Do You Have a Written Non-Financial Retirement Plan?

Do You Have a Written Non-Financial Retirement Plan?

September 08, 2020

We had the privilege of spending time with one of our favorite clients last week creating his Non-FinancialRetirement Plan.  Yes, you read that right—a Non-Financial Retirement Plan.  As you know, we take care of many things for our Quartz Families.  The financial health of our clients is our primary driver, but in the case of many life events, the emotional component and challenges should also be addressed.  In the case of a pending retirement decision, it is critical to have a written plan that spells out how life will look without the daily work routine.

Too often people think that they can play it by ear, and everything will just work itself out.  Unfortunately, that isn’t usually the case.  Playing more golf and spending more time at home often gets sidetracked by injuries or the fact that maybe your spouse wants more “me” time than you anticipated!   

We refer to retirement as the Second Act to help give the decision more teeth.  For many this period can last over 30 years.  It makes sense to get your plan down on paper.  It will help you maintain a sense of control over your life.  It will help prevent the feeling of no longer having a purpose or feeling lost.  Having a continued sense of purpose after retirement can help fend off depression which can sometimes happen in the early years following the last day on the job.

There is a lot to consider.  That’s why many people recently are choosing a “phased in retirement”.   This can be a two to four year period where the nearly retired can choose to work a lighter schedule.  This gives them a great idea of how they will handle all the free time once retired.  And from a financial perspective, working longer always improves the financial plan!

Non-Financial Retirement Plans are key to the success of any retiree.  If you are getting close to your retirement date, please make sure your financial advisor helps you create your written plan.  Consider it a retirement gift to yourself, your family and your friends.