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Retirement Planning is not all about estimating and meeting a number. Discuss two (2) other qualitative...

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

Solutions

Expert Solution

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

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