This has been mentioned in previous blogs I have written- but it is worth mentioning again (and again and again). In this Kiplinger article, a financial planner shares an example of how he and one of his client couples began the ‘Retirement’ conversation by using a different term.
Retirement often has a negative connotation- the word itself, as defined by Merriam Webster dictionary means: “withdrawal from one’s position or occupation or from active working life.” Another definition is “a place of seclusion or privacy.” People often view this withdrawal as the beginning of the downward side of life. Instead, it the beginning of a new phase with infinite possibilities and opportunities. But it takes thoughtful planning to figure out what possibilities and opportunities are right for you.
Make sure you create your ‘Encore Portfolio’ by thinking about each of the aspects that need to be planned for.
I applaud this advisor for taking people through the process of beginning to think of retirement in different terms.