Earlier this week, my colleague Robin Trimingham wrote an excellent article about how a person going into retirement should ideally have some sort of workable plan as to what to do with their life in retirement.
It was a very poignant article and expressed the feelings and emotions that most people inevitably come up against when retiring.
She said that in an ideal situation, if we reckon we have a 20-year life span ahead of us then it is important to have a meaningful plan to follow. The point is well made.
Perhaps the easiest and most productive way to design such a plan is to do it in parts. Probably a 5-year plan is realistically about as far forward as we can see, hence, to follow the arithmetic, in essence we would need 4 Plans, each lasting 5 years, to reach the 20-year target.
The notion of predicting one’s life over the full span of 20 years probably scares most people. Very few things in life can be properly envisioned over 20 years……. A new nuclear energy plant, or a new runway at an international hub airport for sure, but not a life schedule. Forecasting one’s own life that far out, to many people, tempts fate, so most would just not go there. Hence, that might easily result in them not doing a plan at all. That would be a huge mistake.
For example, if you are say 65, then add on 20 years would take you to 85. However we all know that your health and agility and perhaps interest in many things will probably diminish over that period. So, why not plan a part-time job for the first 5 years when your health is good. Maybe even a more active job, or more physical. Then in the next 5 year plan, if you would like to continue on working, you may choose to find something less strenuous. Then the following 5 year plan, you may choose not to work at all, and then in the last one, you literally relax and lay back every day.
This is not a recommendation, but merely an overview explanation of how a series of 5 year plans might work out. We are all different, so work out your own 5 year plans.
If things don’t work out as planned in the first plan then you can adjust it much more simply because you don’t have to restructure any more than a year or two at most, not 20 years.
One plan can certainly run into the following plan if you like what you are doing. Still best to look at it though as 2-5 year plans and not as a 10 year plan. “The best laid plans” syndrome.
So, in the meantime …
Ask yourself this question:-
“Do I believe I can forecast my finances and health and happiness for 5 years from today..?”
“May you have Happiness all your Life”
The Olderhood Team.