How to Define Retirement?

Retirement simply means the act of leaving one's work. While, this sounds deceptively simple, there are a few other ideas that get attached to "Retirement". Here are a few meanings that need to be attached to retirement:

Same living expenses

A lot of us truly believe that once we will stop working the expenditures will magically go down, perhaps the commute to work, the upkeep of a working social life or some other small expenditures do cease to exist, but they are invariable replaced by others in part. Retirement calls for ad hoc travel expenses, medical check up costs, and some other out of pocket expenses which were earlier being taken care by your employer or business group. The rule of thumb is to account for 70-80% of your pre retirement expenditures for when you retire. This is really a rule of minimum and could easily be adjusted upwards for lifestyle needs.

Same Bucket List

There is this notion that after one hangs up their work boost, they magically initiate a life in the distant cottage in the wilderness, or of self care, or travel or of passion. As is with all changes in life, very rarely do things transition suddenly out of your bucket list into your daily life. Especially once you have the time but no regular income or decreased resource pool. It is not all dreary and hopeless , the point is that delaying that yoga class or new course or hikes or passions to the fringe end of our work life is not the best idea. True progress is always a natural trend and only people who slowly start tackling their bucket list items prior to retirement, are really able to maintain the momentum, Whatever you can start now, just start with it.

Same Kith and Kin

Unless there is a club of people who share your tastes and likings and that magically retire at the same time as you would, the reality is that the people you grew up with , the siblings , the friends that are there in your life will also be there to enjoy the sunset years with you. So this is a gentle reminder to be kind, stay warm , grow your network from where you are and just value those nearest to you

Same Assets and liabilities

While earnings and expenditures can be moderated to a slight degree, what we own and what we owe would not change without real work. This is the time to reevaluate what legacy your would like to leave. How much liability would you like to live with in the last few years.