Redefining Retirement During Times of Uncertainty
The pandemic this year has given many of us an enormous appreciation for the preciousness of life. I’ve come to realize that I’d like to be useful more than youthful.
- Ken Dychtwald, New York Times
Before the recent pandemic, planning for a traditional retirement looked a lot like this.
+ Save money
+ Save Money
+ Envision what a permanent vacation would look like
+ Save More Money
= Retirement
The challenge with this type of retirement formula is that it leaves out a crucial component:
YOU.
Without a deep understanding of your values, life perspective, and motivators, you create a lifestyle plan on a weak retirement foundation that is sure to crumble.
This is where REWIREMENT comes in and one of the reasons why it's such a large part of what I teach here at SuccessDNA. Rethinking and then redefining how we want to position ourselves in retirement puts the control back into our hands and is one of the first steps toward fulfillment in our retirement years.
Unexpectedly, the pandemic introduced additional elements into the retirement equation: uncertainty and urgency. These are not necessarily bad things; they can both be used as catalysts for change. Where we once thought externally about retirement: trips of leisure and permanent vacations, the current Covid-19 limitations on air travel, gatherings, and border restrictions have caused many of us to look more closely at what all of this could mean for our future plans.
Without a clear picture of what things will look like on the other side of the pandemic, we are now forced to be more introspective when it comes to our retirement and the reality of what it could look like. This is why rewiring how we think about retirement is more critical than ever.
Here are some questions to consider when taking a more thoughtful look at retirement planning. Instead of taking a broad stroke and considering retirement in general terms, let's narrow it down to a single day.
When you envision an ideal day of retirement, what would it look like?
Is it location dependent? If so, where would it be?
What time do you wake up?
What is your first activity of the day?
Are you enjoying retirement alone or with a partner?
Thinking about your career, is there any part of your former occupation that you've infused into your day? New business, hobby, education?
What are your creative outlets? Do you sew? Paint? Skydive? Birdwatch?
Do you volunteer locally or support your worldwide community in some way? If so, what does that look like?
If you had trouble answering any of the questions above, consider going deeper and uncovering the "whys," "hows." and "wheres" of a typical day in *your* retirement. This process skims the REWIREMENT process's surface, but it's a good indicator of the direction you're headed in and if your vision needs to be tweaked in light of the current pandemic or things that you just haven't considered.
The idea here is to move beyond generalizations and define the specifics of the lifestyle that you want to live. Fourteen to sixteen hours of daily activity is a lot (even if you're napping). The reality is that you can either leave how you use your time up to chance or take control and create a lifestyle that works for you.
Planning ahead, even in a pandemic, makes sense because it adds stability to our days. Many spent the first few days of the stay-at-home mandates and/or travel restrictions looking around at their four walls and wondering when this would all be over. When the initial shock wore off, and the restrictions in many areas were extended, many found ways to adjust to the new normal by actively pursuing meaningful activities.
Non-essential workers found themselves catching up on to-do lists around the house. Others used their knowledge of the internet to launch home-based businesses that they'd put off, while others enrolled in online courses to expand their knowledge. Engaging in meaningful activities that are important to you helps with both mental clarity and emotional well being. It also gives us a sense of purpose, even when our days look the same. It's the same idea in retirement.
Uncertainty can be disconcerting, but now more than ever, during these challenging times, we have a great opportunity to evaluate and redefine how we want life to look in our retirement years.
Life is filled with unpredictability, and certain times are more challenging than others. Our willingness to allow the changing times to motivate us to take action can make the difference between a life well-lived and one that simply unfolds based on the circumstances around us. When we actively pursue purpose and meaning in our days, we've found the final link to the retirement equation that brings both fulfillment and value.
If you're interested in learning more about the REWIREMENT process for retirement here at SuccessDNA, let's talk.