Welcome to 2017, we have already made it through the first month of the year, and we don't want to forget the uncertainty that 2016 brought us.
The US Stock Market started out 2016 with the worst 2 week stretch in its history. The S&P 500 was down 8%, the Dow Jones was down 8.3%, and the Nasdaq was down 10.4%. This was followed by the biggest quarterly reversal in 83 years bringing everything back to almost even. Oil prices hit a 12-year low and Natural Gas a 17-year low - also "OMG" APPLE reports a year over year sales decline.
How about our accurate predictions of Brexit and The United States Presidential Election?
Still, over 10,000 people per day are turning age 65. How do they plan? One of our Pastor clients tells me, "make plans and God laughs." That may be, but I think God still wants us to use our heads.
The following three plans are what we have seen and heard over the last 40 years of helping people through the process. We hope this brings you confidence in your thinking.
1. The Emotional Plan
1. The Emotional Plan
You must retire to something and not away from something. As much as you want to get away from the day-to-day routine, you must stay relevant to your environment. For years, you played a role in society, to your spouse, your family, your friends and your coworkers. It makes you - you.
You can't just stop and sit on the front porch and watch the world go by, but maybe you can adjust. Your relevance gets you up in the morning and brings you purpose. We really do not like the word "retire," rather we like "life adjustment."
What does that look like to you, that is a tough question. Something you must work on for a while. Sometimes it takes a while for spouses to agree on what that looks like.
My father came in to see me after he retired and said, "What do I do now?" I asked, "You haven't thought about this?" He said, "NO." I said, "OH NO."
After some years of planning and discussions, he became the Chairman of the Board of the Paramount Arts Center in Aurora and loved every minute of it - never taking a paycheck.
After deciding what you want to do, you need to decide where. Are you going to stay where you are, move near the kids, or move to a warmer climate?