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Boomer Retirement Planning -- What Have You Forgotten?

So many look at some aspect of the impact of reduced income. Whether it's how to cut expenses, start saving, downsizing or relocating here or overseas -- the list is virtually endless. I find the most depressing ones include a figure "you need to retire on."
By 

Principal, Mind Acrobatics™ Coaching, & President, Marketing Network, Inc.

Principal, Mind Acrobatics™ Coaching, & President, Marketing Network, Inc.
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Howard Johnson's 28 ice cream flavors have melted away. No more 'All You Can Eat' Chicken or Fish Fry's, clam strips or grilled in butter hot dogs on those great buns.

Our favorite road trip restaurant didn't make it into the 21st Century -- but we did.


They didn't plan for an enlightened retirement -- but you can!

First a side trip down memory lane.

I recall with great fondness my favorite dish when I went on family trips to Boston.

The open turkey sandwich with white bread, brown gravy, cornbread stuffing and of course the little scoop of cranberry sauce. Oh yeah!

You may be near retirement, contemplating it a bit down the road or not giving it a second thought.

I've written many coaching articles but have never addressed retirement or 'moving forward' as I prefer to call it.

The reason I haven't is a simple one -- there are literally tons of posts on retirement.

So many look at some aspect of the impact of reduced income. Whether it's how to cut expenses, start saving, downsizing or relocating here or overseas -- the list is virtually endless. I find the most depressing ones include a figure "you need to retire on."

But something is often overlooked. More on this in a moment.

First we need to define our terms. For some retirement is stopping work completely, kicking back and enjoying life. This may mean doing very little or being active and pursuing activities for which you never had the time.

Others want to cut hours but still be part of the workforce. Still more don't see retirement as either an economic option or even remotely desirable. Everyone is unique and has their own vision -- or do they?

What is it that has often been forgotten or overlooked? Self-exploration!

Let's talk about wrapping your head around the concept of emotional planning, mindful awareness or simply what retirement might feel like.

One thing for sure -- you can't and won't plan for retirement until you are able to visualize it.

So what's your vision? If you're like many of the 76 million+ Baby Boomers you haven't created a mental picture. Member of Generation X -- how about you?

Let's start with a Mind Acrobatics™ exercise that will help you clarify and envision what retirement might look like. As always read the exercise first and then perform it at a convenient moment.

Mind Acrobatics Exercise: "My Retirement Mind Video"

Time Needed: 20 minutes

Location: Anyplace you can think clearly

Materials: Pen and paper

  • Sit in a comfortable position.
  • Close your eyes, smile then open them.
  • Take 6 long, slow breaths.
  • Spend a few minutes thinking about retirement.
  • What will you be doing?
  • Who will you be spending most of your time with? Yourself, a partner, friends?
  • When do you expect retirement to begin?
  • Where will you be?
  • Stop for a moment.
As you explore retirement options, remember --
it's all good!


That doesn't mean that the array of choices are everything that might be desired. However, examining how we envision our life is always a positive. It gives us data which allows us to correct course should we feel the need.

Greater self-awareness creates enhanced opportunities!

Mind Acrobatics Exercise: "My Retirement Mind Video" (part 2)

  • Think about what is working best in your life right now.
  • What's your biggest challenge?
  • Which aspects of daily life do you want to bring to your retirement?
  • What has no place in your future plans?
  • Pause once again.
Great, you've now begun to form a mental image of how your retirement might play out. You possess lots of fantastic raw footage to create your video.


Mind Acrobatics Exercise: "My Retirement Mind Video" (part 3)

  • Begin writing in stream of consciousness.
  • Describe on paper what your retirement looks like.
  • Use all the data you've accumulated -- who, what, when, where, and all the positives that you envisioned for retirement.
  • Stop writing.
  • Read over what you have written and then close your eyes and visualize a 5 minute video and soundtrack for the ideal retirement.
  • Open your eyes when the video has stopped running, smile and hug yourself!
Congratulations, you've begun the process of appreciating how you want to spend your retirement. You have defined your terms, decided what you do and don't want, created clear mental visions and even produced a
'mind video'
of life in retirement.


So what's next? A whole Lot!

Now that you have a clearer picture of the future it's time to turn that vision into reality. And you can -- if you want to. The decision is yours!

You possess insider information. About yourself! Financial planners will talk to you about a self-directed retirement account.

You have all the ingredients for a Self-Directed Retirement Life.

Whether you're years from retiring -- or it's just around the corner -- take action.

Turn your 'video' into an action flick as you direct the future in a manner that will bring you pleasure and satisfaction as you 'move forward.'

As always, have fun! Life is way too short. Enjoy!


