If you are ~50+ and as you consider the transition from a business or employment role into the Third Phase of Life which may include what has traditionally been called a "destination" of retirement, the following questions about your future may assist you to clarify some options:- What will people say about you at your 60th/70th/80th/90th birthday party or ultimately at your funeral?
- How will you replace the inherent benefits your business/career/job provides:
What are the "components" that make up your life today and how much time is spent on each one? What do you imagine the components of your life will be from age 55-85? How much time is likely to be spent on each one? - Do you realistically have enough assets and income sources to last 10/20/30+ years and meet your lifestyle goals, increasing health costs and the demands of your extended family?
- How will you replace the purpose and social contact that your kidults provide now if and when they move out of the family home?
- Are you aware that Australia will only have 2.7 people between the ages of 15 and 64 working in the year 2055 for every person over 65 compared to 7.3 in 1975 and 4.5 in 2015 [from Australia's 2015 Intergenerational Report] - meaning the government may not be able to afford to pay the pensions and health costs we currently take for granted?
- How realistic is it to travel, fish, garden, play golf etc 12 months of the year - for 10/20/30+ years?
- How much are your plans dependent on the good health of you, your partner and other family members including aged parents, adult children and grandchildren?
- What will you and your partner talk about at that daily coffee when either of you no longer have your business or work as an anchor?
- Is volunteering/community work one of your options? Are you aware that more than 15 hours per week of volunteer work may be detrimental to your mental health?
- Did you know that Australia's mature age participation rates particularly for people 55+ have significantly increased (6-10 percentage points) between 2006 and 2011?
- What thought have you given to having an encore, portfolio or slash career?
- How much of your own time and/or money are you prepared to or have you invested in developing further skills and knowledge to remain relevant ?
- Have you considered returning to University (traditional, online or University of the Third Age) and undertaking a course which may maintain your knowledge, skills, relevance (and brain!) for 10+ years?
- How connected and "wired" are you around the transformational opportunities of technology and social media?
- Is retirement what you really want?
How have you addressed these questions in the past? - How important is it to you to explore the last third of your life before you get there?
- Have you considered engaging the services of a professional career transition and retirement coach to guide you through the opportunities and challenges of reaching a mature age yet with maybe as long to live as you have been working so far?
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