Sharing Our Thoughts and Insights
One component of any retirement plan is making a smooth transition by “practicing retirement.” Think of it as a dress rehearsal before you take the big (and often irreversible) step to fully retire.
A happy retirement is about so much more than having enough money to pay your bills. So once you have a retirement plan in place to help secure your financial future, be sure that you also consider the non-financial aspects of a successful retirement.
It is often said that there is no such thing as a free lunch. That admonition is doubly true when discussing early retirement planning.
Taking a long vacation can help soon-to-be retirees reassess their goals without forgoing the satisfaction and financial security that comes with continuing work.
Retirees with big plans for the next chapter of their lives often harbor big doubts about what comes next, according Stewart Friedman, practice professor of management at Wharton and founding director of the Wharton Work/Life Integration Project.
“There are people who engage in magical thinking about retirement happiness, just as some engage in magical thinking about retirement security–they want it, but they take no steps to get there.”
While money is always important in working life and retirement, having a pile of cash doesn’t guarantee retirement happiness.
Much of the research on successful retirement stresses the need to stay engaged in life. Many people feel a loss of social and intellectual engagement when they leave full time employment.
As many of you consider retirement, you may find that downsizing to a smaller home and/or relocating to another state may be the change that you need to kick start your new life in retirement. Many retirees are finding some unexpected advantages in college towns.