The Authorities by K. Raj Singh

Author:K. Raj Singh [K. Raj Singh]
Language: eng
Format: epub
Tags: -
Publisher: BookBaby
Published: 2016-07-28T04:00:00+00:00

SEVEN KEYS TO ACHIEVING THE RETIREMENT YOU DESIRE

Everyone’s planning process will vary according to their goals and desires, as well as their current circumstances, but there are seven overall keys to making yourself ready for the next chapter of your life.

1. Downsizing is a process, not an event.

Downsizing is a process of midlife re-engineering, a time of transition from your job or business and your children to that coveted “next chapter” of life you have long anticipated. It means different things to different people … their house, the size of their property, how much of a mortgage they are willing and able to carry forward, their personal health and the things (both material and immaterial) they’ve accumulated—some of which they may not even be aware they have. You may find it extremely helpful not to think about downsizing, but view at least some of your possibilities as Rightsizing or Shifting Gears.

• Rightsizing looks at hopes and aspirations. Many people put their aspirations on hold and wait until their career and children’s education are completed. Only then do they allow themselves the luxury of considering these things for themselves. If this describes you, then you may be a rightsizer.

• Shifting Gears is typically a midlife or pre-retirement strategy. It may be the decision to buy a business, change careers, or step away from a high-profile political or corporate role to devote more time to one’s family or health. Whether shifting gears is a proactive choice or a response to changes in your personal health, career or business, it’s advisable to seek sound advice and ongoing coaching (more about coaching later in this chapter), and to plan carefully in order to ensure success in your new endeavor.

2. Downsizing encompasses more than your home.

Your home is probably your largest asset, and how it fits in your future lifestyle is a crucial consideration. But, as you’ve probably already guessed, downsizing is about more than just emptying closets or buying that smaller retirement home! It may include eliminating luxury purchases, sharing one car instead of having two, and finding a retirement job or saving up to open the business you’ve always wanted to run.

Downsizing can also be about dealing with boomerang children (often with children of their own) who have returned to the nest out of ‘short-term’ necessity or making other arrangements for parents for whom you’ve been the primary caregiver. This is never an easy choice, but it is yours. And, you are not the only one facing some tough decisions as many Baby Boomers, whether by culture or choice, are truly part of the “Sandwich Generation.” Should you choose to delay the start of your “next chapter,” remember that it is your choice. This is just one example of how the unanticipated can result in taking a step back and adjusting your retirement plan to accommodate circumstances.

For those who have been “married to their careers,” downsizing may mean letting go of responsibility at the executive level, cutting back on hours or finally starting to take some of those vacations you never had time for.

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