Chris Holden

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HCR Wealth Advisors on The New Retirement

by Chris Holden - June 18th, 2018.
Filed under: Business, Prominent Figures on Real Estate Business.

Retirement Plans are usually created so that they can address your financial needs and goals in the future. However, they do not typically address psychological, emotional, and physical adjustments. These non-financial retirement aspects are crucial for individuals who are planning to opt for a retirement plan.

The “New Retirement” plan is different from a traditional retirement plan as it integrates elements to address adjustments to family life, health and wellness, aging, mental health, and leisure.  It addresses severe challenges regarding your health, expenses, and daily socialization. However, if retirement is not seriously planned, it can lead to frustration, boredom, psychological disorders, poor health, low self-esteem, dependency, and fatigue, among other ordeals.

Many individuals tend to spend decades trying to plan their retirement plans based on the financial aspects. What they leave out is the non-financial aspect of the retirement plan. It is essential to think through how you want to handle your psychological, physical, and emotional elements in the future.

Nevertheless, the New Retirement gives you a chance to plan your retirement beyond the financial view. It is crucial to remember that your retirement can last longer than your first career. It affects the majority of our life and can result in psychological and mental illness if not well planned. Below are listed some elements of retirement that should be considered when making a plan.

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Career and Work Benefits

Retirement does not necessarily mean that you stop working. Some individuals decide to pursue the same career but in different industries. Other choose to concentrate on hobbies and talents that are related to their first careers. The main benefits of job and work are time management, socialization, sense of status, and financial compensation. Thus, you should find a way to replace these activities to make the transition into retirement smoother.

Personal development

After you retire, that’s when you get ample time for self-development and actualization. Here, you will realize your strengths as well as weaknesses and can begin to work on improvement.

Wellness

The New Retirement is dedicated to ensuring that you maintain a healthy and a stable body. This serves as a foundation for wellness.

Leisure

The New Retirement gives you an opportunity to indulge in your favorite leisure activities. This is very critical to the psychological and emotional state.

About HCR Wealth Advisors

HCR Wealth Advisors is a registered investment advisory firm that believes in the philosophy of trust, empowerment, education, and integrity. The firm’s primary function is to help clients develop strategies to help them reach their financial goals.

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