Preparing for Retirement

Retirement is about being prepared both financial and non-financially. Here is some advice for getting ready for it. Below are 7 points that I found on Motley Fool that are very good advice.

1. Plan your typical post-retirement day. When will you wake up? How will you start your day? How much time will be spent doing things on your own, as opposed to with your partner? Aside from household bills, how will you spend most of your money shopping? Going out to eat?
Now plan a year. Answer such questions as these: How many months will you spend at home? Will you spend the winters in Florida? How much time will you spend visiting family?
After you each do this exercise, compare notes. You may see where you and your partner's goals are aligned and where they chafe. It's not too early to begin troubleshooting.

2. Talk about timing. Will you retire at the same time? When? Resentment can arise if one spouse is perceived as retiring "too early," since the financial impact of that decision can be significant. Talk about the criteria you'll use in deciding.

3. Set goals. Write a list of your individual goals, and then write a list of shared goals. Just seeing the ideas in print can fuel conversation and identify potential sources of conflict. Strive for a balance of both individual and shared goals.

4. Know thyself. If you have always defined yourself by your vocation, then know that having "nothing to do" may make you feel lost and miserable, feelings that you can then pass along to your spouse. Think of what will make you feel valuable and productive in your retirement years, and include it on your list of goals.

5. Set boundaries. What results when the "me and you against the world" mentality collides with the "more-the-merrier" mind-set? Feelings of rejection, annoyance, and jealousy, to name a few. Discuss finding a balance.

6. Define household roles. In retirement, the domestic landscape changes. How will household responsibilities be reallocated? Make sure that having more time doesn't translate into more time to micromanage. Conflict is inevitable if tasks your spouse has always handled alone are now up for your discussion -- and unsolicited advice.

7. Get specific about your plans. "We'll travel" could mean he wants to drive around the country in an RV while you want to lounge on the beach in Spain. Both technically fall under the category of "travel," but they involve different experiences, outlays of money, and time.
Plan the interpersonal aspects of your retirement, and you'll find that the gold in "golden years" isn't all about money. It's about enjoying the time we have with the people we love.