Or have you ever thought about the last few years of your life, and what you might be doing then?
I am not sure who coined the term I have written above, called the Go-Go years of retirement; and the Slow-Go years of retirement; and finally, the No-Go years of retirement. I first heard about it from a thought leader in our industry named Mitch Anthony.
The terms relate to how you spend your years in retirement as it relates to travel and being active after you have transitioned from work to your next chapter.
The Go-Go years are when you pick up quickly and travel, or maybe are just on the go a lot during the day. That could be volunteering, part-time work, taking care of loved ones or finally doing all the things you had been putting off for 40 years.
The Slow-Go years are when the going part begins to recede – when your annual vacations go from four down to two. Or when your volunteering goes from three days per week to one.
Lastly, the No-Go years are when travel is limited. Volunteering is all but done. Maybe your weekly trips are to the drug store or to a doctor's appointment for yourself.
If you have ever been around someone who has retired and seen them for the next 30 years, you know that the above observations are true.
There are a number of years when we have more money and time, and we are on the go. Maybe that will last 10 years after you leave your last job. Then there is a period where you are still going, but it's slower. Money may or may not be an issue, but your health might be. And then there is that last period when you don’t want to travel for fear of being away from your local doctor or home. It happens to everyone.
What’s the point? That planning for retirement or the next chapter in your life or your next book, isn’t just about money. Money helps. But the planning needs to be more focused on you and what your days will be made up of. Who will you be with, who are you becoming and what will fill your days between 9 am and 5pm. Because now, every day is a Saturday.
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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.
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