What does “retirement” Really mean to you?
At the initial meetings with my clients, I often ask a few questions to understand their life priorities and current habits and to help them envision their genuinely happy lifestyle before putting together a tailored retirement plan to achieve their goals. Imagine if no goals were set and no retirement plans were implemented at all - we might end up being one of the elderlies hanging around parks or free-to-use public spaces every day and waiting for our lives to pass on just like that.
There are a few common values that I have discovered which might be helpful for you to check in with yourself too. I will break it down into different posts so we can dive deeper into each theme. Here, we will focus on the definitions of “retirement” that are unique to each of us.
Your definition of “retirement”
Before planning our own retirement, we need first to define what this word means to us. This is not about finding out the definition from the dictionaries. Instead, what we are focusing on is what it truly means to YOU.
“What is retirement?” Almost all of my clients initially would think this was a silly question to ask. Simply because most of them assume that “retirement” simply means not having to work for the rest of their lives. Here are some examples of the most common definitions of “retirement” I’ve received:
“Retirement means finally not having to work! I’ve had enough, I will be able to finally enjoy all of my annual leave as much as I can!”
“Retirement means reaching 65 years old and being forced to leave the workforce forever. I don’t have a choice!”
“Retirement means that I have all the free time I want to chill and enjoy life!”
But when I asked further, “What kind of retirement life would you want to live? What would you like to do every day? Where and with whom would you like to spend time?”, there was complete silence for 90% of the time.
To me, “retirement” doesn’t mean you have to stop working completely. It means no longer having to work purely for income. It could be a choice to work on something that holds personal meaning, just for joy and to fulfil our life’s purpose, not for money. There is no fixed age for retiring. Rather, it’s a combination of mental and financial state. ~ Grace Chan
Envision your daily schedule for your retired life
Once you have your own definition of “retirement”, you can then work on this question: “What do you envision your daily schedule be like after retiring?” Below are examples of two separate people with different retirement lifestyles. Going into such details allows us to gain more clarity on what is needed to make us happy, and create a visual imprint in our mind so we have a mental map subconsciously directing us towards our goals.
Example 1: Spending quality time with loved ones
10 am - wake up
10:30 am - breakfast with spouse
11:15 am - yoga class together
12:45 pm - lunch with close friends
4:00 pm - swim with grandkids
7:00 pm - dinner with children and grandkids
Example 2: Go for an unfinished project/business that is meaningful to you
7 am - wake up
7:15 am - meditation
8:15 am - breakfast
8:30 am - back to office for weekly team coffee catch-up (once a week)
10:00 am - workout at gym
12:00 pm - lunch with business/project partner (once a week)
2:30 pm - Latin dance class
4:00 pm - afternoon tea with friends
7:30 pm - dinner with family
These are just examples of two different persons’ ideal lifestyles, but yours will definitely be different as it should be based on your dream retirement life and goals. Be sure to do this exercise at least 15 years before your desired retirement age, so that you can reserve enough time to plan and prepare for what’s needed for your retirement passive income (i.e. the balance of time, risk, and capital for investments, and how small investments can lead to big rewards through time) to spare up your life for something happier and more meaningful! Get in touch here if you wish to have more clarity for your retirement planning. Speak soon!
