement time approaches. Also, there are many parts to the retirement game to consider – financial, spiritual, relationships, physical and self.

Another reason to begin planning early is it will help you figure out how much money you’ll need. Without a game plan you will not be able to have a financial plan that accurately reflects what you want to do in retirement.

A lot of us who started retirement planning focused solely on the financial aspect. This is putting the cart before the horse! By just focusing on the financial component you are narrowing your options.  You’ll put yourself in an insecure place not knowing if your financial plan will support your envisioned retirement outcome.  With a well thought out game plan you and your financial advisor now can come up with a financial strategy that will support you to win the game.

In any game, you’ll need to determine what skills you’ll need to play and to win. Do you have the necessary skills already or do you need to acquire new ones? If you need new ones, where are you going to you learn them and how long will it take? It may mean going back to school or taking lessons.

Here are some suggestions to help you win your retirement game.

1. Keep your plan flexible. This allows you to maneuver more easily as situations change and new opportunities arise
2. Make sure your game plan is YOURS. This is your time for jubilation and celebration. Your game plan needs to reflect what will be fulfilling to YOU not your significant other, friends or children.
3. Get a Coach. Like a personal trainer for fitness, a coach works with you in developing a game plan, helps you identify needed skills, is your cheerleader, and someone who will get you to reach higher then you would by yourself.

Retirement is a time to celebrate! A time for jubilation – your reward for years of hard work! To do this you must be able to play the game to win! Planning early, writing the rules and being actively involved in the game are your keys to a winning season!

How do you choose to play your retirement game? - As an active participant? Sitting on the bench or worse yet sitting in the bleachers? To retire happy, wild and free means you need to get out onto the field and play!