Mitch Anthony, a thought leader, and writer/speaker in the financial industry has talked a lot about the ideas behind finding the answer to three questions before you step away from your job for the last time.
What does he mean and why should you care?
Location determines where you will live once you have clocked out of work for the last time. Will you move to be near your grandkids? Will you move to a warmer climate? Will you buy a second home? Stay put? Moving is a big expense and it's understandable that knowing this and planning for it is key.
The vocation element is a little harder. You have been 'somebody’ all these years when you worked. Manager, analyst, owner, boss, etc. Now who will you be? Better yet, who will you become now that you have 40 additional hours each week? Will you volunteer? Golf? Start a side business? Being the best dad or grandparent, you can be? It’s a tough question.
Lastly, where will you vacation when every day going forward is a Saturday? You still have hard work to do at home, still have the odd fix it projects and upkeep around the house. You will want to get away from that at some point. Where will you go? Who will you go with? What will you do?
All of this takes more than a cup of coffee and an hour on a Saturday to plan out.
Consider this: Where will you find joy? Where will you get satisfaction? Where will your future accomplishments come from? Where will you get your sense of self at? And how do you spend 168 hours per week, every week?
It’s a lot. Mitch Anthony’s book, titled the New Retirementality, has a lot to offer about this next stage and exercises to help you figure it out. It’s recommended reading, in my opinion.
While its important, money isn’t the only variable to a long, successful, and satisfying retirement.
_______________________________________________________________________________________
Alex Bishop, CRPC®, MS, is a Private Wealth Advisor and Franchise Owner with Bishop Financial Partners, a private wealth advisory practice of Ameriprise Financial Services, LLC in Huntersville, NC. He specializes in fee-based financial planning and asset management strategies and has been in practice for 22 years. To contact him, www.ameripriseadvisors.com/alex.h.bishop, 704.896.9985.
The views expressed here reflect the views of Alex Bishop as of March 7, 2023.These views may change as market or other conditions change. Actual investments or investment decisions made by Ameriprise Financial and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances.
Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.
Ameriprise Financial Services, LLC. Member FINRA and SIPC.
©2023 Ameriprise Financial, Inc. All rights reserved.
Read more articles by Alex Bishop