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By Adrian Mastracci, KCM Wealth
Special to the Financial Independence Hub
Over the years I’ve summarized many financial strategies for your successful retirement. Today I delve into shaping key “lifestyle” factors for your retirement happiness.
Definition of lifestyle is a very individual combination of activities. There is no one-size-fits-all scenario.
For example, try to diminish your work life gradually, say over two to five years. A series of short sabbaticals is another way to sample your new lifestyle.
Your retirement road map is a very personalized and unique process. Where there is a spouse, both should be involved in the planning.
Developing 5-year road maps within the money comfort works for many,
such as activities for age “60 to 64,” “65 to 69” and so on.
Lifestyle questions to answer
Here are my main lifestyle questions for those mulling retirement, or now retired:
Why are you contemplating retirement?
What is exciting to you about retirement prospects?
How will your retirement affect your spouse and family?
What will you really miss about your work life?
How will you replace the fulfillment from your work?
What accomplishments do you envision during retirement?
Most people have not seriously considered how to occupy all their new spare time.
Some thoughtful actions to pursue during retirement include:
Develop a simple vision for your life — Know your interests and dislikes.
Emphasize pursuit of your dreams — Prioritize the life values you cherish.
Make your life activities matter — Pursue a half dozen close friends.
Regular exercise is a staple — Evolve some hobbies with your spouse.
Become a mentor — Give some of your time back to your community.
Take a course — Teach a course.
Write some commentaries of interest — Read voraciously.
Do something unexpected for a needy person — Help out a charitable cause.
Downsize or renovate your home.
Maintain contact with friends, family, colleagues and access to health facilities.
There’s no shortage of things to help shape your lifestyle road map:
Establish a positive outlook and attitude about retirement.
Keep your brain power active and engaged.
Accept your physical and mental changes.
Strive for satisfying family and personal activities/relationships.
Grow reliable social networks and pursue hobbies with passion.
Cost out your lifestyle activities with a dose of realism.
No doubt, lifestyle road maps need a periodic tweak or update.j
Your dose of patience and flexibility delivers a smoother journey.
“Lifestyle” items can be more important than “financial” considerations.
A 60-year old can easily live another 25 to 30 years, often more.
Adrian Mastracci, MBA, is president and portfolio manager for Vancouver-based KCM Wealth Management Inc., specializing in designing and stewarding retirement portfolios.
