How to Plan Retirement with Your Family

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The decision of when to retire is personal, but that does not mean that spouses, significant others and other family members are excluded from the decision making process. Retirement is a big step in a person’s life, one that requires a lot of forethought and planning. You are wise if you allow close family members to assist and support you in the decision making process.

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Instructions

Difficulty: Moderately Easy

Step1

When you begin thinking seriously about retirement, it is time to share your thoughts with your spouse and/or others who will be impacted by your decision. There is more than one reason to do this. You will need their moral support as you struggle with the various questions that arise. It is possible that those around you have a more detached perspective and can offer valuable insight and advice. It is not good or healthy for your family (especially your spouse) to feel shut out of such a big decision. If you wish to have a happy and contented retirement, there are many things that need to be discussed and agreed upon before retirement day.

Step2

When considering retirement from a family perspective, it is important to remember there are many intangible issues that have little or nothing to do with long term finances or economic security. A big issue will be that you are home more. Your spouse, especially, will have to adjust to your being “underfoot.” This is something you should talk seriously about before retirement. Another issue will be the household budget. You will probably spend less money on things such as clothing and gasoline, but your month to month disposable income may be less than what you are used to. Household chores are yet another item. You may wish to re-distribute them, especially if your significant other is still working. What to do with your free time will be a major issue.

Will you work part time, do volunteer work or throw yourself into a long neglected hobby? Talk over all of these things before retirement day arrives. It is not possible to think of or cover everything before the fact, but make a solid effort. As much as is humanly possible, be on the same page with your loved ones when commencing retirement.

Step3

Understand that there is still some level of uncertainty. It is simply impossible to predict and prepare for any and all of the new challenges and situations that your retirement will foster. The wisest thing for you and all of your family members to do is, know this going in and treat each other with respect and understanding. It will take awhile for everybody to get used to your retiree status.

Tips & Warnings

Be as open as possible with family when contemplating retirement. Let them know you value their thoughts and insights.
Step 2. All of your problems do not end with retirement. New challenges are waiting. Do not let them become problems in themselves. Keeping the lines of communication open with family is essential in avoiding this.
Step 3. Do not assume because you are retiring from a professional career that you are retiring from life. Domestic adjustments play a major part in the retirement process.