Retirement planning is almost entirely focused on the financial aspects- how much to save for retirement and how much to safely withdraw during retirement.

While the financial questions and answers are vitally important and drive much of the decision making around when to retire, there are also a number of other questions and issues not related to your portfolio that are equally important to consider as you prepare for the transition into retirement.

Creating a successful plan for retirement needs to be about balance- taking into account not only your financial situation but also the non-financial aspects of retirement. These include the mental (staying challenged and relevant), social (having relationships and connections), physical (staying healthy and activity), and spiritual (living our values and beliefs).

By the year 2030, Baby Boomers will make comprise nearly 20% of the population.  Technology and medical advancements are greatly improving our longevity. You may be “retired” for 25 or more years. Are your prepared to live a healthy, active and fulfilling retirement for this long?

As you plan for your retirement, some of the critical non-financial questions to consider include the following:

  • What will I do when I retire? What will my purpose be?
  • Am I aligning my life with my values and beliefs?
  • What other interests do I have?  What activities (bucket list) do I want to accomplish?
  • What will I do to replace my identity if I stop working?
  • Do I want to stop working?  Do I still enjoy my work?  Do I want to work, but less?  Can I do this at my current company? Would volunteering be something I would consider?
  • What could I do to monitor my health and stay active?  Do I need to do more in these areas?

Your retirement plan will not be balanced if you do not spend time preparing for and answering these and other questions.

To lead a happy and successful retirement, also create a plan for staying healthy, active, relevant, connected and inspired.