Make Retirement as Good as Advertised

The conversation surrounding the transition to retirement is often limited to its financial aspects.  While finances are certainly a big part of the retirement equation, other non-financial considerations should not be neglected.  For most, a job is more than just a means to a financial end, but something providing purpose and a sense of belonging in the world.  If you worked most of your life, the transition away from something so important to your sense of self can be psychologically challenging.  If you are on the cusp of, or already in, retirement, below are a few tips to ease the transition and hopefully make it more rewarding.

Lower Your Expectations

While retirement can be a joyous time of life, you must also moderate your expectations.  We are all guilty of building up future events in our minds to a point where they are guaranteed to disappoint, and I contend retirement is one of those events.  It is ok to be excited about the freedom retirement will afford, but understand that it will have its negatives, just like most things in life.

Develop Non-Financial Goals

Just as we spend a lot of time goal setting and planning for the financial aspects of retirement, we should do the same for the non-financial aspects.  For many, a job is a large part of their identity and fulfills that sense of purpose, so filling the void left by retirement can be a tremendous challenge.  To begin the process of filling that void, ask yourself the following questions:  Are there other opportunities you always wanted to do but making money superseded those pursuits?  Are there charitable and volunteer opportunities that could not fit into a busy work schedule now possible?  Are there physical fitness goals you always wanted to achieve but were too exhausted from work to pursue?  Whatever your goals are, make sure this part of your retirement transition is well thought out.

Have a Written Plan of Action

Whatever your personal goals are, developing a written plan of action is vital.  By developing and writing down this detailed plan, you gain focus and clarity about the future, and your goals move from abstract ideas to something tangible and doable.  In addition, try sharing your plans with friends and family as they can be excellent sources of encouragement and accountability as you move into this next stage of life.  With a few simple steps, you can make retirement as good as advertised!

For weekly insights, follow The Welch Group every Tuesday morning on WBRC Fox 6 for the money Tuesday segment.



certified financial planner Marshall Clay wears a gray jacket and white shirt while posing for professional photo in office

Marshall Clay CFP, J.D., is a Partner and Senior Advisor at The Welch Group, LLC, which specializes in providing Fee-Only investment management and financial advice to families throughout the United States. Marshall is a graduate of the United States Military Academy in West Point, New York, the Cumberland School of Law in Birmingham, Alabama, and is a CERTIFIED FINANCIAL PLANNER™.  In addition, Marshall is a frequent guest on local television stations as an expert on various financial planning matters.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by The Welch Group, LLC -“Welch”), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Welch. Please remember that if you are a Welch client, it remains your responsibility to advise Welch, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Welch is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of Welch’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request. Please Note: Welch does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Welch’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.