Leave Your Thoughts

The question most frequently and consistently asked by retirees and people planning for retirement is something like this: "I have no inspiration about what I want to do next, and I don't know how to find my inspiration. How does one begin?"

There are three primary - and usually connected - ways to find inspiration for activities that will lead to happiness and fulfillment in retirement.

First, think about your dreams and your passions. Retirement is your prime time to live out your dreams and follow your passions. If there is something you care about passionately, you have your inspiration. Think also about the dreams you held at various times in your life. You might have pushed aside important dreams because they were impractical at the time. Ask yourself if those dreams still matter to you? Do they spark excitement when you think about them? If they do, you have found your inspiration. You might have had a dream of being a jazz pianist when you were a child. Maybe there was no time or extra money for lessons at the time. Maybe now is the time to take piano lessons.

A second way to find inspiration is to think about your personal strengths and how they could transfer into other arenas of activity. What are your strengths - whether you developed and used them at work or at home? If your strengths include patience and compassion, think of new ways to use those strengths. If you are a crafts person and you have the ability to teach others, think about who might want to learn your craft and how you could make your skills available. Thinking about what our strengths are and how and where they might be used differently often helps us discover a sense of purpose.

A third way to find inspiration is to think about giving back to society in some way. Many of us come to retirement after a busy life of raising children and earning a living. For many people, there was just no time to give back. Retirement can be that time for you, especially if you are financially secure enough to be able to work only part-time or not work at all. Finding a way to give back will give you a new sense of purpose and value in retirement.

One of the most effective approaches to discovering inspiration for retirement living is to use some combination of these three approaches. Think about your dreams and your passions. You might want to write them on a sheet of paper divided into three columns. In the next column match your strengths and abilities to the dreams and passions. Finally, in the third column, list ways you could fulfill the dreams, use your strengths and abilities, and give back to society in some way. This approach - I promise - will give you the most exuberant sense of purpose and fulfillment you could ask for in your retirement.

For example, if you have strengths in patience, reading aloud, and a love for children, you might want to volunteer to read books to children at the local public library. If you have a "gift of gab" and you enjoy building new relationships, consider making deliveries for Meals on Wheels. The possibilities are endless.

Just take some time to think of all of the possibilities. Don't get blocked thinking about the reasons you can't do something. Just think about what you really care about and follow your dreams.

Dr. Cynthia Barnett is an author, teacher, life coach and a leading authority on how to "re-fire" and reinvent by making the rest of your life the best of your life. For more articles and tips on how to rejuvenate yourself in retirement visit http://www.doctorcynthiaBarnett.com

Sometimes it is difficult to figure it all out by yourself so allow me to support you on your journey call 203-855-9715 or e-mail cynthia@doctorcynthiabarnett.com

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The baby boomer generation has already turned 60 (at least the oldest of them) and is undoubtedly pondering their upcoming retirement.

Are they ready?

According to a 2006 study conducted by the Center for Retirement Research at Boston University, many are not.

The study shows that median assets in retirement plans-including 401k's and IRA's-are just $60,000 for workers in their 50's. While this is not an average, this figure clearly suggests that quite a few baby boomers might be unprepared to meet their retirement needs.

Most financial planners say that retirees should withdrawal no more than 4% to 5% from their nest egg each year to try and make their money last. At $60,000 this allows for about $3,000 each year in withdrawals (not counting earnings). That isn't even enough for play money.

What Happened to my Social Security and Pension Benefits?

While retirees can claim partial Social Security benefits at age 62, most baby boomers will have to wait until 66 or 67 before they can claim full benefits, not 65 as it used to be. Yet another bump in the rocky road to retirement.

Of course, there may be many baby boomers that are lucky enough to have a pension benefit waiting for them when they retire. But many more have experienced the disappointment of seeing their employer scrap their defined benefit pension plans in favor of the more common defined contribution style of a Profit Sharing or 401k plan. This move may have cost those relying on this benefit dearly.

What's a Boomer to Do?

Fortunately, not all is lost. But the obvious needs to be said: If retirement savings is lacking, people will need to work longer than they expected before they decide to hang up the suit and tie.

Here's an interesting fact from the same report by the Center for Retirement Research: For every year a worker delays retirement and continues to save and invest, monthly benefits increase by 7 - 8%.

Delaying retirement for 2 years? Go ahead and tack on an additional 15% in monthly benefits.

What about 4 years? Watch your potential benefits increase by one-third! You get the idea.

Looking Ahead

There is simply no replacement for disciplined saving and investing, and it's never too late to start. If you're young, start now-you'll be way ahead of the game.

If you're not as young and you feel you're behind, take heart. Revamp your budget to remove frivolous items and focus on packing away as much as possible into your retirement plans. It's a good idea to consult with a fee-based financial planner to discuss your situation. They will create investment programs tailored to your needs and will help put you on the right track.

Many baby boomers will have to modify their retirement goals and expectations to bring them down to more realistic levels. The younger generations should use this opportunity to learn and to take the time to consider where their own retirement is headed.

For more information on retirement plans, visit http://www.guide-to-retirement-plans.com

http://www.Guide-to-Retirement-Plans.com aims to arm retirement plan investors with the knowledge needed to understand retirement plans, pick the ones suitable for them, and save and invest properly to ensure a fulfilling retirement.

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