Dave Kanegis is a Certified Professional Coach and works via telephone, Skype, FaceTime and in-person. He provides concierge coaching in NYC and Palm Beach.

Read Dave's other HP articles.

Contact him at: hpbloggerdave@gmail.com

Much thanks to Cindy Kanegis of CBK Coaching for valuable input and suggestions!

Image - 123RF.COM / franckboston

Earlier on Huff/Post50:

7 Steps To Starting Your Own Business Over 50
1. Identify your market(01 of08)
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Whether you plan to bake cupcakes, be a consultant, or manufacture a product, the first questions you must answer are the same, says Chodos. “Who are my customers and do I have a product or service that they want and are willing to pay for in an amount that my sales will be greater than my expenses? Until you have a really solid sense of how your business will succeed, you need to keep answering those questions… Research, analysis, and testing beforehand is heading you down the path to getting it right.”Really hone in on what you’re selling. “Describe as precisely as possible what you’re going to sell,” advises Jeff Williams, CEO and chief coach of Biz Starters, a company aimed at helping people over age 50 start businesses. “Many people come to me and they want to sell two or three different things all at once. It doesn’t work. You need to be specific." (credit:Shutterstock)
2. Calculate your start-up costs(02 of08)
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Many businesses today start from right inside your home without a lot of cost for equipment or rent. But there are other factors to consider, Chodos says. How much will it cost to start your business and to run it for its first year? Will you need to invest in inventory? What will the costs be for advertising? Is there equipment you need to purchase? Will your electric bill rise? Ask yourself what you’re willing to invest, what you might have to borrow, and how much you expect to make from sales. If you can’t answer those questions yourself, consult with an expert. (credit:Shutterstock)
3. Have a marketing plan(03 of08)
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“This is the most important part of your business,” says Williams of biz starters. This plan must answer the questions described above, but it also must help you identify how you’ll find your customers. “Are they on mailing lists? On the Internet? In industrial listings? This is the usually the most difficult part for people, because if you previously worked for a corporation, the corporation brought you the customers. Now you must go out and find them.” Research, networking and word-of-mouth are your three key approaches. For information on how to write a marketing plan, check out this information. (credit:Shutterstock)
4. Use your contacts(04 of08)
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“We’re all at square one when we start a business,” says business consultant Nancy Michaels, founder of "The Grow Your Business Network." “The great news is that by the time you’ve hit 50, you should have some connections in the world. Tap into that and let people know what you’re doing. They can help spread the word for you.” Start by announcing your business to all of your email contacts and a simultaneous announcement on Linked In, says Michaels. “Tweet about it, and put it on Facebook and maybe even make a video so you can post it on You Tube.” If your business warrants it, consider an open house to which you invite your contacts. Depending on your business, it might make sense to start locally rather than trying to reach a national market immediately, but first evaluate who and where your customers are. (credit:Shutterstock)
5. Become an expert(05 of08)
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If you are offering a service, you are more likely to be hired if people feel you know what you're doing. Establish a professional looking and accessible web site that boasts “strong, selling-benefit oriented copy,” says Williams. Have friends or business associates critique it and make sure that it highlights your accomplishments and abilities. And get the word out about yourself. Write articles and other content related to your business and post them on free article archive sites like Linkgrinder with a prominent listing of your web address, Williams says. He also suggests that you regularly send out publicity articles talking about key phrases for your business.Once you’ve done this, you can speak to civic groups or other organizations to further establish your expertise.Note: Approach trade shows with caution. Williams says it can be an expensive undertaking with not that much reward. Better: Once you have landed a few customers and feel the business is rolling, a trade show might be a good next step. (credit:Shutterstock)
6. Get to know social media(06 of08)
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If your business is consumer-based (you’re selling cupcakes, for example), use Facebook to promote it, says Williams. If it is a “b-to-b” business, one that sells services to other businesses, use Linked In to promote it. You can use both platforms to make announcements about your business, to remind consumers you are there, or to hang out your shingle, so to speak, so that people passing by will notice it. (credit:AP)
7. Set a timeline(07 of08)
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By the time you get to the six-month mark, if you’re not seeing some steady income, it doesn’t mean you’re an outright failure, says Williams, but maybe you’re not getting your message out. You’ve got to continue to tweak it. “If you are honest and accurate in your revenue model and you are not making money, then you usually need to go back to one activity--sales prospecting,” Williams says. “Ask yourself: are you doing enough of it and is it well-focused on the people you are trying to reach?” (credit:Shutterstock)
Where to get more information..(08 of08)
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Where to go for more information, to learn about free seminars, and even set up free one-on-one counseling for entrepreneurs? Check out:The Small Business Adminstration’s websiteRetirement Revised Encore.orgInc.comEntrepreneur.com (credit:Shutterstock)

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