Retirement is a time meant for enjoying life without the pressure of work. For some, that means rediscovering life with their partner. For others, it means room to dig deeper into a neglected hobby (or find a new one), or travelling abroad. Maybe it’s a little bit of all these things.
With the right preparation, you can create a retirement plan that will provide you with financial resources and the freedom to pursue your passions, whether you flip the switch at 65, 60 or sooner.
Meeting with your wealth manager can help you evaluate your situation and create a plan for managing your assets and liabilities. Your wealth manager can also help you understand your income sources in retirement – such as pensions or investments – and help ensure you’re on track to meet your retirement goals.
Getting clear on the kind of retirement you want, helps create the groundwork for getting a financial plan that’s aligned with your end goal. Do you envision travelling, pursuing hobbies or spending time with family? What kind of lifestyle do you want to maintain? If you plan to travel extensively or pursue expensive hobbies for example, you may need to save more than someone who plans to live a more modest lifestyle.
Not only does assessing your retirement readiness involve evaluating your financial situation, but also it requires an honest assessment of your emotional readiness to leave the workforce.
Retirement can be an emotional time, particularly for those who have spent their entire lives focused on their career or building a business. It’s important to think about how you’ll adjust to find fulfillment and fill your time in retirement. Will you miss the social interaction and sense of purpose that comes with work? What activities will you pursue?
One of the keys to redefining retirement is to approach it with a sense of purpose. Retirement provides the freedom to explore new interests, take risks and make a difference in the world. Especially if you’re retiring early, there’s more opportunity and more time to try new things. By focusing on what matters most to you, you can create a retirement that’s fulfilling and meaningful – which is important for overall happiness and well-being.
Being proactive with your health through regular exercise, wise eating habits and getting enough sleep can help ensure you get the most out of your retirement.
While physical health is important, finding a creative outlet can help you support your mental health as well. Consider activities that you don’t have as much time or energy for while working full-time. What do you wish you could do during your day?
By taking the time to rediscover yourself, assess your situation and plan accordingly, you can retire on your own terms whether you’re at retirement age or not – and feel confident doing so.
When we retire from work, we don’t retire from life – we’re simply moving on to another phase. One with opportunities to redefine your purpose, find causes that light you up and embark on adventures that remind you age is indeed just a number.
Sources: aarp.org; cnbc.com; raymondjames.com
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. |
 |
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. |
|
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. |
|
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. |
 |
