Retirement Beginnings
Retirement Dreaming: Don’t dream for retirement. Plan for it. After decades of employment, we become accustom to receiving work assignments from bosses & colleagues. In retirement, we need self-assignments to avoid boredom, depression & to create a new role-identity. Make a long list of all the things that you want to do & that will contribute to the health of “The Six” domains - Mind, Body, Spirit, Social, Finance & Work (purpose/fun). These want-to-do assignments will help you fill your retirement days with health & happiness.
Pre-Retirement Checklist: Do you have a: 1) written plan, 2) retirement expense estimates, 3) projected retirement savings, 4) targeted retirement date, 5) Social Security collection amount & date, 6) projected inflation impact, 7) calculated total debt during retirement, 8) investment plan aligned with short, mid & long-term retirement goals (including emergency funds), 9) regular routine for assessing retirement investiments, 10) plan that considers retirement tax implications (e.g., RMD, federal, local, city), 11) plan that considers health expenses (insurance coverage, out-of-pocket), 12) physical & mental health span timeline. Reach out to trusted & educated family & friends & learn about retirement planning. And, do the work needed for a smooth transition to a well deserved retired life.
Tired of Retirement: Living from meal-to-meal-to-bed gets tiresome fast. And, doing nothing all day is unhealthy. Retirement boredom leads to overeating, inactivity (e.g., increased screen time), depressive symptoms & decreases in positive social interactions. Create a list of the things that you want to do & want to get better at doing. Some activities can be no cost, low cost, expensive or can even generate income. Reflect on childhood enjoyments & add some version of those activities to your list. And if you don’t know where to start, explore art, culture, nature & community events to ignite excitement into your retirement life. When you do, you’ll never be tired of retirement, again.
More Retirement Pitfalls: Be prepared for retirement pitfalls! 1) Lack of purpose, 2) Social isolation, 3) Neglected physical & mental health, 4) Unrealistic exceptions, 5) Strained relationships (communication, unmet expectations), 6) Identity crisis (loss of work role), 7) Unexpected illnesses/deaths of loved ones, 8) Failure to set boundaries, 9) Living location (climate, healthcare, family, friends, safety), 10) Procrastination, 11) Estate/Will neglection, 12) Ongoing financial planning. Retirement is a major life event which impacts the health of “The Six” life domains - MInd-Body-Spirit-Social-Finance-Work (purpose/fun). To avoid these pitfalls, write a ‘Life’s Purpose Statement’ & include goals that inspire you to learn & grow.
Exploit Retirement: Assign yourself enjoyment & go do it. Hobbies, travel, passion projects, relationships, physical strength/endurance, wanted skills & talents need effort from you to make them happen. Continuing education classes & volunteering for organizations of interest are good places to start. Take some time to think of all the things you can & want to do. Write down everything that brings you joy. Then, look for like-minded people that are doing what you love to do. Assign yourself the task of enjoying life and exploit your retirement days to the best of your abilities. You’ll know that you are doing the thing if it puts a smile on your face.
Un-Retired: It’s okay to go back to a job or to a new career. Sometimes, you may have to seek employment because you need or want extra money. If so, try finding work that connects you to something that relates to your interest and life’s purpose.