While finances are a top concern for retirees, it's also important to ask yourself a number of other questions including the classic list of the "5 W's"
Retirement is a big part of the American dream, but many Americans don’t have a clear picture of what retirement means to them. They often worry about the “how” of retirement, as in “How will I afford to retire?”, but the rest of the picture may be rather vague. To bring that image into focus, let’s go back to the basics of who, what, when, where and why.
Who do you want to live near during your retirement?
Whether relocating or staying close to home, what kind of people do you picture living next door? While you cannot choose your neighbors, the type of community you select will appeal to similar residents. Some retirees opt for a community with an over-55 age-restriction, while others prefer the energy of an open age neighborhood. It’s a personal preference that makes a big difference when confronted with a street full of playing children and teenage drivers.
What do you want to do with your time?
The idea of retirement brings up images such as golf, boating, tennis and gardening. But if you’ve never picked up a racket, do you think retirement will make tennis more appealing? Instead of picturing typical retirement activities, think about your current interests. What do you wish you had more time to do right now? Don’t feel compelled to choose a sprawling resort-style active adult community just because it offers more amenities. You may actually be happier in an intimate neighborhood that simply has an active book club and a community garden.
When will you really want to retire?
Dissatisfaction at work might mean it’s time for a change, but it doesn’t necessarily point to full retirement. Many early retirees continue to work part time, or even start a completely new second career. Instead of planning to stop work entirely, you may opt for a step-down approach to retirement, which can let your retirement investments continue to grow while you gradually work less over the course of several years. If you worked half as many hours, what would you do with your time?
Where will you want to live?
Many Americans think of retirement as a new chapter in their lives, but this new beginning doesn’t necessarily mean relocating to Florida or Arizona. Though some retirees choose to leave behind northern winters, many prefer having four seasons and staying close to their current hometown. Before making a move, be sure to visit your dream retirement town during different times of the year, and be honest with yourself when it comes to each area’s pros and cons.
Why retire?
This may seem an obvious question, but it is often the hardest to answer. Are you retiring to have more time for recreation? Are you retiring for health reasons? Is retirement just want you are “supposed” to do when you’ve saved enough? Examining the motives behind your own decision to retire is an important step in the planning process. A little soul-searching now can help you understand just what it is you want to get out of your retirement years, and that will help you make the best decisions for you.
{ 3 comments… read them below or add one }
Brilliant summation on the whole picture Bill. The old adage of focusing on the journey rather than the destination couldn’t be more true than it is in retirement. Too often retirees think about what the community is like when in fact, they need to understand what it is they like, want or need.
Personally i wanted to stay engaged and involved in things well beyond just playing 7 days a week. We all are different and the best thing a pesron can do as they approach retirement is look within. The answers are never external, they should be internal. Once you know what you want, then begin evaluating each community and what it offers. For some it may well be the place they have lived for the last 30 years, for others it may well be a whole new start, a new adventure.
For sure, retirement can be one of the most exciting times of your life. It’s up to you to make it that.
Thanks Bill! Your comments from someone who is already experiencing the active adult lifestyle are always insightful and very much appreciated! Hope all is well down there in beautiful Sun City Arizona!
~Bill Ness
All is well Bill. And thank you for this marvelous site you have put together. Brilliant piece of work and someday it will all pay off. They are coming and this is the best resource out there for the boomers to start to narrow down their search.