Avoid an Unhappy Retirement: Episode 094
October 2, 2017
I interviewed Hank Coleman on how we can avoid an unhappy retirement
Hank Coleman founded several popular personal finance websites such as Money Q&A, Own The Dollar, Military Money Might, The Dividend Pig, and many others. He is a freelance writer. Hank focuses on personal finance topics such as savings, investing, retirement, and many other money topics. I asked Hank to come on the show to talk about his parents and how much they hated the reality of retirement.
It's never too early to plan for retirement
Hank has never spoken with his parents about their retirement, however, as an only child, who visits often, he can see that their retirement isn't as amazing as they thought it would be. His parents had a grandiose idea of what retirement would be like, but when reality set in, it wasn't as good as the dream they envisioned. I talk with him about his parents' retirement over the past 10 years and what he thinks went wrong. For Hank, it was heartbreaking to watch.
So what are Hank's tips on how to avoid an unhappy retirement?
* Make sure your spouse knows your retirement dream. Many husbands and wives don’t talk to each other about what they want to do during retirement. Maybe they don’t want to do anything at all. Having a successful retirement starts with communication.
* If you can, plan a mini-retirement before you retire. Hank recommends taking a few weeks off and act like you're retired. Have you ever dreamt of writing a book during retirement? You may want to consider taking your idea for a spin. You’ll never know if you have what it takes to live the retirement of your dreams unless you try it out
* You need a plan for your retirement. Now isn’t the time to start winging it. The key to a perfect retirement is to have a plan and share with your loved ones.
* Don't be too firmly rooted in your plan. Be open to flexibility as situations and circumstances do change
* Before you retire, you should look at how much money you’ll need in retirement. There are several useful online calculators that can show you a quick view of what your retirement will look like.
Contact information for Hank: Email: firstname.lastname@example.org * Website: http://moneyqanda.com
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