Have you declared 2020 to be the year you start exercising, give up sugar, reduce carbs, forgo the latte and save more money for retirement? If so, researchers believe that you may be on to something!
New beginnings, such as the start of a new semester, a new year or even the start of a new week, motivate people to commit to new goals. Researchers refer to such events as fresh starts because they inspire people to pause and think more holistically about their lives and in particular their future.
This demarcation in time creates a temporal landmark, an event that helps us distinguish the past from the future, and in so doing allows us to relegate bad decisions to a previous life phase.
In other words, new beginnings give us an opportunity to start fresh and wipe the slate clean.
The new year is a natural point in time to commit to doing things differently.
So, how can you increase the chances of successfully achieving your goals?
Be strategic about behaviour change.
Start your new diet or exercise plan at the beginning of a new week, on a Monday.
Likewise, if this year you want to increase your retirement savings, determine how much money you want to allocate to your retirement fund and automate that transfer on the first of every month.
Seeing how we are on the topic of retirement it would also be a good idea to start thinking about what it is that you want to do in retirement.
Not too long ago, retirement planning was synonymous with financial planning. However, we are now living longer and healthier lives, which means that many of us can anticipate living 20 to 30 years in retirement. Such a drastic change also necessitates lifestyle planning.
Nearly half of all Canadian entrepreneurs are seniorpreneurs
QUESTIONS TO CONSIDER
- What are you going to do with all that extra free time on your hands?
- How and with whom are you going to spend it?
- Will you work part-time?
- Will you start your own business?
Did you know that according to the latest IPSOS study conducted this past June, baby boomers are outpacing millennials in business ownership? It is called seniorpreneurship and it is giving older Canadians an opportunity to be their own boss.
While some seniorpreneurs take the leap into entrepreneurship for financial reasons, others want to work to keep busy, continue to make a contribution to society, or just have a reason to get up in the morning!
There are plenty of options and exciting opportunities that await the newly retired. But it takes planning.
Once you figure out what it that you want to do in retirement, it is far easier to figure out how much money you will need for this next stage of life.
Retirement planning can be intimidating. Instead of feeling anxious and overwhelmed, enlist the help of a financial planner you know and trust and that has a good understanding that there is a lot more to retirement planning than just growing your nest egg.
As we embark on 2o2o, take advantage of the fresh start effect and spend some time reflecting on how it is that you want to spend your time in retirement.
To your retirement success!
Dr. Gill
