New York, NY (PRWEB) July 08, 2013
GreyWingFinancial.com addressed CBS Boston’s June 17th article, entitled “Try a Retirement Dress Rehearsal before You Retire”. The article suggests taking a month or two to test drive retirement, aiming to discover whether more or less money is needed for savings, whether boredom will drive the retiree to get a part time job, and whether living in the same area is a wise decision. Dee Lee’s retirement advice involves taking vacation time or even sick leave. Grey Wing Financial investigates her suggestions, and offers its advice of whether this method of retirement planning is beneficial or harmful.
Dee Lee begins her aforementioned article with the observation that many of the retirees she has known have “flunked” retirement, and found themselves stepping back into the workplace, whether out of boredom or out of financial necessity. To avoid flunking retirement, Dee Lee suggests testing retirement out. Her solution is taking any and all sick or vacation leave and spending a month (or longer, if possible) living as one might during retirement. This includes spending as one might during retirement, spending days without working and engaging in hobbies, and even going away, if part of retirement planning includes planning to live elsewhere. Lee says this is particularly important if retirees plan to live in a desert area like Arizona or Nevada, as temperatures can reach 120 degrees and above in the summer. Lee suggests trying out retirement in the worst weather conditions to see if extreme heat or cold will be bearable to a retiree. Finally, Lee urges her readers to plan and act out their relationships with their spouses in retirement, asking, “Do you like time together 24/7? Do you have other interests that will give you time apart?” Lee charges her readers with the hefty task of living exactly as they might during retirement to make sure that they are prepared, both financially and in terms of lifestyle.
Grey Wing Financial finds Dee Lee’s advice intriguing; trying out retirement, though it may not be financially feasible for everyone, is an excellent retirement planning tool; living as one would during retirement will assist in assessing living costs and expenses more accurately. In addition, potential retirees may discover that entire days without work or anything to do apart from leisure activities is an unpleasant experience. GreyWingFinancial.com believes that discovering this, retirees may decide to seek out a part time job upon retiring, or discover a new hobby in volunteering to fill the extra time. Globe Term Life Insurance Company offered these tips for seniors to stay active during retirement: volunteering time, traveling, joining a local club, getting a pet, or finding a hobby.
GWF suggests that while Lee’s mock retirement advice is sound, and is not at all a poor suggestion, it will require a period of spending money and not earning money; therefore, this strategy should be utilized carefully, and only by those in a secure financial position. Those who embark on this retirement advice should pay meticulous attention to living as one might live in retirement to guarantee an accurate and realistic idea of what retirement will look like. It should be noted, however, while living expenses are one aspect of retirement, those planning for retirement should also be careful to dedicate funds to emergency planning, and future expenses that, though optional, may be attractive to some, such as a recreational vehicle, vacations, or animal expenses.
Dee Lee was educated as a financial planner, and had a successful business working in her field. She has since retired from financial planning and has instead devoted her time to educating her readers in the finance world with finance decisions. She is a published author, with more than three books written, and has most recently developed a plan with the state of Massachusetts to educate women about finances.
GreyWingFinancial.com endorses CBS Boston’s Dee Lee in her advice to future retirees. Lee challenges her readers to engage in a trial period, trying retirement on for size. This serves a dual purpose: bringing to light the financial needs of retirees, as well as allowing those looking to retire to develop a better idea of what they might like to do with retirement, whether that involves having a part time job, volunteering, or taking up new hobbies such as golf or pottery-making. Taking a month to engage in a mock retirement should not be entered into lightly, however; while it may be an effective planning tool, it can also be a drain on monetary resources, and should only be entertained if it is financially feasible.
About Grey Wing Financial:
GreyWingFinancial.com is a website geared toward preparing those looking into retirement or already in retirement, offering news articles and retirement advice.