Maverick? Patriarch? Dreamer? Traditionalist? It begs the question: which retirement personality describes you?
When someone asks you a question like “what’s your personality,” you’ll most likely reply with something obvious like “extroverted,” “introverted” or perhaps even “type A.”
But what if they ask, “so, what’s your retirement personality?”
You ask, “Retirement personality? Aren’t they the same thing?”
Not necessarily. You see, we all have our own unique story leading up to our retirement years. And much of our retirement personality is based upon a number of factors, from our past beliefs and values, our perception of the future, our family history and even how well we’ve prepared for retirement. It all pretty much depends on the individual.
With the traditional idea of retirement — a slower, more leisurely pursuit of life in our golden years — retirees are now discovering a need to re-evaluate their retirement future for today’s world. That’s where the FAR retirement personality quiz comes in. It’s a unique opportunity to get a clearer understanding of your concerns and strengths when it comes to the way you approach retirement. The goal is to identify these traits so you can be better prepared and put a smart retirement plan into action.
OK, so let’s say you’ve just taken the quiz and are identified as a “Maverick,” according to your retirement personality. A Maverick is someone who isn’t intimidated by the financial landscape, but still worries that retirement feels like “the end of the road.” In this case, this is an important opportunity to embrace the fact that you have big goals and big dreams for the future. Rather than give into how some people slow down in retirement, as a Maverick you could turn around the typical perception of retirement by leveraging the equity in your home through a reverse mortgage to finance your next adventure, whether it’s pursuing your passion projects, traveling the country in your RV or checking off every bucket list item you ever dreamed of.
Here’s another example: suppose you’re characterized by what we call a “Dreamer.” The Dreamer is the kind of person who often feels challenged—even overwhelmed—when it comes to making financial decisions. Dreamers worry more about what “could” go wrong in retirement—like not being able to keep their home, or are concerned about what they’ll be leaving for an inheritance. If this is you, the important thing to recognize is you’re not alone—many people are faced with the same concerns as you. Once you know what hurdles are in front of you, it’s easier to look at your situation and start charting a path forward. Identifying your situation, and having a clear plan, is the real beginning of a more promising retirement story.
By asking the question “how do we see ourselves in retirement” much of the planning can be vetted prior to taking the big leap. If you have adult children, it’s also a good time to address your views on retirement with them, since your retirement future might impact their future as well.
As you can see, retirement can mean many things to different people, depending on who you are and where you come from. Once you have a clearer understanding of your strengths and concerns, you’ll be in a much better position to start planning out your retirement future now. And one more thing: even if you discover that your retirement personality fits you today, it could always evolve and change as your situation, needs and interests change. So, take the quiz and start exploring what your retirement personality says about you.