June 12, 2023

If you look at stories throughout history, they often share the same themes, similar characters, and frequently even the same outcomes. For example, consider the star-crossed lovers of “Romeo and Juliet,” “West Side Story” and “The Great Gatsby” — all tales of love, tragedy, and sorrow. Perhaps these stories endure because of their great drama stemming from real-life situations. Stories of intense human emotion often seem to involve lessons we never learn — and therefore are destined to be experienced over and over again.

But what about the story of retirement? Is it different now than it was half a century ago? Will it be much different in another 50 years? Can we learn from the past — taking both the good and the bad — and prepare ourselves better for the future? While themes tend to be repeated throughout history, each of us is living a separate, unique story. As such, we have the opportunity to write our own chapters on retirement. Things
may have changed from how they were for our parents and grandparents, but many economic and financial factors that influence our lives have followed the same path.

For many people, retirement marks a tremendous change in their lives. It looks different for everyone: some move from work to leisure or from work to another type of work. Others shift from being a stay-at-home parent to a stay-at-home caregiver for an old soulmate.

Whatever your future, planning is the key. Understanding the
factors involved in your decision-making process, working with financial professionals, communicating with family and being flexible before and during retirement are all important components of planning for retirement income. They are the plot devices that help your retirement story have a happy ending.

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