Retirement is a stage of life to be celebrated, a new lease on life, freedom from the chains that bind, having the chorus of the song “Take This Job and Shove It” by Johnny Paycheck on repeat in your mind (artist last name, irony at its finest).
Retirement is one of those life transitions that we all look forward to, but like any transition it can come along with its share of trepidation and uncertainty. It is that moment to convert time spent from a 40-hour workweek, doing things we HAVE to do, to time spent doing things we WANT to do. US calling the shots on what we do and how we spend our time.
The average work life for most Americans is 47 years; rarely (of late) with the same employer. 47 years! That is a lifetime of work.
When we retire we are expected to adjust our routine, change the schedule we have lived by for years in a matter of days or weeks. This is a very large shift in lifestyle that often comes with insecurity and fear. How we spend our time in this new reality is one thing. Then there is the other layer, asking the question: have we financially made the right decisions to support our retirement? Retirement brings out feelings of joy, accomplishment and excitement, among other emotions. But as with any lifestyle change, there are elements of grief and loss that must be acknowledged.
Over the years, I have worked with many clients who have transitioned from a lifetime of work to retirement. It looks different for everyone.
There are those that feel they waited too long. There are those that cannot get out soon enough. Some retirements are your decision. Some retirement decisions are from the ‘powers that be’ offering you an incentive. Health issues may require you to consider early retirement, or earlier than you had planned. Maybe you don’t have a plan at all, and you are overwhelmed with what this next stage of life looks like.
So many of us tie our identity to the vocation we committed our education and work life to. So now that you are retired, how do you unwind from all of it? There is most certainly an element of celebration with retirement, but there is also a level of mourning. Now what? Who am I? How can I contribute and be useful in this next stage of my life?
Here are some ideas to ponder as you think through your upcoming retirement. It is a transition which comes with a level of cheers and celebrations, but also the realization that life moves fast, and transitions can be stressful. Take time to become acquainted with your new reality, embrace this exciting next chapter of your life and enjoy each moment. You have earned it.
Create a new routine. Adjust your daily routine that replaces what you have known during your working years. This will take some time.
Define your new purpose. What do you want to do with your time? Pursue new hobbies, volunteer, enhance your social life.
Reinvent Yourself: View this as a new beginning, allowing for flexibility and trying new, challenging activities. Pickleball!? Mahjong?
Health Goals. Reassess and prioritize physical and mental health goals, know your health care options.
Communicate. Discuss your hopes, fears, and expectations for this new phase with your partner and family
Update your budget. Review and adjust your cash flow and income source needs and goals.
Know your tax situation. Be aware of how your fixed income is taxed and adjust your investment portfolio as necessary.