Retirement vision

Have You Developed a Realizable Vision for Retirement?

October 19, 2015

retirement-planYou can make the difficult transition into retirement easier by exploring your expectations and desires. With some careful prioritizing, and collaborating, you can design a working plan for retirement that may surpass all of your expectations. When most people think of retirement, they imagine leaving a job they’re tired of, getting out of the rat race and leaving the pressures of employment behind. Often retirement is viewed as a reward for time in the workforce and a benefit of successful financial planning.

But retirement is so much more than giving up a job and relaxing. Retirees are entering one of the most exciting and challenging stages of their life. It can also be a time to draw on personal and professional experiences to open new doors of opportunity and education and can be a time to realize potential and accomplish goals previously delayed by careers and raising a family. Although the opportunities are endless, a successful retirement doesn’t come without its hurdles. There are many things to consider in order to get it right, such as living on a reduced income, creating a health and wellness strategy and evaluating relationships. Also important is the allocation of personal time, determining living arrangements and recognizing change in social roles. There is also the unfortunate but necessary adjustment to the eventual death of loved ones.

During the first days, weeks, or maybe even months of retirement, people often experience a blissful honeymoon-like feeling. No job, no worries! Just time to sit around and do whatever crosses your mind. During this period, people generally have little motivation to plan for the future. But as the honeymoon period winds down, a number of newly minted retirees report a feeling of disenchantment. Retirement no longer feels like an extended holiday. Time begins to weigh heavily and even favorite activities begin to feel like a chore. Projects around the house lose their appeal, and there can be a feeling that causes retirees to ask the question, “Is this all there is?” Frustration and disappointment can mount as some retirees get caught in this vortex and are unable to get out.

The life we lead is a result of the choices we make. That means in pre-retirement and retirement years, it’s important to make the right choices—ones that build a fulfilling and energized retirement. The majority of successful retirees recognize the power of creating a realistic retirement vision and a financial action plan to achieve it. Armed with this mental model, they are able to make sound choices and progress toward their desired results.

With proper help and financial planning, you can work in a systematic way towards formulating a clear and focused retirement vision. In a way, your experience in early and mid-life makes you more aware and articulate than ever before concerning your own priorities; a better executive for the next phase of life. Remember, it is equally important to consider how you will spend your time as it is to know how you will spend your money. A good way to begin is by taking time to visualize what the word “retirement” means to you. What is it that attracts, scares, or excites you about this particular time of life?

Next, write out a description of your imagined retirement life. What are you doing? What are you accomplishing? It’s important to be as descriptive as possible. Consider the following questions:

In retirement:

  • What makes me happy?
  • How much money do I have?
  • What possessions do I own?
  • How am I spending my time?
  • Who is in my retirement picture?
  • How is my health? How do I feel?
  • How are my relationships with my spouse or partner, children, other family members and friends?

First, imagine yourself in your first six months of retirement, then, at one and two years out. You can then ask yourself to visualize the end of your retirement, when you are 90, 95, or 100+. What are you most proud of? What have you done that has brought happiness to you and to others? What legacy will you leave behind? We have seen that it is so important to communicate personal desires and goals. Doing so, means ultimately you will be better equipped to help you develop a plan that strikes as close as possible to what will truly make you happiest.

Most people know someone who has made a successful retirement. What is it about those people that you admire? Is it their family relationships, their energy and enthusiasm, or perhaps their overall sense of well-being? Think then of those challenged by retirement. In your opinion, what are those individuals doing or not doing that makes them less successful? Is it the exorbitant amount of time they spend watching television, their lack of adventure, or possibly a sense of helplessness toward this ever-changing world? Once you’ve recorded a retirement vision, share it with a partner or spouse or close friend. This process of sharing will provide different perspectives and help shape your final vision.

Optimism is also key throughout the retirement visioning process. It’s important to focus on the rewards of a balanced retirement; the feeling of being complete, enriched and financially secure. Retirement visions should be reviewed and rewritten as often as necessary, until the vision feels right and is in line with your wants, needs and beliefs. We suggest meeting regularly to review your retirement vision. Interrogate and revise your plan to determine what’s working and what is not. You can then identify what changes are required and work on developing targeted ideas and solutions. As you enter the second-longest phase in your life, take an informed, active role in getting it right. With appropriate guidance and thoughtful planning, you will be able to enjoy life after work, even relish it.

At HFG Wealth Management, we embrace a holistic method of financial planning known as Financial Life Planning™. We believe this is a financially effective and personally rewarding approach to creating a practical, lasting financial plan. As financial professionals using the life planning approach, our purpose is to assist individuals and families in creating a long-term vision that is consistent with their core values. At HFG we recognize that life events and life transitions can impact your financial responsibilities and your vision of the future. We are here to provide you with tips and strategies to get you started and help you reach your financial and life goals at every stage. For more information, please visit or call 832.585.0110.