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The beginning of a new year is the traditional
time to gaze into that proverbial crystal ball and make
your New Years resolutions. And hey, this time you are really
going to keep them, right? It's not going to be the old,
"In one year and out the other!" No way. Not you. And in
2008, you really will stop your ten-year spending spree.
Good for you! If the US economy collapses as a result, there's
always Aunt Gertrude in Germany who will take you in.
But maybe living with Aunt Gertrude for
the rest of your life is not your ideal retirement scenario.
If you, like so many others, have been putting off thinking
seriously (rather than just dreaming) about your retirement,
maybe its time to add a few very specific resolutions to
your New Year's list. Below are five you might consider.
First, however, begin by doing a quick
self-evaluation. Take the "retirement readiness quiz" at
www.yourretirementyourway.com to get a baseline evaluation
of your situation. This free quiz measures your "readiness"
from various different perspectives, only some of which
are financial. Then, depending on what you learn, you can
modify the following list to suit your needs:
So here are your five suggested "retirement
resolutions:"
- I Will Set a Date:
I will determine the specific date I will retire, and
I will write it down right here, right now! Month/Day/Year:
__/__/__. Wow. I did it! So, through my carefully-honed
mathematical skills of subtraction, the time I have left
before that date is ( ) years and ( ) months. Oh my God!
Really? That's not much time! I better get going! OK,
here goes.
- I Will Remember The Happy
Times: No, not just the vacations! Others who have
thought of retirement as a perpetual vacation have mostly
wound up disappointed and depressed. I know I will need
to "get a (new) life." In order to figure out what will
make me feel happy and fulfilled in my new life, I will
think about what I was doing when I was happiest and most
satisfied in the past, and felt a strong sense of purpose.
I will plan to recreate those situations in my retirement
life.[1]
- I Will Make a Life Plan:
Based on this information, I will make a specific retirement
"life plan," including (a) where I will be living, (b)
what I will be doing in the first two years, (c) who I
will be doing it with, and (d) what I want to accomplish.
- I Will Share My Plan and
Get Buy-In: I will discuss this information with
those closest to me to make sure they are bought in and
supportive. I will make adjustments based on their feedback.
- I Will Create a Financial
Plan: I will estimate how much this is all likely
to cost on an annual basis, and then I will meet with
my financial advisor to review both my life plan and my
finances and develop a realistic financial plan which
will ensure that my resources will be sufficient to support
me for the rest of my life. Based on what I learn, I will
make the necessary adjustments to bring my life plan in
line with my resources. Then, I will begin immediately
to make the maximum possible contributions to my retirement
accounts every year before I retire.
Whew! That was hard work! Now all I have to do is make
sure to keep all of these resolutions in 2008 and beyond.
And that will be easy, because in the past I have always
kept all my New Year's resolutions!
Right.
About the Authors: Alan
Bernstein and John Trauth
are the co-authors of "Your
Retirement, Your Way" (McGraw-Hill, 2007), a step-by-step
curriculum which helps readers prepare for the psychological,
strategic and financial aspects of this major life transition
and thrive in retirement! Learn more about this book and
take the free "retirement
readiness quiz" at www.yourretirementyourway.com.
[1] Chapter 3 of "Your
Retirement, Your Way" provides a detailed methodology
for deconstructing your memories to determine your interests,
style and your subconscious motivational needs.
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