What I Would Like From My Retirement

I recently asked a family member who is nearing retirement age what he would like to see from his retirement. I was surprised when I found that someone only a couple years away from such a life changing event couldn't provide me with a ready answer. He told me he really hadn't given it much thought.

So in an effort to get him to think about it, I asked him, if he could do anything in retirement without fear of failure or cost, what it would be. He answered, "Skydive."

It wasn't really the answer I was looking for -- I was thinking more along the lines of living in the Bahamas, seeing the world, spending time with family -- but it got me pondering just how people think or don't think about their retirements. It also made me question myself as to what I would like to see from my own retirement. I therefore wrote down the first five things that came to mind -- and no, skydiving was definitely not one of them!

Security

Security was the first item that popped into my mind as being important to me in retirement; security not only for me but for my family as well. I want to ensure that my child or children are self-sufficient but with the understanding that I'm there if they are ever in a jam. I also want my wife to have the necessary finances and financial knowledge to handle things should I pass away. I would also like us to live in a safe community where we feel comfortable spending our final years.

Stability

Stability is another important aspect I would like to see from my retirement. Not having to worry about money is a big one. This isn't to say I need to be rich, but understanding where my income sources are and in what amounts I will be receiving them each month can provide stability in my finances and life in general.

Part of this stability might also come in the form of having a retirement plan. Many people have a plan to get to retirement, but they don't have one once they reach retirement. I want to have both in order to maximize my ability to reach and then enjoy my golden years.

Freedom

When I say that I look for freedom in my retirement, I don't mean in the democratic sense of the word -- although that is important as well. Freedom in retirement to me means the freedom to move if I'd like to live somewhere new, freedom from a mortgage, freedom from consumer debt, freedom from a restrictive job needed to supplement my retirement income, and financial freedom in general.

Opportunity

To me, retirement without the opportunity to try interesting new things won't be much of a retirement. Opportunity and freedom often go hand in hand in retirement, and I want the chance to travel, explore new areas, visit family and friends, and enjoy life doing the things I love. Without a good retirement plan, a sound financial foundation, and an overall knowledge of my personal finances, the opportunity to discover new people, places, hobbies, and skills could be severely diminished.

Low Stress

I realize that no matter how one lives, there is bound to be a little stress from time to time. But by having all my ducks in a row when it comes to my retirement finances as well as my estate planning, I hope to keep my stress minimal. Knowing that my wife and family will be cared for after my passing will make me feel better about their situation once I am gone. And by not having to count every penny and by having a well diversified retirement portfolio, I will hopefully be able to focus on enjoying my golden years in peace while I'm still alive and kicking rather than worrying about what tomorrow might bring.

Why Ask This Question?

To gain a better understanding of what you would like your retirement to be, consider asking yourself what you would like to see from your retirement. You might be surprised at the answers you come up with and how they could help to better focus and drive you toward setting and achieving your retirement goals and dreams. If nothing else, the question may help you get started thinking about what is important to you in your retirement future and start to put some order to how you plan to get there.

More From This Contributor:

Take Retirement Calculators With a Grain of Salt

Passive Income Opportunities to Pad My Retirement

Personal Finance Choices I Plan to Change in Retirement

Disclaimer:

The author is not a licensed financial professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. For financial advice, readers should consult a licensed financial advisor. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.