How did you picture yourself in retirement in your 30s and 40s?
In all likelihood, you imagined:
- Traveling with your spouse or partner
- Long days spent pursuing hobbies
- Time with loved ones
- Developing yourself through creative pursuits
- Snuggling your grandbabies
However, for some, the vision they had for their lives in this new chapter is forever altered by the loss of a spouse or life partner. A past client of mine walked this path – and it was causing her a lot of stress and bitterness during her retirement.
When I met Sarah*, she had been widowed for 5 years. She had already gone through the initial phases of grief – and, all things considered, she was living comfortably and well.
Her financials were largely taken care of, and her day-to-day lifestyle was filled with community volunteer work, and time with her daughter, son-in-law, and grandchildren.
Of course, the grieving process never truly ends, and Sarah was faced with a unique pain point in widowhood:
She had always desperately wanted to travel the world in retirement. Now, she wasn’t sure how to live that dream without her husband. It felt like she’d never see any fantastic places on her bucket list.
Luckily, we were able to come up with a creative solution.
Sarah and her husband had been careful to save well throughout their careers, and in retirement Sarah wasn’t living a particularly spendy lifestyle. Together, we talked through a few big trips she wanted to plan in the next few years while she knew she could still enjoy them. But there was a sticking point – Sarah didn’t want to travel alone.
We evaluated her budget, and determined that it would be easy for her to allocate funds to pay for her and a friend to go on these exciting trips together. Suddenly, the dying-dream of her bucket list travel destinations was a reality and she got to treat some of her closest family and friends to the trip of a lifetime.
This is just one example of countless ways that retirees can use their accumulated wealth in a responsible and rewarding way. The truth is there isn’t one way to retire. Even if your journey doesn’t look how you expected it to, with a financial planner and thought partner, you can think outside the box to create a life you love.
*name changed for privacy purposes
