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Planning for Retirement … and How Not to Fail

by Amy Thompson

The idea of retirement from years past has evolved. More often now, retirement is making “a plan for what’s next,” as said in a TD Ameritrade ad you may have seen. Planning for “what’s next” is not just the essentials of financial planning, it is more than the accumulation and distribution of your means, it is also determining and living out your purpose in retirement. Such planning and self-discovery for “living your dreams” are explored in the book, Retirementality (Mitch Anthony, John Wiley & Sons, Inc., 2014, 199 pages). While Retirementality focuses on determining what you want and how you want to live in this meaningful stage of life, Retirement Fail: The 9 Reasons People Flunk Post-Work Life and How to Ace Your Own (Greg Sullivan, John Wiley & Sons, Inc., 2018, 168 pages) discusses several areas where retirees can and often fail. Sullivan examines the many ways that retirees overspend or misspend, from assisting adult children, establishing realistic lifestyle budgets, and real estate investments, to the lure of business enterprises. Retirement Fail also includes excellent chapters on divorce in your later years, health care issues, scams and fraud, and how to deal with the unpredictable and how that affects retirement. And finally, after all the cautions about spending and finances, Retirement Fail concludes with a chapter about underliving your wealth and how that can lead to failing to fully enjoy your retirement years.

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