Welcome to Retirement Well Being,
the Division of Retirement and Benefits online seminar for the non-financial aspects of retirement.
Retirement is a major life decision. You will want to plan for your financial well-being
in retirement, but it is also important to plan for your emotional, social, and physical
well-being. You have likely already considered the income that will be available to you after
you retire and your future expenses. Perhaps you have thought of inflation or the rising
costs for housing, food, and medical care. But have you looked carefully at the other
non-financial aspects of retirement? This seminar will introduce you to some of the
non-financial perspectives important to the three phases of retirement: The Beginning
Phase, Mid-Retirement and Late Retirement. Look at the possible situations that could
lie ahead. In drivers education, this might be described as defensive driving. In retirement
planning, we should also learn to anticipate changes that are around the bend. Plan for
the unexpected — for what is and what could be. This will better prepare you for retirement.
When your retirement date arrives, know that your life will be different. Do not expect
a sudden revelation of your purpose in life and a new-found ambition. Plan ahead and have
a target. You may suffer a loss of independence or loss of identity when you no longer work.
It will be important to find purpose and meaning in other ways. You may cheerfully greet the
first day of retirement or you may find yourself feeling a bit useless, lost or confused. Know
that a period of the blues or the blahs is not uncommon. If your sadness or sense of
emptiness is prolonged, seek medical attention and advice. If you need immediate assistance
please call 911. So you know when to retire. Do you know where you will retire or how you
will spend your days? Focus on these questions before you retire, during the pre-retirement
phase. These components of retirement are indeed investments for your retirement and
are important decisions. We cannot offer a systematic formula for your successful retirement,
but we can encourage you to plan for the best possible return on your investment. Planning
now for each phase of retirement will increase your chances for a successful and rewarding
retirement. Focus on the important decisions that do not directly involve money. Think
about them sooner, rather than later. For example, living wills, medical directives,
retirement community, entertainment and recreation, where to live and your access to medical care.
The roadmap to your retirement will consist of 4 things: Research Decisions Measuring
your needs And updating your plans when life circumstances take a turn be flexible and
when Plan A does not work out for you, have Plan B ready. During the beginning phase of
your retirement, you may have a great deal of energy and time to enjoy your good health.
Make good use of this. Mid-Retirement may bring some physical changes that slow your
body down a bit, but you will likely still want to maintain a healthy and active life.
Late Retirement is usually a much slower time for us as we age. You are the author of your
retirement story. Make it the best story possible. In early retirement you can plan for Mid and
Late Retirement. Imagine. Dream Visualize Plan your ideal retirement. Consider your
insurance choices, your health and happiness. In our active working lives, we are constantly
budgeting our time. We rely on our watches, the clock, scheduled meetings, and due dates
for projects. When we retire, and there is no longer an emergent need to respond to the
alarm clock, how will you choose to spend your day? What you choose to do with your
days is important! The Beginning Stage of Retirement is usually that brief period one
to ten years after you first retire, when you could feasibly work at your previous job
or a new job. If you did return to work, what kind of work would you enjoy? Psychologists
suggest there are both physical and mental health benefits to working part-time or in
a temporary job, as you transition to retirement. Continued work helps maintain your lifestyle,
daily structure and social contacts. If you enjoy travel, the Beginning Stage of Retirement
and Mid Retirement years are excellent times to take advantage of travel opportunities
This is a great time to discover, explore, and see the world. Some retirees rent or purchase
motor homes to visit friends and family in diverse locations. Once this period passes,
you may not have the opportunity again. What happens once you settle into the first 10
years of retirement and enter the phase of mid-retirement? Many people do slowdown in
during this time and travel less. This is a good time to consider the home where you
want to spend the rest of your life. Your home may be a permanent setting or you may
travel back and forth between two or more places while you are healthy and able. Be
sure this home is one that allows you mobility and safety. If you decide to move to a new
home or modify your current home, be sure to include features that will benefit you
in Mid and Late Retirement. Have you taken precautions to prevent falls or accidents?
As you get older falls become more frequent and the consequences of falls become more
serious. In 2009 a Scottish newspaper reported that falls are the most common accidental
cause of death among people 65 and older. Always keep safety in mind when choosing where
to live, work or travel during your retirement years. Retirement can provide you with the
opportunity to renew friendships or to make new friends. Sometimes retirees choose to
live nearby those friends with whom they share like experiences, fond memories and close
ties. You will benefit from a healthy lifestyle that includes healthy food, exercise, and
regular trips to the doctor. Many retirees participate in swimming, yoga, dancing or
exercise at a local gymnasium. Include regular check-ups as part of your good health in retirement.
Medicare will be your primary health insurance at age 65 when you cease working. Research
your healthcare providers with the same intensity as travel and other consumer products. Be
prepared for your healthcare needs in the future. Your final days should be considered
long before you approach the Late Retirement phase. After twenty years of retirement, you
will become proficient at your new lifestyle. You will enter the late retirement stage.
Many things will remain the same for you. but some things will change. Your accessibility
to other people and facilities may be most important to you during your Mid and Late
Retirement years. These are the years you are most likely to need the assistance of
others. Stay connected — continue your hobbies, or discover a new hobby. Your social life
will also be important. Share meals and other activities with friends or family. Your plans
made in pre-retirement or the beginning stage of retirement should include instructions
to your loved ones for your final days. It is a thoughtful retiree who plans for the
day they will no longer be faced with decisions. Will you leave your family to make these important
decisions without your input? Or will you make your choices clearly known in order to
alleviate the stress or indecision of your loved ones? When necessary, information regarding
your wishes for funeral services, including burial or cremation, will be appreciated.
Your family will also want to know how to handle your belongings, pets and other assets.
Put your wishes in writing. Simple yet important details like these will be of great value
to others when you are no longer there to consult. Thank you for taking the time to
watch this presentation. We hope this has sparked your interest in further plans and
research. Remember, as you approach retirement, consider the non-financial choices that lie
ahead. Know that there are three distinct stages of retirement and be prepared for each
one. Consider your health, your safety, your ideal home, your friends and family contacts.
Anticipate the process of aging and how that may affect your abilities and limitations.
Make plans for your late retirement that include instructions for others during your final
days. Choosing where, when, and with whom to retire is no easy task. Thinking about
these choices now will hopefully help reduce stress when the time comes to retire. Give
ample thought to each of these decisions with regard to all three phases of Retirement If
you need further assistance, contact our member services agents. Our members are important
to us and we want you to retire in the best possible way. Retire! In the Spirit Alaska!