This morning there was an article in the paper about the fact that, for many North Americans, Freedom 55, has disappeared in smoke. I'm not sure that it ever was a reality for most people, although there are several recent studies that suggest many North Americans would like to retire relatively early, that is somewhere around 60. Of course, the article was focused on the recent crisis in financial markets and the economy.
There is no question that having one's nest egg drop by 40% or more, which I believe is roughly how much the markets have gone down, is shocking. For many this will now be a time for reevaluation of retirement plans. Working longer is the most obvious strategy, that is if one still has a job when all is said and done and most writers on the subject seem to assume that this is what people will do. However, I see it as a time for individuals and families to re-evaluate their options. Retirement isn't just about the money; it's about enjoying life and many of the activities retirees consider to be a priority don't necessarily involve money. As we age, time also becomes a more precious commodity.
Now is a time for taking a hard look at retirement options. Perhaps scaling back on one's vision for retirement is a good option as opposed to assuming that the only choice is to continue working fulltime. If ever there was a time when people need to be communicating, spouse to spouse, parents to children, adults to their parents, this is it. By working together to look at creative options, you may find that there is a way to keep your retirement timing in place by changing your vision for retirement. It's just a thought.
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Spring and Renewal
3 weeks ago
