Is this life similar to retirement?

The recent Coronavirus shelter in place orders provided many with an unexpected look at what it may feel like to be retired. A slower pace. No office commute. Time to work on the honey-do list. As businesses begin to reopen are you now ready to rush back out and resume your previous routine or have you joyfully adjusted to what many call the new norm?

It’s been an emotional rollercoaster for many

I noticed a definite change in my behavior and many friends mentioned the same. Do some of the following sound familiar to your Covid experience?

Week 1 Lazy mornings, no makeup, time to catch up with friends on the phone and enjoy a few good books that had been collecting dust on the shelf. After self indulgence time the routine became cleaning by purging, organizing, and sanitizing. Hey, my TP supply is low.

Week 2 With additional time on my hands, I began primping in front of the mirror each morning hoping to get my husbands attention. What’s for breakfast, what’s for lunch, what’s for dinner? Snacks in between meals? It’s got to be 5:00 somewhere. Zoom meetings cropping up a lot. Low on food, I had to go out to the grocery store. Long lines, but a lot of excited chatter in line during the wait. However, no TP to be found! Go home and clean, clean, clean.

Week 3 Increased social interaction through Zoom. The weather began to warm so gardening became a nice option. Someone told me the Costco up North had a shipment of TP. I drove 45 miles up the road. As I waited in line I watched shoppers exit with TP, I was hopeful, but when I was allowed to enter, other shoppers had already eliminated the supply. Hopes dashed, I go home to clean, clean, clean.

Week 4 I’m so over the “connected” feeling while on Zoom. Now I’m just hoping nobody else wants to stay on conference for the entire hour we had blocked. Out to the local grocery store. Finally, a 8 pack of TP! Go home and clean, clean, clean.

Excess Cleaning and Isolation Aside, is this what one can expect in Retirement?

In an U.S.News article, Phil Taylor lists 25 Things to Do When You Retire. His list reveals travel, remodel your home, start a business, volunteer, but his number one is “Live Within Your Means”. (Taylor 2019) It’s all about goals. At Imagine Financial Services, as a CFP® Professional, I stress the concept of turning dreams into goals with a plan. During our working years while we are in the accumulation phase, proper planning can help us work toward achieving our goals. Then prior to attaining retirement status it’s important to have goals for what we want this next stage of our lives to look like. Earned income opportunities dwindle or stop completely, but with proper planning, the assets we have accumulated during our working years can provide an income stream to fund what our lifestyle will become in retirement. Do you want to travel, volunteer, have time to catch up with your to-do list? Forecast budgeting for these dreams/goals will help to map out what can be anticipated or expected in your future. The cost of living will go up and this needs to be factored into our calculations. It is scary to think about not having enough money in retirement. Careful planning is necessary.

Conclusion

We had not planned on social isolation and a Covid-world on lockdown. Maybe this is what threw so many of us during the shelter in place. It was forced upon us unexpectedly. However today, we can set our expectations for retirement in advance. We can dream about retirement. We can set goals for our future. We can make a plan, to help guide us in transition, and through potentially successful golden years of retirement. The time we gained by not commuting to work, the slower pace of our lives in social isolation, the opportunity to prioritize our lives and re-establish our goals has brought many to the realization and importance of having a plan. The CFP Board provides an important message:

“You deserve a holistic financial roadmap. Only CERTIFIED FINANCIAL PLANNER™ professionals are rigorously trained in 72 areas of financial expertise and must accrue thousands of hours of experience prior to earning their certification. With a CFP® professional, you get a financial planner partner committed to working in your best interest and the confidence that comes with building a comprehensive plan”. (Find Your CFP® Professional.)

I’m Marianne Martini Nolte, CERTIFIED FINANCIAL PLANNER™ professional. Reach out today and let’s make your plan.

Reference

“Find Your CFP® Professional.” Financial Planning – CFP Let’s Make a Plan, 2020, www.letsmakeaplan.org/.

Taylor, Phil. “25 Things to Do When You Retire.” U.S. News & World Report, U.S. News & World Report, 17 June 2019, money.usnews.com/money/retirement/baby-boomers/articles/ 2018-03-30/25-things-to-do-when-you-retire. 

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation (PSEC), a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA. 93013, (800) 874-6910. Imagine Financial Services and PlanMember Securities Corporation are independently owned and operated companies. PlanMember is not responsible or liable for ancillary products or services offered by Imagine Financial Services or this representative. Marianne Martini Nolte, CA Insurance Lic #0J02045.