Thursday, February 2, 2023
Are You Ready for Retirement?
By Sylvia Garcia, Senior Financial Advisor, City National Bank
Published November 30, 2017

Sylvia Garcia, Senior Financial Advisor, City National Bank


What will retirement look like for you? Some people have their retirement all planned out in their heads – or better yet, on paper. But others simply can’t imagine their lives without working.

For most people, retirement will be one of the longest-lasting stages of their lives. A typical job lasts for about four years, according to the Bureau of Labor Statistics. The average marriage lasts about eight years, according to the Census Bureau. But figures from the Social Security Administration show that the average American is retired for more than 20 years.


While most people have planned financially for retirement, many don’t make plans for how they will spend their retirement years – and they find their lives are not as fulfilling as they had hoped.

But if you start with some careful planning, and take time to make decisions about what you want to accomplish or experience, you’re more likely to build a retirement that will meet your expectations.

Setting Expectations

If you have worked all of your life, your thoughts about retirement probably focus on not having to go to work – no alarm clocks, no commuting, no boss.

Yet many of us identify ourselves through our work. When we meet someone new, usually one of the first questions we ask is, “What do you do?”

In retirement, how will you answer that question?


Some of us have many things we’d like to pursue in retirement – volunteering, traveling or spending more time with children and grandchildren. But many of us have no specific ideas about how we’re going to do those things.

Rather than letting retirement become a time when you long for the old days of work and miss the significance of a job title, you can decide to create an enriching second chapter of life.

Start by sitting down and working through these questions:

  1. Have you discussed retirement with your spouse or partner? What are his or her expectations?
  2. What can you learn from others about retirement success? Talk to people who are retired and seem to be enjoying their lives.
  3. If you plan to work part-time after you retire from your full-time career, what will you do? Be realistic about what kind of work you can do – and for how long.
  4. What leisure and social opportunities would you like to explore? Are there hobbies and creative pursuits you’ve always wanted to spend more time on? Now’s your chance!
  5. How is your health? Are there any health concerns that need to be taken into consideration?

Here’s an idea: Consider a trial run. Take a several-week vacation (or leave of absence) and pretend you are retired. How does it feel? What do you need to change in order to make your real retirement more fulfilling and joyful?

Retirement is a major life transition, and if you are unprepared it may not be

what you had hoped for.

Once you’ve worked through the questions presented here – and before you take the leap – make sure you consult with your financial advisor to review your cash flow and assets to ensure you are financially ready to retire.

Then all you need to do is update your contact info and plan your retirement party!

Visit our new Crenshaw branch, at Crenshaw and Coliseum, to find out how City National can help you and your business thrive.

Securities offered through City National Securities, Inc. (Member FINRA/SIPC). The foregoing information is provided as a courtesy to our clients and friends of City National Bank (CNB) for their consideration. Unless otherwise stated, opinions expressed are those of the respective authors and not necessarily those of CNB. The information is provided without warranty and no recommendation or endorsement by CNB is intended or should be inferred unless specifically stated.

Copyright © 2017 City National Bank | All rights reserved | CNB Member FDIC |  Equal Housing Lender | NMLSR ID# 536994 | 



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