The Biggest Mistake Retirees Make
We’ve heard the saying that those who fail to plan are planning to fail. While it may sound trite and a bit too cute, there is more wisdom contained in that sentence than most people realize or at least more than they care to admit. The biggest mistake retirees make is the same one most people make in life. They fail to plan and think things through to the end. We know we’re supposed to save money, but the sad fact is that most people end up on the short side of the ledger as they enter their retirement years. Too many people think that once they reach retirement years, their problems are solved. All the work problems are over and now I can enjoy life. They’re not totally wrong. I absolutely agree that life has gotten better since I retired but I also know that I put some thought into what I was going to do with my time and how we were going to withdraw from our savings. We planned for this lifestyle and are very fortunate to have made it a reality. You can do the same thing by taking the time to think about what you want your retirement to look like.
Most people worry about the financial details, and I don’t think that’s a bad place to start. A good financial planner can play a key role in developing a strategy to ensure that you don’t outlive your savings, you anticipate medical costs and inflationary pressures, and you determine how much you can withdraw each year to maximize your golden years. There is a value to creating a plan but keep in mind that you are the CEO in charge of your retirement. The biggest mistake retirees make is taking a casual approach to this wonderful period of your life and realizing that your healthiest and most active period will probably be as soon as you stop working. A friend of ours told us to travel while you can because there will come a day when you can’t. We knew that traveling and seeing as much of this country and the world was our top priority for our retirement years and we have stuck to that plan as much as we could. The pandemic and world-wide “shutdown” that lasted almost two years threw a monkey wrench into our plans but the fact that we had a plan to begin with made it easier to adjust. When the world opened up, we made up for lost time very quickly.
Failing to adequately plan a complete retirement lifestyle is
the biggest mistake retirees make.
Of course, traveling isn’t for everyone. Throughout this website we offer suggestions on different ways to spend your time. From hobbies and volunteering to education and gardening, there are a number of ways to occupy your time and that is something you absolutely need to think about. Sadly, most people heading toward retirement don’t think about what they’re going to be doing all day since they don’t have to be at a job for forty or fifty hours a week. They wake up one morning and their calendar is blank. There are no meetings, conference calls or projects to work on unless you take the time to plan for the best use of this newfound freedom and developed a hobby or pastime that will bring a smile to your face every time you think about it. The biggest mistake retirees make is failing to plan how they will spend all of this free time. Don’t let this happen to you. If you think you can spend every day on a golf course or curled up with a book, I suggest to you that you at least think of some other options concerning your abundance of free time and become determined to never say that you’re bored in retirement. It still pains me to hear someone complain about being bored. I happen to think everyone has a forgotten “hidden” interest or desire that they need to revisit during their retirement years. In fact, I developed a process that will help people recall those times in their life when they were the happiest and try to recreate that time for them. There’s a creative side to everyone and I also think everyone who has reached this stage of their life has a story to tell or some advice to share. You have decades of learning and experience behind you, and you never know when your words will be what someone needs to hear to turn their life around. Volunteering is a great way to do that but so is almost every hobby that involves some creativity. We just listened to someone who has put together a small band, and they love to share the music they grew up on. Finding the nerve to climb up on a stage was a challenge, but they’re clearly enjoying their new passion and have improved their musical skills quite a bit. The question is, what’s your creative outlet? Why not go out and find it? It’s time to Enjoy Retired Life!
Thanks for visiting. If you like what you see here, please tell your friends. If you haven’t done so already, be sure you take The Self Discovery Challenge for Retirement! It’s designed to help you make the most of this wonderful time of your life. You’re never too old to discover something new about yourself!
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