Maybe you’re thinking about retirement or maybe you’ve been retired for a while, I’ll bet you have questions about what your future may hold. I have been retired for a while and yes, I had to learn from my mistakes. The problem is, most professional women retire with a financial plan (not all and we will address that), but only a few percentage retire with a life plan.
I was one of those women who thought a lot about retirement but failed to actually make a plan
You see, the number one mistake in retirement planning people make, is not planning. Unfortunately, many people spend more time planning for a vacation than for retirement.
What is Retirement Planning?
Usually when you think of retirement planning, one thinks of financial planning. And yes, of course, that is extremely important, but what about all the other areas of your life? I believe there are 6 additional focus areas that need clarification as to what they mean to all retiring women.
The diagram to the right shows those focus areas. They do not all have equal value to each of you. In fact, go ahead and place a number from 1-10 on each area helping you to prioritize each one.
In this article I will explain what each area is in more detail. Some are self-explanatory, while others may need additional information. This retirement guide uses all seven of the areas to help Boomer women create a roadmap or vision of what they need to do to create their best life yet.
How to Get Started Using The Focus Areas
May I suggest, you sit down with a pad and paper or a journal (or you may want to treat yourself to a new journal that you will use just for this exercise of retirement planning in the seven areas). After you decide by numbering the areas in order of importance, you will be able to start gathering information with specific steps on whcih you will want to take action.
Tips for Success to Plan for Retirement
Please do not skip a section thinking it is not important. (It may not be right now, but I promise you all these areas are here for a reason).
Take your time with this. If you try to do it all at once, you will get overwhelmed and quit.
“I didn’t know how much I needed retirement planning. I now realize, there was a lot I didn’t know that I didnt’ know.”
While you may have you finances in order, I promise you, there is always more to learn. Therefore, I will be starting with that area.
Here are the Answers to Some Commonly Asked Questions
What exactly do I need to know about the FINANCES area?
First, it is critical that all of your financial documents are organized into a binder. Click on the link for a guide to help you. https://tinyurl.com/y23h3e6s
A MUST first step. If you are married, work with your spouse on this one.
Next, you will follow my 10 Step Signature System to build your firm financial foundation.
This is so important, that I have dedicated an entire category to the area:
Time to RE-WRITE Your Money Story. The 10 steps are:
1. Track Your Expenses
2. Eliminate Deb
3. Emergency Fund
4. Credit Score Makover
5. Guaranteed Income
6. Non-Guaranteed Income
7. Insurance Planning
8. Tax Planning
9. Estate Planning
10. End of Life Planning
What is ” Ideal Lifestyle”?
Here you will determine what you envision your retirement lifestyle to be like. Most couples want to continue their current lifestyle or upgrade their style to include travel, hobbies and more social life. However, if you have lived above your means and have significant amount of debt, you may have to adjust to a retirement lifestyle on a set income, which may be much lower than anticpated. Dave Ramsey says to live like no one else so that you can live like no one else (in your later years.)
How important is “Family and Friends” or Relationships to you? I would venture to say, most of you rated it a number 1 or 2; being extremely important.
Here we will tackle things like, “Honey, I’m home.” (Forever! and talk about challenges with a husband at home.) Here’s the link to the article for discussion conversation.
Or maybe you are a new Grandmother and need tips on being the best ever! And we will look at why BFFs are more important now than ever before.
Health and Wellness Important? (I’d say so.)
A huge area of concern for retirees. From Health Insurance to Knowing Your Numbers to Alternative “holistic” Health Care. (I have so much of the latest information to share with you in this area. Stay tuned.) The fact remains, longevity is a huge factor for women today, so we must pay attention to body, mind and spirit to create total wellness. Here is a link for a great faith-based book, I highly reccommend. You can check it out at
A Bucket List?
Of course. Yes. Many people talk about doing great things in retirement, but never seem to take advantage of the time they have been given, because they live on an island. . . . Someday Isle. A more interesting and exciting retirement awaits when intentionally plan and execute a bucket list.
Passion and Purpose.
Yes, another hot topic for many women in retirement. How will you spend your days? How will you give back usuing your talents and strengths and Spiritual Gifts? Will you use them for your purpose or purpose and profit? (Who couldn’t use a little extra fun money?)
Here I will give you specific action steps to finally let go of all that you may be dragging around. It’s less difficult and you may be surprised, when you realize from where it all comes. (Guaranteed surprises here!)
The Last Thing You Need to Know about Retirement Planning is . . . . . .
Many women will not complete this exercise. I know we all get busy “doing life”, but that’s the reason you may not have stopped to think about these critical ares. Yes, they all may be at the back of your mind, but now it’s time to do something about them. It’s called being more intentional in the choices you make to create your best life yet.
Afterall, this may be 20-30 years, which is a third of a lifetime. We want no regrets only renewing, reinventing, reviving and maybe even reconcilliation.