What is Nonfinancial Retirement Planning?
A Lot of Very Smart People Don’t Know What To Do With Themselves When They Retire
“Nonfinancial retirement planning is the most overlooked part of retirement planning. And there are a lot of people – some very smart people – who don’t know what to do with themselves once they retire.”
With these comments, a successful financial planner put it all into perspective. When most people think about retirement planning, they think of financials. Investment portfolios, budgets, five year plans.
In fact, when the pandemic hit last spring, Google searches on financial planning were up 400%. But those same people are often surprised to learn that, as the saying goes, many folks spend more time planning a vacation than their retirement.
Plan on Living Longer, and Plan How to Spend Your Time
Retirement today can last up to 30 years. Some of us may live well into our eighties or nineties. Thinking through and cultivating options for wisely using that “extra” time is what nonfinancial retirement planning is all about.
That time can be as engaging and productive as any other period of our lives. This may surprise you – Tony Fauci, our nation’s leading infectious disease expert, is 80. So much for the media-driven image of older adults as frail and out-to-pasture. Sometimes even seniors support this stereotype. They say old people are “someone else older than me.” Older people are “they” not “we”.
Nonfinancial Retirement Planning is Too Often Ignored
Even given this sector’s exploding growth, many people do almost no post-retirement planning, either financial or nonfinancial. A 2018 report from the Federal Reserve found that a quarter of US adults have no retirement savings or pension plan.
But not all retirees are reaching for the remote – even before the pandemic. Instead, today’s retirees want to be engaged and relevant. Engagement comes from intentionally planning for your next chapter.
Happiness can be planned! 5 Keys to a Successful Retirement Transition:
1- Consider A Second Career
2- Enjoy Life
Have you considered volunteering, for a cause you care about? If you are new to it, how will you find the right fit? Retired boomers who actively volunteer say it helps them meet new, like-minded friends and stay active and engaged.
3- Stay Active
4- Sustain Relationships
5- Build Your Legacy
Intentionally Plan For Your Next Chapter
Retirement is about change. Combining these nonfinancial retirement planning tools can help you make a successful transition from your working career to your next chapter. Engage and invest your time.