I've heard it said that retirement is about the transition from the end of one's working life to the end of life itself. From a purely chronological viewpoint, that's accurate. In practice, the quality and length of retirement depends upon actions we take -- or fail to take -- even before we collect our proverbial gold watch, shake co-workers' hands, and surrender the office key.
For some, retirement still evokes images of a rocking chair on the porch. Some relaxation is OK, but the rocker isn't the best long-term answer for mind or body. Today's retirees are choosing active lifestyles. Many hold part-time jobs, pursue hobbies, and fulfill long-deferred dreams.
The result: more fulfilling retirement years, and more of them.
Judging from conversations with folks who are still working, as well as the experiences of family, friends, colleagues and clients, the conclusion is clear: Those who are less active, who truly retire from life and society, won't enjoy the longevity of those who approach retirement as an opportunity for new adventures.
But while most of us can expect a longer post-career life than our parents enjoyed, we need to prepare so we don't outlive savings and assets. In addition to planning for sufficient income through Social Security, employer-sponsored retirement plans, and personal savings and investments, we need to document how we want to manage our health and assets during retirement, and what is to become of us - and our worldly possessions - when we are gone.
Recently, I have observed conversations among families that focused on distributing assets, either when downsizing or at death. Avoiding family feuds is a common goal. Reaching it means acting in advance.
One way is a family gathering long before pressures of illness and age call judgments and motives into question. Start by asking whether anyone has a particular desire for a given item. There are many good ways to value and divide family heirlooms and items with sentimental value, so that everyone feels included and fairly treated.
Once agreements are reached, many make immediate gifts of those items or assets so that everyone knows who received what. Others include bequests in a codicil to their will, or leave instructions for their executors.
That third option of leaving instructions might be less enforceable, but it is more flexible. And, speaking of flexibility, you should frequently review distribution codicils and directives to your will. What's that? You have no will? Well, studies show that more than half of Americans don't. Everyone should. One of the best gifts you can give your family is clear instructions on what to do after you're gone.
In addition to a will, and proper documentation of trusts, you need documents covering your health care in case of illness or injury. Health decisions should be discussed and confronted as we age. Our families and physicians should know what treatments we want or don't want, whether heroic efforts should be made to save us in medically dire circumstances, and who will be our proxy.
Most of us look forward to retirement, but few spend the time we should planning for the years we hope to spend traveling, pursuing hobbies, and playing with grandchildren. And thinking about the very end of life itself is still less attractive.
But planning for gracious and comfortable final years is as important as the choices we make in our youth. Peace of mind for our loved ones and ourselves helps us get back to living actively and happily. With the right preparation and a bit of luck, the end of our days might be further off than we thought, with less to be feared when it arrives.
Barry Koslow, JD, is president and CEO of MKA Executive Planners, a Massachusetts-based executive benefit and retirement planning firm. He can be reached at bkoslow@mkaplanners.com.