15 Quick Ideas: If You’re Considering Retirement
Thinking about retiring?
There’s a lot to unpack. Lots to consider.
Just to get the juices flowing, here are 15 quick ideas I’ve posted to LinkedIn/Facebook/Instagram over the past several weeks. I’ve compiled them here for your enjoyment. :-)
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1: Retire TO something
Don’t just retire FROM something.
Retire TO something.
Map out some things that you are really (really) excited about devoting time to during retirement.
2: Who Are You?
Consider the question: “Who am I?”
Who are you once you take away your career? Your regular schedule? Your “normal”?
Figuring that out (or even TRYING to figure it out) may help you with the emotional transition of retirement.
3: Practice Retirement
Consider taking an extended sabbatical first, to “practice” retirement.
Maybe you’ll find that what you thought you’d do during retirement doesn’t suit you. Or that you really miss the social or mental aspects of work.
And maybe your discoveries will cause you to change your plan.
4: Medical Insurance
Have a medical insurance plan in place.
Whether it’s an employer’s retiree health plan, an option from your state’s exchange, or Medicare, this area will have a major impact on your finances and wellbeing.
5: Try New Things
Recognize that retirement is a journey, not a destination.
It’s okay to try new things, to change course, and to reinvent yourself.
6: Hobbies
Think through some new hobbies you’d like to try out.
Perhaps they can be things that you’ve enjoyed in your past. Maybe even your distant past.
Try something, and if it doesn’t do it for you, try the next thing. Small steps.
7: Relationship With Your Spouse
Build your relationship with your spouse beforehand.
Spending more time together after retiring can be wonderful, or can be very challenging.
Work on mending any wounds now, rather than waiting for “someday”.
8: Structure
Consider a plan to add some “structure” to your post-work life.
You’ll be leaving a job/career that probably provides a lot of structure, and losing it may be a quite a shock to your system.
The structure you add might take the form of consistent lunches with people, or volunteering for a charity, or something else that happens regularly.
9: Role Models
Find a role model. Someone who has retired and seems to be really happy.
Interview that person. What has worked for them in retirement? What hasn’t worked? What lessons would they pass on to you?
10: Investments
Make sure your investments are appropriate for your unique situation.
There’s a danger to investing too aggressively during retirement. There’s also a danger to investing too conservatively during retirement. Find the right balance for you.
11: Income Plan
Establish an income plan.
Don’t just blindly spend whatever feels right. Figure out what your Spending Capacity is, and then be ready to make future adjustments as life throws curve balls at you.
12: Long-Term Care
Consider how you’ll pay for future long-term care.
Making a reasonable plan for how you’ll fund LTC expenses will give a lot of peace of mind. Insurance? Hybrid insurance? Self-fund? Earmark assets?
13: Income Taxes
Have a plan to tackle income taxes.
Retirement may bring the lowest taxes of your life or the highest. There are ways to smooth the ride, and having a good strategy may dramatically lower your lifetime taxes.
14: Estate Planning
Make sure your estate planning documents are in order (wills, powers of attorney, trusts, etc.).
Life changes. What made sense for you 5-10 years ago may not make sense anymore. Meet with a estate planning attorney to talk about it.
15: Giving
Think about how you can give back.
It could mean setting up a gifting program to a charity. Or volunteering within the community. Or giving to 529 plans for college for grandchildren.
Whatever it is, be intentional.
16 (Bonus Edition): Enjoy!
Enjoy yourself.
You worked hard for a long time. You’ve earned this. Make your retirement the one of your dreams.