"It's Monday morning. It's 7 a.m. What will I do with my day? How do I see people? What makes me happy? How do I keep my mind sharp? These are the questions that people have to start asking three to five years before they are ready to retire," Wilson says. "By trying to answer these questions, clients are thinking outside of the financial aspects of retirement. They are thinking of how they can continue growing as a person."
For some people, a phased retirement might make sense, Wilson says. Some workers might prefer reducing their hours — and, of course, their pay — for a three- to five-year period before entirely phasing themselves out of the workforce.
Before taking such a path, pre-retirees will have to speak with their employers to make sure the option is available. If so, they should then ask important questions about the impact such a move can have on their health benefits, employer-provided life insurance plan and other factors.
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