To Create a Happy Retirement, Start With the Three Ps

What's your financial 'philosophy' for your golden years? Is your retirement 'planning' specific to you? What's your 'process' to design your dream retirement?

A retired couple look into the distance together while leaning on the railing of a cruise ship.
(Image credit: Getty Images)

As you near your retirement years, dreams of the daily freedoms and the life to come can certainly take over. Watching grandchildren grow, traveling the world, finding new hobbies or just enjoying days without schedules are just a few things that can excite us about life in the years ahead.

However, the uncertainty of the world we live in can distract us from dreams of a happy retirement. We fear that our visions may never be realized because of barriers such as continued volatility in the markets, lack of clarity surrounding future interest rates, inflation that we continue to see in our daily lives or even the social and geopolitical events of the day.

For those preparing for or already in retirement, these concerns are real. You work hard for many years and begin dreaming of the possibilities for this next phase of life, all while watching things around us happen without much clarity or certainty. Not knowing how the events of today will positively or negatively impact retirement can be a significant source of stress and worry for those not properly prepared.

It’s more important than ever, while you dream of the freedom and independence that retirement could bring, you start with and understand three things as you begin properly preparing for this journey. I call them the three P’s of your retirement: philosophy, planning and process. Consider these as a starting point as you prepare your dream retirement blueprint:

Nicholas J. Toman, CFP®
Certified Financial Planner & Retirement Planning Specialist, Empowered Financial Management

Nicholas Toman, CFP®, is a lead retirement planner and investment adviser with Empowered Financial Management, a firm that specializes in retirement planning for those individuals within five to seven years of retirement or who have recently retired and no longer wish to serve as their own financial adviser. Nicholas is a graduate of the University of Wisconsin-Whitewater with a BBA in accounting and has been a Certified Financial Planner since 2014.