Failing to plan is planning to fail. — Attributed to Benjamin Franklin
Are you planning to retire? Nearly 60 percent of baby boomers say they plan to retire at age 65.
Now let me ask that another way. Have you made a plan for retirement? Studies show that fewer than half of you have done so.
“Planning to retire,” means you won’t be going to the office anymore. But what will you do instead? Why haven’t you made plans about your lifestyle, your finances, and your goals and dreams? Perhaps it’s because the thought of retiring scares you.
Retirement may scare you because the very word is fraught with negative connotations.
You may think of retirement as a full stop, like the period at the end of a sentence. Done. Finished. Over.
When you think of retiring, you may think of what your parents did. Perhaps you came from a traditional family where your dad worked and your mom stayed home and cared for the family. When your dad retired he had a defined pension—something that’s increasingly rare these days. He puttered in the garden or spent time with the grandkids. He and your mother may have bought an RV and did a bit of traveling before they were sidelined by health issues.
Redefining Your Retirement
Retirement is no longer a full stop. It’s the beginning of a whole new chapter in your life. You get to choose how you want to contribute to your family, your community, and your legacy. Baby boomers are more educated and more highly skilled than previous generations; you have many gifts and graces to share. Perhaps that’s why people age 55 and over are starting their own businesses in growing numbers.
You don’t have to take retirement lying down. In fact, that gets old quickly. Americans are living longer—you may live 20 or 30 years in retirement. The less you plan to do, the less you do, and the less you do, the more depressed you may become. Both depression and suicide are increasingly common in late life, especially among men.
There is nothing scary about retirement—it’s a time for rebirth and renewal. A time for taking stock and making plans. You planned your wedding. You planned your family. You planned your career. Now it’s time to plan for the next chapter of your life. It’s never too late to start, and retirement coaching can help.
In the coming weeks, I’ll look in more depth at how you can plan for success. In the meantime, I’d love to hear from you. You can reach me at franlrandolph@gmail.com.