Dr. Daniel Crosby, Ph.D., President, IncBlot Behavioral Finance
1. Put Health & Wellness First
Good health sets the stage for the very best retirement experience. Your health is the primary determinant of your ability to enjoy your new retirement lifestyle. You’ll need both energy and physical fitness to spend time with others, to pursue new activities and to travel. Devote a portion of your time to developing healthy routines for exercise and a well-rounded diet. These practices set the stage for both physical and mental well-being. Remember, money can’t always buy health. And more importantly, wealth is not an equal substitute for wellness.
2. Build a Strong Foundation at Home
Retirement isn’t a path that you travel alone; it’s one that you share with a spouse, family or other loved ones. If you weren’t able to invest enough time in those relationships throughout your working career, recommit to doing so now. Spouses in particular face the biggest adjustment once both are fully-retired. Replace your sense of frustration with curiosity and a desire to learn something new about your loved one. Explore new activities together and rekindle the connection that shaped your relationship years ago.
3. Keep Your Financial House in Order
You are the architect of your retirement savings plan, and your work continues even after you cross the retirement threshold. Every building design requires maintenance and upkeep. Your retirement plan is no different. Review your income and expenses regularly, and note any variances outside of your spending limits. Resist the urge to indulge in extensive travel during your first year of retirement; that’s when you’re the most likely to overspend. When you exercise discipline, you gain the power to eliminate financial stress and uncertainty.
4. Invest in Others
You’ll never know what the market will return…but an investment in others will always yield positive dividends. Take time to mentor young professionals, or even the company leaders who stepped up to fill your shoes. You offer a wealth of wisdom and perspective from your working experience. Share your best practices and the lessons you learned, even the tough ones. When you’re confident enough to share some of your mistakes too, your mentees benefit from your honesty and candor.
5. Explore New Interests
There’s probably a time in your life when you sat on the bench on a sports team, or were passed over for the lead role in the school play. If you felt like your skills weren’t ‘good enough’ back then…there is nothing holding you back now. There is no one to impress and no one to let down with your performance. It’s not about being in the spotlight; it’s about finding joy in the act of simply trying.
6. Expand Your Social Universe
Expanding your horizons with new hobbies and activities lends you the opportunity to expand your circle of friends as well. Staying engaged in the local community and building new relationships adds personal fulfillment to your time in retirement. If you don’t have companionship at home, building new relationships with those around you is even more important.
7. Respect the Law of Retirement Inertia
Scientifically speaking, an object in motion stays in motion, and an object at rest, stays at rest. The same applies to retirement. Exercise your ability to discover new activities and to master new skills. It will keep you physically active and mentally sharp. Flexing intellectual muscle extends the years of your life and the enjoyment you find in them too.
No comments:
Post a Comment