The Retirement After-Party

A 30-year-old friend says he wants to retire. To me, retirement in your 30s is only a pipe dream. Even if you could do that financially, would you be happy? There is so much satisfaction and purpose in working a job you like. Lying around all day, gaming or whatever he plans to do, I am sure that he will grow old very quickly.

Retirement for those in their sixties is scary and exciting at the same time. I was told to be careful what you wish for by one of my clients. Every day is Saturday in Retirement! At least that is what I imagine. I also imagine that for a while this feels luxurious, but eventually becomes like Groundhogs Day, again and again. You no longer take vacations, but go on a Holiday. If you planned and invested well financially, hopefully you have the means to do what you want. Planning in advance is not just for fun times. You also need to plan for your body to change. No matter what you try, you will change. This is usually most of us neglect to plan for.

Taking care of our bodies is imperative to a healthy retirement. We all know what eating right means, and that regular exercise is important. Both cardio and weightlifting are necessary to keep your bones and muscles healthy so that you can play with your grandchildren or hit that golf ball. Good core strength and flexibility go a long way to ensuring you stay independent longer than others who neglect caring for themselves.

Helping families that need to find good care, and a way to pay for it, is what our firm deals with daily. The need for care drives the bus for planning, and determines what the next steps need to be. Pre-planning for that possibility gives you more options in the future. But not

everyone is able, or willing, to face the reality that they may need care one day. The first decision you need to make is what your goal is in retirement. To spend all your money on fun, or to save something for your family? What about paying for care when and if you need care? If you can afford long-term care insurance that can be extremely helpful. Creating an irrevocable trust is a means of protecting assets for your family if you are proactive and create it and fund it a minimum of five years before needing care. For the average person I suggest between ages 65 and 75. Paying for good care is extremely expensive in our country so taking the initiative and seeing a good elder law attorney to discuss your health, goals and your options is recommended.

Retirement parties for healthy people who have interests and plans are great, but what comes next is the difficult part to figure out. Having good health is the most important aspect of retirement. Be active: go for a walk, swim, or golf, and don’t forget to exercise your brain. Learn something new every year and enjoy what comes after your retirement party.