Midpack
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Though most everyone knows better, there are a lot of threads here that seemingly reduce 'can I retire?' to a purely financial decision, for various reasons. Fortunately the recurring 'what will I do all day?' threads, though less frequent, serve as counterpoint. While reading about managing retirement income, I came across this brief passage that struck me as a more complete yet concise summary:
Sometimes the non-financials fall into place with ease, sometimes not. Maybe all three are worthy of serious consideration for everyone before pulling the retirement trigger, and worth a brief mention - 'what are you retiring to, are you ready for a month/decades of Saturdays?' FWIWRetirement income planning is also not just about the money. Until a client defines retirement holistically, it is difficult to determine their total spending needs. Success or happiness in retirement for today’s retirees requires integration of three major life areas: wealth, engagement, and health.
- Wealth (the geo-financial sphere) means not only the sufficiency of the savings accumulated but also the cost of living, access to healthcare, activities, etc. in the area of the country where the retiree lives.
- Engagement (the psycho-social sphere) includes participation in activities that increase a personal sense of engagement and fulfillment. Such activities could include spending time with family and friends, providing volunteer labor for a favorite charity or nonprofit organization, or working part-time for the social benefits of work.
- Health (the bio-medical sphere) includes an awareness of inherited biological characteristics and managing health and long-term care risks during retirement.
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