Question

Retirement Planning is not all about estimating and meeting a number. Discuss two (2) other qualitative aspects of retirement planning one should consider.

Answer 1

Whenever the word "retirement planning" is used, most often than not, we get an impression of financial planning for retirement to achieve a number by the time we reach the contemplated retirement age. However, the retirement planning is more than just estimating and achieving a number.

Some examples of qualitative aspects of retirement planning are

• How to spend the retirement days when you are not occupied and almost entire day is available at disposal. Do you have a hobby to keep you engaged and challenged mentally
• How to maintain the status which in many cases is defined by the career success
• Focusing on the true values and motivations upon retirement
• Using values, motivations, goals and objectives to guide the planning process and provide a framework for making choices and decisions in life that have financial and non-financial implications or consequences.
• Investing in and developing a social network to rely upon for psychological support