Retirement: Are You Ready?

The word “retirement” conjures up both good and bad images for each of us, largely depending on our expectations for the second half of our life.  But the reality is that as a retiree today, unlike in the past, you have virtually unlimited options for how you want to spend each day.

But before you start celebrating, how do you know that you are ready – physically, financially and emotionally – to enter this brave new world?   Ask yourself these three questions:

  • Have I had enough?
  • Do I have enough?
  • Do I have a purpose?

The first question is not about whether you can’t stand to perform your job anymore.  It’s asking whether you are psychologically ready to make a change. The consequences of leaving your job or career can be startling if you do not consider them beforehand.  Our work provides us with income, with a social outlet (maybe our closest friends), with an identity and with a reason to get up every morning.  These are needs that must be replaced upon retiring.

Unlike the “What’s My Number?” commercial would lead you to believe, there is no specific dollar amount that guarantees you financial security for the rest of your life.  But if you have prepared for retirement and are working with a good wealth manager, you should feel confident that you have the resources required to live the lifestyle you want in the future.

Perhaps the biggest concern for a retiree leaving the workforce is the fear of becoming “irrelevant.”   As human beings, we all have a need to be needed.  We all need a purpose; we need to find meaning in our existence.  Many retirees-to–be as well as some already retired, struggle with this piece of the retirement puzzle.

Much like you have planned for your future financial well-being, at Madison we believe it is also vital to plan for your emotional, psychological and spiritual well-being in retirement.  We take this “holistic” approach to retirement planning with our clients both in our face-to-face meetings as well as in the seminars and workshops we offer to our clients and their friends.

Madison has designed an important workshop for our clients and participants with the express purpose of helping them to identify and discuss their dreams and fears about retirement. Specifically, each participant is asked to select from a set of choices, their top retirement fears or concerns as well as the top opportunities that lie ahead. We then encourage meaningful dialogue, based on their choices. Believe it or not, one of the major obstacles for pre-retirees is the lack of communication between spouses and partners regarding their desires and wishes after retiring.

This workshop has been enthusiastically received by our participants and has demonstrated that, as a firm, we take a sincere and personal interest in our clients above and beyond their financial welfare.

Are you interested in uncovering what retirement life means to you?  Please join us at our next Retire & Re-fire! workshop at Stone Tower Winery in Leesburg, VA on October 19.  To learn more and reserve a seat, contact us at 703-669-6234.

Our presenter, Mark Hogan, CWM, is a Principal and Senior Wealth Advisor at Madison Wealth Management.  Mark has spent over 35 years helping clients plan for a life after retirement.  He is a published author and teaches at Osher Lifelong Learning Institute about the importance of taking a holistic approach to achieving successful retirement.

Looking forward, retirement can be the best time of your life IF:

  • You have the right attitude
  • You commit to your passions
  • You live according to your purpose

 

 

Important Note: This material is for informational purposes only and is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Madison Wealth Management does not provide tax, legal or accounting advice. Actual economic or market events may turn out differently than as presented above.