Retirement Life - Will it Meet Your Expectations?

For baby boomers, retirement is not too far away.  But, will they be ready when the time comes?  And will retirement life by what they envision it to be?  Because of increased life spans, healthy individuals may see the retirement phase of their lives extend up to twenty years or more - much longer than their parents' generation.

As retirement draws closer, we all have our own expectations of what our retirement life will be like.  However, is your spouse's expectation for retirement living the same as your own?  As you start to plan for retirement, be sure to include discussions with your spouse.  While you may be dreaming of life in the south, your spouse might wish to remain living in this area.  Do you wish to remain living in your current house while your spouse is looking forward to downsizing?

And what about all that extra time that will be available?  Will it be spent doing things as a couple or would it be better to have some individual activities?  If you are currently a two-career family, will you both retire at the same time or will one continue working longer?  How will your roles change?

Questions, questions, questions!  Add to the above discussions financial, legal, aging, and health issues and retirement planning may seem a bit overwhelming.

Here are some tips to guide your planning:

• Begin early.  It is never too soon to start thinking about all those decisions needed in planning for your retirement.  Begin now to gather information on housing types, look at the pros and cons of living in different geographic areas, consider finances, legal issues, healthy lifestyle, leisure time activities, etc.
• Make a list.  Develop a list of all areas of retirement life.  Include housing, when to retire, part-time work, activities (individually and with your spouse).  Have your spouse also develop a list.
• Compare and discuss.  You and your spouse should compare your retirement lists and use them as a basis for discussion.  Chances are there may be some areas where you'll have differing opinions.  Those items may need more research and will certainly need further discussion.
• Negotiate.  You may need to negotiate items of conflict in your list.  This is a time for give and take from both parties to come to an agreeable solution.  It is better to work out problem areas before retirement begins rather than being surprised at what might be an important issue for you or your spouse.
• Check your financial situation.  Will you need to find part-time employment to support your retirement lifestyle?  If so, what type of work would be appealing to you?  Can you transition a hobby into a second career?
• Prepare a "Plan A" and a "Plan B."  Making a plan for your healthy retirement years is just the beginning.  Don't forget to also have an alternate plan in case of declining health.
• Legal Affairs.  Be sure to get your legal documents in order.  A will, advanced directive (living will), and power of attorney are important to have in place during your adult life.  If you don't already have them in place, make this a priority.  If you do have them, it is advisable to review them periodically as your life situation changes.

There is a great deal to think about to ensure that your retirement years will be all that you hope for.  Start now to develop your plans for those golden years.

Elaine Boltz, B.A., CEAP and Certified Laughter Leader, is the Employee Assistance Services Account Executive at Life Management Associates.  For more information about retirement planning and services, contact Elaine at 717.394.6688 / 1.800.327.7770 or eboltz@lifemanagement.cc