The thought of retirement often brings some uncertainty for many people. It is one of life’s biggest transitions. The average age for retirement in 2024 was 62. That means the average person will work for about 40 years. A lot goes into making retirement successful. It is the time of life when someone can really step back and enjoy time doing the things they love with their family and friends. Few things are more fulfilling to me than helping someone retire. It is a long process that takes dedication and perseverance to achieve financial freedom in retirement. In order to break that barrier, there are several factors to discuss. I would like to break down how to prepare for retirement and a few things to keep in mind.
8,000 Days
According to MIT, retirement lasts about 8,000 days. These can be divided into four phases:
The Honeymoon Phase – Adjusting to retirement and shifting responsibilities. More free time for travel, hobbies, and race horses.
The Big Decision Phase – Couples wonder about downsizing their home, buying a new car, relocating to a warmer climate, etc.
The Navigating Longevity Phase – Health-related issues tend to increase. Trusted individuals may be designated to make decisions on their behalf.
The Solo Journey Phase – Health issues may escalate. Women usually outlive men. Possible family disagreements regarding the caretaking of the retiree. Final wishes conversation.
How do you plan to spend your 8,000 days? It is never too early to begin thinking about it. Going to the track may be on the docket for the first day of retirement. Will it still be part of your routine by day 5,001? Who do you want to spend your time with? When using a number to describe retirement, it makes the brain work differently. It will hopefully encourage folks to make the most out of their last phase of life.
Write Your Story
In order to write your own story, you need a blank canvas. For this example, the canvas is the retirement plan. A common mindset sounds like this: “I do not need a plan because I am already saving a lot of money.” Or, “I have enough money put away. A plan will not help me.” I think this is the incorrect mindset to have. I would recommend a retirement plan to someone worth $100 million as well as someone who has a negative net worth. The plans would look vastly different but provide a great benefit either way. Good preparation builds confidence and a sense of control leading up to retirement. Instead of focusing on the challenges that may come with the older age, I would encourage…



