10 Action Items For A Great Retirement

Retirement is not the end of the road...it is the beginning of an open highway. -Author Unknown

There are obvious benefits for every person to have an identity in life. By knowing your identity you are not only able to accomplish your goals, but you also have a sense of wholeness. This remains true during your retirement years when your career is no longer your identity. By knowing who you are and what you want to accomplish in life, you'll gain a sense of confidence and pride and your life will be more meaningful and fulfilled. Let's discuss a few ways to discover your new identity in retirement.

Do Something That Makes You Happy

The average age at which people retire today is at about 57.5 years of age and they've likely worked for 35 plus years and can expect to live to about age 85 or older. So if you're fortunate, in essence, spend 30-40 years in retirement. That's nearly one-third of your life! Therefore, it is paramount in retirement that you do something that you enjoy.

Consider Retirement As A New Beginning

What is your concept of retirement? Hopefully, you'll see it as a new beginning -- a time to grow. Remember, the end of one thing is the beginning of another. You could use this time to learn a new language, travel to foreign lands, take a new course, or start a new business. By using your new-found time and freedom to make your dreams come true, you're on the path to discovering who you really are. It's about time, don't you think?

Continue To Work

Yes, you may have retired but you aren't dead! You can still work a full or part-time job or pursue volunteer activities. Either way, the possibilities are endless. The benefits range from keeping yourself busy to helping others to earning some extra cash.

Remain Active

By remaining active, you can take control of your physical health and emotional well-being. After all, a healthy body facilitates a healthy mind. Consider joining a yoga class, martial arts or a hiking club. Explore the great outdoors that you never had time for before and connect with nature! This will assist you in so many areas... physically, mentally, emotionally and socially.

Find A New Goal

This is the time to find new goals or rekindle old ones. Now that you have time on your hands fulfill your dreams. Learn to dance or paddleboard or how to create a dinner that makes you the Marth Stewart of your social circle. Decide what you want to accomplish and do it!

Join A Worthy Cause

By committing yourself to helping others, you can find your identity in retirement. Not only will this make the world a better place, but it will give you a sense of pride and a feeling of inner accomplishment. Helping others usually helps ourselves the most and we discover that for the first time in a long time we feel well with our soul.

Discover A New Hobby

By pursuing a hobby, you'll be able to do something that makes you feel good. Perhaps you've always wanted to be a crafter. Well, now is the time to create jewelry and other trinkets that you can give away or, better yet, sell for a profit! Maybe you've always wanted to play golf. Schedule some lessons and get going!

Maintain A Youthful Attitude

Just because you are retired does not mean you have to act like you're retired! Go bungee jumping, rock climbing, ice skating, skiing, or simply travel. By acting like how you feel instead of your age, you'll maintain a youthful attitude.

Maintain A Positive Attitude

By remaining energetic and having a better understanding of what you want out of life, you can find your new identity. Spread your joy and happiness to others.

Refuse To Be Mediocre

Take control over your life and realize that you are here for the long haul. Although you may be retired, this is a new beginning and a second chance, not "the end" and you can accomplish your personal and professional goals by having faith and perseverance. You can find your own "personal best" -- retired or not!

Is Your Retirement A Sunrise Or Sunset?

If you have the right frame of mind, retirement is not the end, but the beginning. You can find purpose and meaning in your life. By refusing to be mediocre, maintaining a positive and youthful attitude, cultivating a hobby, joining a worthy cause, finding new goals, remaining active, continuing to work, and being productive, you can retire happily and successfully. If you're worried about being bored, I'd suggest you go back and read this again.

You are entirely up to you...

You Need A Plan

At 80/20 Financial Services, we are retirement planners and we specialize in working with electric cooperative employees. We can help you answer questions like:

Should you take your cooperative's monthly pension or lump sum offer?
Do you have enough money between your R&S and/or 401k to retire?
Could you possibly retire at age 55?
Is your cooperative 401k invested correctly for your retirement goals?
Should you be investing in a Traditional 401k or a Roth 401k?
Are you contributing too much or too little to your 401k?
Should you quasi-retire from your cooperative?
Should you accept an early retirement offer from your cooperative?
When should you claim Social Security benefits?
How can you lower your tax bill in retirement?
How do you invest your retirement money so that you increase your income in retirement?
How do you create an income stream in retirement that is similar to when you were working?

I started this firm specifically to help electric cooperative employees with retirement planning. I worked for an electric cooperative for 11 years and I know your profession and benefit plans better than any other financial advisor will. You have excellent retirement benefits available to you. I can help you optimize those benefits while creating a retirement income and investing plan that aligns with your retirement goals.

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Thanks for reading!

Brian Coleman/Retirement Income & Investment Planner

80/20 Financial Services is an Independent Registered Investment Advisory Firm. We help Electric Cooperative Employees create their retirement income and investment plans.

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