“Preparation for old age should begin not later than one’s teens. A life which is empty of purpose until 65 will not suddenly become filled on retirement.” ~ D. L. Moody
Retirement myths; they abound. As people plan for and approach life’s Third Act, many think they’ll be spending more time with family and friends. It’s true that you will likely have plenty of discretionary time. And though you may want to spend more time with family and friends, will they have the time to spend with you? Many of them many still be on a hectic treadmill. Consider whether your adult children and their family really want you to come over for dinner every Sunday night?
Perhaps you envision walking hand-in-hand along an exotic beach somewhere. While traveling to romantic destinations is on many people’s short list, be real. For most, those trips will likely be few and far between. Your focus will be better spent on what you’ll be doing on those days in between trips. Costs for those trips add up. Not surprisingly, an Allianz study found that 82 percent of respondents ages 44 to 49 with dependents, feared outliving their money more than death. That doesn’t sound like a crowd spending much time at all-inclusive resorts in Phuket, does it?
Fact: More and more people are working in retirement. Why? To stay mentally active. In a recent survey, money was reason #4 after “to stay physically active,” “social connections,” and “sense of identity/self-worth.” Presently, 80 percent of working retirees said they work because they “want to;” 20 percent said because they “have to.”
In work and research what I continue to find amazing and somewhat alarming, is that many boomers focus largely on the financial planning aspect of life’s Third Act and little else. Here’s where an apt adage applies: “Failure to plan is a plan for failure.” Maybe that’s a bit drastic but it seems fair to think that significant planning, well in advance, is probably going to better your odds of enjoyable retirement living.
Intentionally sidestepping financial planning (because it’s obvious), here are three things to keep in mind for life’s Third Act. You could probably come up with 30 more on the back of an envelope.
- Be mindful of how you think. Certain thinking styles can stress people out. Things like perfectionism, all-or-nothing thinking, and negative thinking. As you plan for or help others plan for retirement, be mindful of how you think. Consider lowering your expectations and instead, think in “anticipation” terms. Learn to accept and become comfortable with the fact that reality may not always match your ‘vision.’ Frame problems or potential challenges as opportunities. This is about mindset shifts.
- Know what makes you happy (and what makes your partner happy!). Life gets so busy while we are building our careers that we often end up in a rut. We may not have the time or energy to do the things we love. Prior to and once you transition into retirement, choose activities that will make time fly for you!
- Get good teeth. You do not want to look into a mirror and see a gnarly smile, even if minor. Dental care can be very expensive, so it’s prudent to get your teeth fixed while you’re still under a dental health plan. The longer you wait, the worse the fate. Dentures are a last-ditch effort and many who have them, hate how they feel and are not happy about limiting their food options. On a related note, healthy gums versus periodontal disease can also help with cardiovascular health.