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That is a lot of time to fill if you are not
working. Of course, with economics as they are today, many people
will need to work in retirement, and the concept of retirement
itself may change. Still, most people are not going to work
until the day they die, so the kind of retirement you want needs
to be planned out.
Do you want to start your own business? Do
you want to start a nonprofit organization and help others?
Do you want to volunteer, either at the local food bank or in a
remote Latin American village? There are numerous volunteer
organizations that recruit retirees to volunteer around the
world. The Peace Corps has a program for people age 50
or better and needs volunteers to help in Third World
countries. Do you want to golf all day? Or climb all
of the 14,000 foot peaks in the world? Or maybe just read
every book in the library? Retirement is something
different to everyone, but it does not come true for anyone unless
it is planned.
Other things to consider about retirement planning
include where do you want to live? Do you want to stay in your
current home or do you want to downsize and move it to something
smaller and maybe more affordable? This, of course, raises the
question of family. Do you want to live near family or are you in
adventurer and ready to try a whole new section of the country or
the world?
None of this will happen unless you plan for it.
Nothing is worse than reaching retirement and having no idea what
to do with your time. This happens more often than might be
imagined. People who have worked their entire lives, been at the
center of activity and found a purpose in work are often at loose
ends when they wake up one day and have nowhere to go.
Nothing keeps us as young as having a purpose. But having a
purpose in retirement does not just happen. It takes thoughtful
consideration, planning and execution.
So financial retirement planning is important, but
so is the emotional side of retirement. To have a happy fulfilling
retirement, know what you're going to do with your time when the
time comes that you are no longer an employee. This can be the
most exciting time of your life, a period when you can do what you
have always wanted to do but never had the time. It can be
full of tremendous freedom, but freedom can become a noose if it
is too sudden and too unstructured. Plan carefully for your
retirement, and it will be a happy, successful one. Do not plan
for it, and it could be a time of stress and boredeom.
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