John Trauth is a management consultant, strategic planner and author who specializes in transitions. In his books, he helps readers through various self-analysis tools to reveal their motivational needs and then use this information to both plan for and create the future they desire.
Congratulations! You saved diligently for your retirement for the last umpteen years. Whereas there were ups and downs in the markets and also in your investments, over the long term your money grew as you grew in your job. Everything was slowly getting better and better. It was a virtuous cycle.
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What is so hard about retirement? Many people have asked themselves this question. Well, if it’s so easy, then why do 41% of retirees five years out are depressed and say retirement was the most difficult transition of their life? Now they are unhappy—and tell us their life was better when they were working!
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Why do we call "retirement" an art? After all, as many believe, you simply stop working. The answer is that, for many of us, this period of life is the first time we actually have the opportunity to create the life we want! There is no model for this period, no Uncle George or Aunt Josie to tell you which is the best school to go to or what is the best place to work with the best benefits. It’s only you and your imagination. And that's why we call it an art form.
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What is so hard about retirement? This sounds like a made up question—many people feel there’s no big deal about retiring; you just stop working! But, let us ask the question another way—what is a good retirement? After all, we pretty much know what a good education is and have some ideas about a good career—but what are the qualities which make a “good” retirement? If you believe the ads from financial service companies, you probably think that money is the answer. And certainly money is important.
But there is a lot more to it than that.
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Do I have enough money to retire? That is a question that 77 million baby boomers are asking themselves. Many do not retire simply because they don't know the answer. And they are right to be fearful. Studies have shown that, based on their current savings, 60% of Americans will not be able to sustain their present lifestyle in retirement!
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