7 Steps to Creating a Fulfilling Retirement

How to Create a Fulfilling Retirement in 7 Steps

            Flash back to the 1950’s, “Leave It To Beaver” days… You hit retirement age, received a gold watch, maybe a new set of golf clubs, and spent your Golden Years hitting the links.  Not any more.  Nowadays people are living longer, fuller lives much different from past generations. Retirement is no longer a graceful skate into the sunset, now retirement is a subjective term as more and more people are rediscovering themselves in their later years, and creating a retirement that works for them.

This phenomena is due to several factors.  People are living longer and are in better health.  Memberships to gyms are skyrocketing, especially in the 55 and older age group.  Paired with this are fears of social security dwindling, increases in the cost of living, and a shortage of skilled workers in many fields.  Skilled worker are needed the most in the fields of healthcare, education, and technology.  Combine these two factors and it makes sense that more and more people are redefining what retirement means to them.  Playing nine holes a day and catching the evening news or early bird buffet isn’t fulfilling any more.  And it has become accepted that to age successfully, you need to stay active, connected and involved.  You need a sense of purpose. 

You might consider, taking up a new career, starting your own business, giving back to the community, learning new skills, and fulfilling dreams you’ve had to set aside for one reason or another.  People often embrace opposite sides of their personalities and interests, which they’ve never had the time or a vehicle to express previously, when they retire.  These are the things that define retirement today.  How will you decide what type of retirement is right for you? 

Below we’ve listed 7 steps to help simplify the decision.

1. Set aside some time for thought. These questions, and this decision, won’t be solved overnight. Most people start thinking of retirement in their early 50’s, some people start earlier than that. Some people wait until the day they’re leaving a job they’ve had for the past 30 years.
2. Look to your past. Think of all your past jobs, no matter how trivial they may have seemed. Which ones did you love? What parts of all your jobs were the best? Are there any common themes? Think about dreams and ambitions you had when you were younger that may have been put aside for other concerns. Is there a way to satisfy them now? But before you get carried away with your yacht trip around the world you’ll have to...
3. Figure out your finances. Up until now you may have focused only on investment, now it’s time to paint your retirement picture. Think about how much money your investments will continue to produce. Do you have a pension you’ll draw on? Will you collect Social Security?
4. Depending on your financial concerns, decide what you will need to earn during retirement, either part-time or full-time. People are living longer, but with that luxury comes the need for more money. Retirement is never as cheap as people think. Here it’s best to overestimate and have a bit extra for unforeseen circumstances. Working, even part-time, can substantially protect your investments and enhance your quality of life. If money isn’t an issue, you can open yourself up to any sort of volunteer work, or find a combination of part-time work and volunteer work.
5. Think about how you spend your money in your free time. What do you like to do? Is there any way to merge those interests with a job? If you love food, maybe it’s time to start a restaurant? If you spend all day reading books, would a library job suit you? If you love to talk about news events, you might be able to work on a political campaign.
6. After you’ve decided what balance of work and play you’ll need to create a fulfilling and successful retirement, then you can interview employers. By the year 2010, there will be a shortfall of approximately 10,000,000 skilled workers. Productive older workers will be in great demand. Education, healthcare, and technology fields are all great places to look.
7. Back to school. Get your books ready. More and more retirees are heading back to classes. Many colleges are catering to older students, either by offering night classes, or exchanging credits for real-life work experience. These might be the years for a new career or to pursue that hobby you’ve always been passionate about.

Retirement has changed from a lazy Sunday to one of the most exciting times in a person’s life.  With the right planning, the possibilities are endless.  If you’ve got the health, you’ve got the time, and now you can get to some of the things you’ve always wanted to do.  Good luck to you, and good health!

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