Retirement Planner – The Amazingly Simple 5Ws (and 1H) Formula for Retirement Planning

Retirement Planner – The Amazingly Simple 5Ws (and 1H) Formula for Retirement Planning
  • Opening Intro -

    The 5Ws (and 1H) is a simple information-gathering concept used in journalism, research, and even police investigations!

    It is a useful formula for getting the "full" story on something, even your retirement!


The 5Ws (and 1H) Formula of Retirement Planning

The 5Ws (and 1H) retirement planning formula will allow you to start formulating a “who, what, when, where, how and why” mental picture and corresponding plan of action for your retirement.

1. Who

Who are you going to spend your retirement with? Retirement can be isolating especially if you’re living alone. You are also most likely leaving behind work colleagues, etc. So make sure you have built an independent social network outside of work, and stay in close contact with your family and friends. Becoming an active member of some clubs and/or communities is also a good idea.

2. What

What is the minimum monthly income you will need to cover your likely expenses (medical, housing, travel, long-term care, insurance, lifestyle, etc)? If you didn’t retire, what would you do instead? What activities will you pursue and how? What is your likely life expectancy?

3. When

At what age would you ideally like to retire? This is the single most important question to ask yourself (along with estimating till what age you think you’ll live) as this will determine the duration and extent of your retirement income needs.

4. Where

Where are you going to spend your retirement? Will it be in some sunny retirement-friendly location or will you stay put in your current home. Will the cost of living be different (i.e. more or less) in your new retirement location?

5. Why

Why do you want to retire anyway? What’s your motivation? Do you plan on living longer and therefore retiring as young as possible from the daily grind of the workplace? Do you want to achieve something that heretofore your working life has prevented you from achieving?

6. How

How will you generate income during your retirement? Assuming you won’t be physically or mentally active enough to ‘earn’ all your income during retirement, what assets will you need to generate sufficient passive income to cover your expenses? What additional savings should you have to support you and your family?

Having Something to Retire To

Don’t simply retire from something; have something to retire to. In addition to planning your retirement income you must also plan your retirement activities. Having sufficient retirement income is one thing but having social, leisure, travel and other activities planned in advance will ensure you get to enjoy your retirement and even increase your life expectancy.

Don’t put off your retirement savings and investment planning until 10 years before you’re due to retire. Seriously, at that stage it’s gonna be too late. If you are planning on retiring in the near future, plan your retirement lifestyle in addition to your retirement finances.

Retire from Work, But not from Life!

Retirement doesn’t have to mean you have to spend the remainder of your days on the golf course and nights as preferred babysitter to your grandchildren! It could mean:

  • Learning a new skill
  • Studying and education
  • Developing an old hobby or starting a new one
  • Taking on new adventures
  • Staying or becoming physically active
  • Volunteering and contributing

If you’re serious about retirement planning then learn more insider secrets on Retirement Planning at

In addition, you’ll discover more about how to build wealth and income using clever savings and investment strategies.

Money Management reference:

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Last update on 2020-03-19 / Affiliate links / Images from Amazon Product Advertising API


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