Over the years, most of us have been conditioned to view life in four basic stages. First is childhood. Second are the years devoted to education and training. Third is one’s career or work years. And finally, we reach the retirement phase.
In recent years a new stage has been suggested called “pre-retirement.” It comes between the career and retirement phases. This generally includes folks in their late 50s and into their 60s. From a financial perspective they have been defined as those who have reached a level of some financial independence, often because they have finished the child-rearing years. But they are emotionally a long way from being ready to retire.
Financial planner and author, Peter Lindquist has described pre-retirement as applying to those folks between the “rat-race and the rocking chair.”
Financial consultant, Keith Weber, suggests what’s important to these folks is the ability to create lives of meaning, balance and purpose without being tied so heavily to a job that consumes all their energy and leaves little room for anything else in their lives.
Many of those in the “pre-retirement” phase have become disillusioned in the pursuit of a retirement goal that seems to be less and less possible to achieve. Some are even pursuing education in order to shift to other careers.
All of these changes have financial implications. How can one arrange their finances in such a way that will allow them to achieve their personal goals. While the issues to be addressed often focus on goals and purpose in life, they must also include issues of budgeting, investing decisions and retirement income options.
Perhaps you identify with this phase in your life as it relates to goals and purpose for your life. If so, it’s important to consider how your commitment as a Christian affects these issues? Finally, as you contemplate these issues, be sure to address the financial aspects that go with it. How does it affect your financial planning now and for the future?
Remember that “life is a journey” and any decisions you make at your current stage in life will also have implications for the future.