Finding the answer takes a lot of preparation – emotionally, physically and financially – and a lot of thought. While the financial component is critical to a sustainable retirement, so is your quality of life. Too few people consider the psychological factors. If you can start visualising your ideal retirement now, you will set yourself up for a more satisfying and fulfilling day one.
Like all major life events, transitioning to retirement will be an adjustment. It is important that you are ready for that change, so you can step into your new life with confidence. One day you may go from your seat at the top as a powerful executive to an armchair in your living room. Without your career to define you, you will want to discover new meaning.
Experts say a steady transition into retirement makes for a more successful one. One psychologist suggests focusing on these key areas to consider the life you’re looking for.
Focus on enhancing relationships. Establish weekly game nights with friends or Sunday dinners with family, for example. Be sure to maintain or expand your social life and stay connected. Studies show having friends and family for entertainment and support significantly enhances a retiree’s quality of life.
Keep your mental and physical health a priority. Set up and keep wellness appointments and exercise daily. And don’t forget to relax. You have earned it! Take time for yourself when you need to and nap when you feel like it.
Make sure you feel as financially secure as possible. Ideally, you have been working toward this goal throughout your career. If you need to clarify your retirement income stream, do that now with the help of your wealth manager.
Stay young at heart. Take up an old hobby or find a new one, learn welding or Spanish, play a new instrument. The point is to plan and embark on a new adventure every week, even if that’s tutoring a student in maths or trying a new restaurant. Find something that keeps your brain firing.
Be kind. Acts of kindness make everyone feel good. Volunteer, donate time or money, or contribute to your community in another way.
As you work to focus in on the activities that will help you live well on a day-to-day basis, you will want to make sure your family and wealth manager can picture your vision too, and that the details are included in a well-documented financial plan. Being able to clearly articulate your vision helps to prioritise your needs, wants and wishes in order to figure out how to make them a reality.
As you approach retirement:
– Visualise how you’d like to spend your days in retirement without a schedule to dictate your day
– Consider each psychological/emotional aspect of your life to ensure it’s being fulfilled by your retirement plans
– Speak to your wealth manager to ensure the financial plan you have in place will make your vision a reality
Sources: ucsfhr.ucsf.edu
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Bear Market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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