Last month, we discussed the “honeymoon” phase of your retirement. This is when you begin living the retirement of your dreams. However, you will probably grow sick of golfing or sleeping-in every day, and reach a point when you face a big decision. Any big decision comes with big emotional and economic impact.
When it comes to making an important decision such as where you’re going to live or who will be your caretaker, there is turmoil and uncertainty. You might ask yourself if you’re making the right decision or if there’s a better alternative. Like they say, the grass is always greener on the other side… but you still have to mow it. Ultimately, you must be the one to decide what you want to do with your life. You’ll be the one living with the consequences, after all.
Know that you are not the only one struggling with this. Look for a retirement mentor – a friend or colleague who is retired. They may be able to offer insight and advice, and sometimes it’s just helpful to talk things through with another person.
Other times, the biggest worry about this big decision is money. Making important financial decisions can be stressful. You worry about spending the money that took you so long to save, and if there will still be enough to fund the rest of retirement, all while maintaining your current lifestyle.
Having a proper financial plan in place can alleviate some of these worries, but remember to be flexible. What if you have a health emergency or your home needs serious repairs? Try to plan as best as you can for the unexpected, but know that you can’t predict the future.
Next month, we will explore the emotional and economic impact we experience when things start to slow down in retirement.
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