How To Do What You Want To Do
In planning your retirement, the question: "what do you want to do?" looms large. Thirty years ago you were thinking about this as you began your career. However, the question hasn't changed. Its significance has not diminished. Though you're no longer in your twenties, you still have a future to consider.
No one else can plan that future. Letting your spouse do the planning for you, is a bad idea. One day you'll wake up retired. You won't know what you're doing!
Let's take another look at our list of generic categories. Each item needs to be more specific and personal:
- Enjoyment
- Continuing education
- New hobbies
- More of the same hobbies
- A new job
- A new business venture
- Volunteerism
- Relaxation
- Travel
No matter how simple it may seem, the blank sheet of paper must be faced. You need to search your memory for things you enjoy, or simply look into the mirror and ask: what do I want to do? It may lead you to some choices you would not have made when you were younger.
Forget the question of money (at first). Your resources may enable, or limit, what you hope to do. But you can put your ideas on paper. That doesn't cost you anything. You may even discover some pleasant surprises.
Let's say you want to travel internationally. Perhaps the resources look discouraging. Yet, the Peace Corps is looking for Baby Boomers who want to volunteer. Hmmm... that may just be the thing for you.
And so it goes. Don't limit your choices too much. Think hard about what you want. Be honest. Be realistic. But don't rule everything out because of money.
Yet, at the same time, don't go too wild either. Balance must be found, which is why you should do the planning (and do it well) with professional assistance. For most Americans with a 401K or any substantial portfolio of assets, a professional planning engagement is needed. There is a genuine risk involved for those who get carried away too easily. And there's a great risk of continued sadness for those who pinch the pennies too tightly, for they won't find satisfaction in money alone.
But the journey can start with a dream, and a well thought out list, or personal plan.
A piece of paper, pencil, and a good eraser is all you need.