Retirement Planning For Two

Good Morning DINKS.  We are almost at the end of the year and that means that we are all a year older and also a year closer to our retirement. Is retirement on your personal financial plan?

What does Retirement mean for You?

Retirement can mean a lot of things for different people.  For some people retirement means not having to work.  For some people retirement means having the free time to try all of the new experiences that we never got a chance to do while we were working.  For some other people retirement means having the freedom to do what you want when you want.  For me retirement means not having to wake up to my alarm clock (which I really hate) and having my whole day be about me.  In retirement I can do what I want when I want and I won’t have to answer to anyone. I can chose which clothes I want to wear, and I won’t have to wear high heels (my bank has a very strict dress code).  I absolutely love Europe and I would love to retire (or keep a home) in Spain or Portugal.

I look at my parents and I am not sure that their retirement plans have worked out exactly as they had planned when they were my age.  My Father retired in 2009 and he has yet to live out his retirement dreams.  When I was younger (and my parents were still married) my Father used to talk about spending 6 months of the year in Florida or Arizona during retirement.  His ultimate retirement goal was to play golf 7 days a week.  However with his new Wife my Father’s days are filled of doing whatever she tells him to do and that doesn’t leave a lot of My Father’s time to be about him.  He stays at home a lot while his Wife goes out because someone has to watch her dog.

My Mother toyed with retirement for about 6 months back in 2010, but she got bored and then she went right back to work.  My Mother likes to keep busy and there just weren’t enough volunteer activities and board of director meetings to fill her newly empty schedule.  My Mother’s new Husband has not yet decided to retire and I am sure that this had a lot to do with my Mothers decision to return to the working world.  Are you and your spouse planning to retire at the same time?

Retirement Will Be an Adjustment

The more and more that I assist my Baby Boomer Clients plan their retirement, the more and more I realize that retirement means something different to everyone.  I had a client who was “forced” to retire from her long time (and only) employer and she was devastated.  She was still young (only 56 years old) and her whole life as she knew it was at her office.  She worked for the same employer for over 30 years and now she suddenly finds herself without a purpose in life and without her friends.  It is hard to believe that retirement could be an adjustment for anyone, but it really is a life change.

While we work we spend maybe 5 hours a day with our spouse from the time that we get home from work until the time that we go to bed.  In retirement we will be with our spouse 24 hours a day, 7 days a week and I am sure that will take some getting used to.

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Photo by Krasi

Kristina Tahnyak

Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.