New Horizons™: Six Considerations When Planning for Retirement
“I want to work forever,” said no one ever.
But there’s more to it than that. Retirement is not an ending but a transition into a new, exciting phase of life. While many don’t want to work forever, shifting from a career-driven lifestyle to a more relaxed one is more easily said than done.
While there are countless resources available to ensure we’re prepared financially, there aren’t nearly as many that help us think about all the other aspects of life that are impacted by retirement. That’s where Cenera’s New Horizons™ program can help. Our program equips individuals to assess their retirement readiness and empowers them to be proactive about designing their trajectory into retirement.
Career & Work: Redefine Your Path
Retirement doesn't necessarily mean bidding farewell to work altogether. In fact, recent trends show that 1 in 2 retirees want to continue working, albeit with new incentives and flexibility.
As you near retirement, consider how you can redefine your relationship with work. This might involve pursuing part-time roles, consulting opportunities, or exploring passion projects that align with your interests. It could also look like a different role within your existing organization, such as shifting into a mentorship or training role before transitioning to full retirement.
By redefining your path, you can continue to find purpose and meaning in your professional life as you move into retirement.
Health & Wellness: Prioritize Your Well-being
As you approach retirement, it may be time to prioritize your health and wellness. As you plan for the future, take stock of your current health practices and consider how you can maintain a vibrant and active lifestyle. Engaging in regular physical activity, adopting a balanced diet, and focusing on mental well-being are essential components of a fulfilling retirement. Prioritizing your health ensures that you're equipped to enjoy your newfound freedom to the fullest.
Additionally, prioritizing your mental well-being will help prepare for the emotional impact of retirement. Some individuals may struggle with the shift in purpose and routine that comes with retirement, and developing self-care strategies in the months leading up to retirement may be helpful for maintaining emotional well-being throughout the transition.
Family & Relationships: Embrace Change
Retirement often coincides with shifts in family dynamics. As you plan for retirement, consider the roles you'll play within your family, such as caregiving for aging parents or spending quality time with grandchildren.
Additionally, the lives of family members are often linked. This means that one family member’s actions can impact the lives of the others. The transition to retirement is no different. Partners can influence retirement planning, from timing down to overall health and well-being.
Embrace these changes with open arms and communicate your intentions with your loved ones. Building strong family connections enriches your retirement experience and fosters a supportive network.
Leisure & Social: Cultivate Your Passions
Retirement opens up a world of leisure and social opportunities. Consider what hobbies, interests, and travel destinations you've always wanted to explore. This is the time to invest in experiences that bring you joy and fulfillment.
As you transition from a career-driven lifestyle to one that’s more flexible, it’s important to remain active and engaged. In addition to feelings of fulfillment, these activities offer a range of benefits, including mental stimulation, personal growth and social connection.
Whether it's joining clubs, volunteering, travelling to new places, or pursuing creative endeavours, cultivating your passions enhances your overall quality of life and well-being during retirement.
Personal Development: Engage in Lifelong Learning
Personal growth doesn’t just stop when you stop working—you still have decades ahead of you to learn and grow to your fullest potential. Incorporating personal development and lifelong learning into retirement planning is essential as it sets you up to cultivate a fulfilling and purposeful post-retirement life.
There are a range of benefits associated with lifelong learning and continued personal development, from maintaining optimal brain function and improving your mood, to lowering stress levels and renewing your sense of purpose.
Whether it’s taking a new course at a local college, taking up a new hobby, or volunteering for a new but meaningful organization, future retirees may want to consider planning for continued growth and learning. It just may help create purpose and fulfillment in the post-career years.
Legal & Legacy: Plan for The Future
Addressing legal and legacy matters while preparing for retirement is a vital, yet often challenging, aspect to consider. By proactively arranging these affairs, you can secure your future and ensure your intentions are effectively communicated and honoured. Tasks like creating a comprehensive will, designating a Power of Attorney, outlining healthcare directives, and establishing estates and trusts play a critical role in safeguarding your assets, as well as any decisions.
This readiness helps to alleviate any potential burdens on loved ones, while providing them with clear guidance during times of transition. Thoughtful preparation in this area is a gift to your loved one, promoting peace of mind and preserving the legacy you wish to leave behind.
Planning for retirement involves thoughtful consideration of various aspects of life. By redefining your path, prioritizing well-being, securing your financial future, cultivating passions, and embracing family dynamics, you can embark on this new chapter with confidence and excitement.
Remember, retirement isn't just an endpoint; it's the beginning of a new lifestyle waiting to be explored. And with the guidance of programs like New Horizons™, the journey becomes even more empowering and enriching.
“My biggest takeaway from the program was that no one can determine my path to retirement for me. There is a lot of information out there and a lot of pressure to do things a certain way when it comes to retirement, but everyone’s journey is personal and individual. I would definitely refer the New Horizons™ program to others, as it will make the transition to retirement a lot smoother.” -Shirley W., New Horizons™ participant
Contact us today to learn more about our New Horizons™ Program.
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