PLAN AHEAD . . . BUT BE FLEXIBLE

The fundamental premise of this blog on Retirement is that the transition will be more enjoyable, productive, and stress-free if you begin to think about what you want to do well in advance. Five to 10 years before your anticipated date of retirement is not too early, for that gives you time to 1) figure out what you want to do; and 2) gradually work into your new life by spending more time in that endeavor or taking additional training, if necessary.

As you plan, it’s probably not a bad idea to incorporate into your “leisure years” an activity from which you can continue to garner some income. Even if you calculate that you have enough in savings to live on the interest, a whole lot of unexpected events can happen (most of which are not good). We all know what happened to the stock market (and most everyone’s savings) in 2008 – there is no guarantee that a similar event might not happen again. Severe injuries sustained in a car wreck or a disabling but not fatal illness could alter your plans dramatically. There are many other unpleasant scenarios, but you get the point.

So plan ahead and hope for the best, but prepare for the unexpected.