Retirement Isn't All About Money

5 Reasons to Start Thinking About the Fun Stuff

by Autumn Nessler

Financial Frequency. myRetirement

February 11, 2019 .2 min read

If you’re like most women, you’re probably wondering,

A Non-Financial Retirement Plan?  What the heck is that?

Simply put, whereas a Financial Retirement Plan answers the question,

How much do I need for Retirement?

A Non-Financial Retirement Plan answers the question,

What do I need it for?

But do you really need one? Here are questions to ask yourself.

Do I Have a Plan for the 57,000+ Hours I’ll Spend in Retirement?

Answer: On average, women will spend 20-30 years in retirement. 30 years equals 57,600 unplanned hours!  

Would you flunk “Retirement Readiness 101"?  

Here is a quiz http://ret.news/l2EmSg

I Know “How Much I Need,??? for Retirement but Do I Know “What I Need The Money For?" 

Answer: A Non-Financial Retirement Plan will look at your retirement lifestyle which will prompt questions such as:

  • Will you still need/want to work?
  • Where will you live?
  • What will you do with your time?

Who Will be Impacted by my Retirement? And Are They Prepared?

Answer: With the number of people divorcing after the age of 50, doubling since 1990, you have to question if your relationship will survive your retirement. With that, it’s important to make a list of people (spouse/partner, parents, children, etc.) that could be impacted by your retirement. It’s best to be over-prepared than under.

Learn More: “How to Prepare Your Marriage for Retirement

Do I Have a Plan for Replacing the Five Benefits That Work Currently Gives Me?

Answer: Your work life has given you a lot.

How will you replace these 5 primary work benefits:

  • financial compensation
  • time management
  • sense of purpose
  • status
  • and socialization

Am I Prepared for the Emotional Impact of Retirement?

Answer: Did you know retirement increases your risk of depression by 40 percent? In addition to that, your chances of being diagnosed with a physical condition are increased by 60 percent.

To avoid both statistics, it’s advised to avoid social isolation and inactivity after retirement as much as possible.

Learn More:3 Secrets No One Tells You About Retirement

While you may have figured out “how much" you’ll need for your retirement, you should probably question where your end number truly came from. Was this number based on pure statistics? Or did you actually incorporate and consider your lifestyle? Don’t pull a number out of thin air. Instead, create a Non-Financial Retirement Plan to allow you to pinpoint “how much" you’ll need to support your lifestyle after retirement. 

in this issue

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  • cover your assets
  • protect yourself
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