By Ryan Brooke, CFP®, ChFC®
Was retirement on your mind pre-pandemic? Whether you were already planning for your retirement or you’re just starting to set a date now, chances are retirement might look and feel different in a post-pandemic world.
A New Perspective
For many, the COVID-19 pandemic forced a period of reflection on what is most important in one’s life.
The restrictions placed on things you may have once taken for granted (eating out, traveling, visiting loved ones in retirement or nursing homes) put a spotlight on what really mattered in life, highlighted basic necessities, and maybe even exposed areas that you realized weren’t important at all.
Personal Relationships: Did being cut off from certain relationships show you how important they are, and how important they will be during retirement? Perhaps you might consider a move if being closer to certain people is a necessity. Or, perhaps you learned some new communication skills, such as video chatting, that will help you keep in touch with loved ones in new ways. You may even feel more confident moving to a new location knowing that keeping in touch is now possible without being together physically.
Job Fulfillment: Did you experience a shift from working outside of the home to working remote? With many companies making it possible for their team to work remote, you may realize that you could extend your retirement date but work in a new way. Perhaps you want to reduce your hours or spend some time on location and some remote. If the pandemic showed you how fulfilling working is, that may impact your thoughts on retirement.
Additionally, if you have always wanted to make a career change but didn’t because it would require a move, retirement might be the time to try a new employment opportunity remotely, if it’s available.
Exploring New Skills: Did you take time during the pandemic to learn new skills that you want to continue honing during retirement? Or, did you simply find a love of learning and want to explore more new things?
Staying active in retirement can help bring more joy and excitement to a new stage of life, so don’t stop exploring things that you are interested in. If you’ve really honed a new skill, you could even consider starting a small business in retirement.
If you are on the path to retirement but aren’t sure how to navigate it through and after the pandemic, we would be happy to speak with you, address your concerns and help you embrace this new stage of your life.
Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.
The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.
Published for the blog on March 30, 2021 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.