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When Retirement Collides with Reality

The New York Times, 1/20/08

Abstract:

Q. Retirement is around the corner, and although you are fairly well prepared for it financially, you are starting to wonder what you will do with all that free time. How can you prepare for this new stage of life?
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A. By focusing on your life as carefully as you have focused on your money. It is wise to do this before you stop working, because your idea of retirement may well be based on assumptions that are unrealistic, outdated and very short term, said John R. Trauth, a financial and strategic consultant for retirees, based in San Francisco, and co-author of the book “Your Retirement, Your Way” (McGraw-Hill).

Q. What are some common retirement myths?

A. Mr. Trauth listed five:

• If retirement isn’t here yet, you don’t need to think about it.

• Retirement is simple: you just need to stop working.

• Retirement will be a perpetual vacation.

• If you have enough money to retire, you will be fine.

• You are going to love spending all that extra time with your spouse.

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