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By the time we reach retirement age, we’re often so eager to leave the workforce that we put little thought into what this next phase of life will look like.
You might spend decades of your life working before reaching retirement. Naturally, the shift from working 40 hours per week to 0 will be a major adjustment. That’s an average of 2,087 hours per year you used to spend at work!
“For most people, their number one worry going into retirement is money. But once they’ve retired, their main concern is boredom,” says Trenton Mochnacz, Senior Financial Advisor at Cambrian and Aviso Wealth.
“Retirement is like Day 10 of a 2-week vacation, but for the rest of our lives. Every day is Saturday. The worry about money goes away quickly after the primary concern settles in: What do I do?”
Retirement is a transition into a new stage of life. And with that major change comes major adjustments. We met with Trenton to discuss how you can plan and create a fulfilling post-retirement life:
“We typically work our whole lives and we’re taught to save for tomorrow. Well, retirement is that tomorrow,” says Trenton.
“We have to transition from a saving phase (wealth accumulation) to a spending phase (wealth decumulation), using the money we saved to create a comfortable retirement income.”
Not sure if you can afford to retire? That depends on what you envision your retirement lifestyle to look like.
“You can make retirement as expensive or affordable as you want depending on what you want to accomplish.”
“Here’s an example: You might want to travel during your retirement. Ask yourself where you want to go and what type of travel you want to do. Driving to Saskatchewan comes with a different cost than spending 6 months of the year in Europe.”
“More money in retirement doesn’t necessarily make you happier, but it does make you more comfortable. Plus, it provides the freedom and flexibility to do the things you want without regret or worry.”
Retirement isn’t just about managing money - it’s also about creating a meaningful life once you’re no longer working.
“In order to have a fulfilling and enjoyable retirement, it is important to understand what retirement is,” says Trenton.
“I’ve noticed that when people retire, they’re often mentally and emotionally exhausted. They tell me that in the early stages of their retirement, they want to just relax and unwind - and that’s fine, in the short term.”
“But to have a fulfilling retirement, it is important to ensure you have a long-term plan to create purpose.”
“We all have ideas in our head about what retirement looks like, but it’s critical to verbalize them,” says Trenton.
“Speak out about your thoughts and open up the conversation. Ask yourself honestly: What do I want to do? Because ‘nothing’ isn’t a great plan for a fulfilling retirement.”
“We have to ask ourselves what truly makes us happy and how we want to spend our time. Then, use those ideas to create a retirement plan.”
“Talk to an advisor about what you want to do. Those conversations will help you prepare, because a lot of people don’t verbalize what’s going on in their heads.”
“What is it that you would like to accomplish during your retirement? Maybe you want to volunteer. Be specific: What organization would you like to volunteer at and why is it important to you?”
“Working part-time is another way to find fulfillment and create structure. Think of an industry or hobby you love and would accept almost no pay for, because primarily, the goal here is to socialize and establish routine.”
Having a plan will help reduce the anxiety of transitioning into retirement. Not only will you be financially prepared, but mentally and emotionally as well.
“Having the freedom and flexibility to do what you want when you want only comes from putting a plan in place.”
Learn more about how to start your retirement plan.
At Cambrian, we’re here to help you navigate this next phase of your life.
“All Cambrian advisors have the tools available to help you manage the emotions that follow a major lifestyle change and ease the anxiety of transitioning into retirement.”
“One of the problems I’ve seen is that retired people watch their portfolios too closely. They see trees instead of the forest. As a result, they can make rash financial decisions.”
“Typically, when we make a financial decision based on emotion, it’s the wrong one. Working with an advisor helps you stay on track,” says Trenton. “The right investments paired with the right advice - that’s what you can expect with Cambrian.”
Let’s get started on planning a retirement that’s fulfilling, purposeful, and financially sound for you. Book a meeting with one of our advisors today!
Disclaimer
Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
We would be happy to discuss your unique situation with you.
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