Submitted by: Autumn Nessler, Principal, An Intentional Life, LLC.

 There are 5 Reasons You Need to Create a Non-Financial Retirement Plan.

If you’re like most women, you’re probably wondering, “a Non-Financial Retirement Plan?  What the heck is that?” Simply put, whereas a Financial Retirement Plan answers the question “How much do I need for Retirement?”, a Non-Financial Retirement Plan answers the question “What do I need it for?”  But do you really need one? Here are questions to ask yourself.

 1. Do I have a plan for the 57,000+ hours I’ll spend in retirement?

Fact: Women will spend, on average, 20 to 30 years in retirement. 30 years equals 57,600 unplanned hours!  Would you flunk “Retirement Readiness 101”? quizTake this to find out.

2. I know “How Much I Need,” for Retirement but do I know “What I Need The Money For? ”

Fact: A Non-Financial Retirement Plan will look at your retirement lifestyle. For example; will you still need/want to work, where will you live, what will you do with your time, etc.

3. Who will be impacted by my Retirement? Make a list; Spouse/Partner, Parents, Children, etc. Are they prepared?

Fact: The number of people divorcing after 50 has doubled since 1990. There’s even a term for it: Gray Divorce. Will your relationship survive your Retirement?

Learn More: “How to Prepare Your Marriage for Retirement.”

4. Do I have a plan for replacing the 5 Benefits that work currently gives me?

Fact: Your work life has given you a lot. How will you replace these 5 primary work benefits: financial compensation, time management, sense of purpose, status, and socialization?

5. Am I prepared for the emotional impact of Retirement?

Fact: Retirement increases your risk of depression by 40%.

Learn More about the 3 Secrets No One Tells You About Retirement.

So…You may have figured out “how much” you might need when you retire. But aren’t you pulling a number out of the air if you haven’t thought about “how” you want to live in retirement?  By creating a Non-Financial Retirement Plan, you can then pinpoint “how much” you’ll need to support your lifestyle.