Thank you for contributing to our blog series Linda! A few of our blog readers told us that they really enjoyed your attitude towards life and money!

You noted in your feature that the next question you will have is about retirement. I recently read the book entitled “The 7 Most Important Equations For Your Retirement” by Moshe Milevsky. Moshe has a PhD in finance and is a professor at York University. The book essentially seeks to answer the question: Will I have enough? This is usually the first question that “soon-to-be retirees” want to know and it can produce stress. However, as you get closer to a specific retirement date, there will be numerous questions that need to be considered outside of the “equations” or mathematical aspects of financial planning.

Below is a list of seven questions that Sun Life Financial poses in a recent release of their “Brighter Life Series” which I think are valuable to ponder:

  1. What will be most important to you in retirement? What will give you a sense of purpose? What will be your passion?
  2. What kind of work do you want to do, if any? Will it be strictly paid work or include unpaid, volunteer work?
  3. Do you want to remain in your existing career? Would you rather do something entirely different?
  4. Leave aside the financial importance of work for a moment. How important will work be to you in terms of intellectual and social fulfillment?
  5. In the absence of a work schedule, how much structure do you want in your day?
  6. How will you replace some of the good stuff of work: intellectual engagement, challenge and growth opportunities? If you’re not getting the social interaction you had in your workplace, how will you stay connected?
  7. What do you need to stay motivated, inspired and engaged? What do you need to stay healthy, vibrant and resilient?

Lastly, I was chatting with Dad (John) about this blog post and he emphasized how much he dislikes the term “retirement”. At TCM we love to substitute the word retirement with “The Third Act” (coined by Jane Fonda).  It is not a time to wind down but rather a time for change and opportunity.  The seven questions above accommodate this progressive, creative, and healthy view of this phase in life. Screen Shot 2015-09-07 at 1.22.28 PM 

Linda, like virtually everyone on the planet you have dealt with struggles for which you had to change direction at times and make sacrifices. The most important thing is that you ultimately emerged.  There is no magic bullet or single answer for “The Third Act”.  With a collaborative effort between yourself and the TCM team, we will meet your financial security objectives of – and we quote you now “No stress. Possibilities. Hope. Peace.”

– Taylor