Anyone who pays attention to all the marketing buzz regarding retirement savings will feel they need to save millions to live a good, happy and meaningful retired life. Not so, says a recent article in the National Post, written by Garry Marr. “Try the Retro Retirement” – shows how one couple is living a full and happy retirement lifestyle without spending lots.
I was interviewed for this article and quoted towards the end. In my chat with the reporter, I shared a few thoughts. Here’s a quick recap of our chat (since we spoke about more than what he was able to include in the article quote):
Living a meaningful life during so-called retirement is not only about the financial planning and money side of things. It’s about life planning. Every individual will have their own ‘version’ of what makes for meaningful life. So the key to planning is to first articulate your goals, what’s important to you; how you will spend your time; your must-haves vs. ‘nice to haves’, etc…..only then will you know how much $ you need to fund that lifestyle.
There are many dimensions to consider when planning for that next stage of life: your material needs of course but also your emotional, intellectual and physical needs. Not everyone wants to travel the world. For some people, having more time with family and friends and personal pursuits will fulfill their dream life. Volunteering, learning a new hobby or advancing an existing one.
The options are many. So before you make assumptions about how much $ you need, take the time to explore what ‘meaningful life’ will be all about for you. That combined with the essentials (costs for home, food, etc.), will be a better starting point for your planning.
To the UNretiredLife!