Are You Ready for the Transition to Retirement?

December 04, 2024

Moving from your working life to a life of retirement might seem great, but can often be a challenge for many people. If you’ve worked for decades, retirement can feel quite different and jarring if you aren’t ready. Consider these tips to help you as you consider your retirement transition.

Retire gradually

No one says you have to retire all at once. In fact, the retirement transition can be made easier by slowly reducing your workload over time and getting a sense of what that means for your future life. There’s a few ways you can do this, including:

  • Requesting a move to part-time work with your current company
  • Attempting to consult or freelance in your field of expertise
  • Starting a company of your own to keep you busy in retirement

Identify what makes you happy

Work has been such a major part of your life that you may not have had a lot of time to sit back and consider what actually makes you happy. Whether you value spending time with family, traveling, or learning a new skill, your later years are the time to indulge in these pleasures.

It can help to look back on all of the things in life that have made you happy, even from a young age. Maybe you realize that your model train set has gone untouched for 30 years, and retirement is the perfect time to start working on it again. Or, you might feel called to dedicate your time to volunteering for an organization that means a lot to you. Recognize what will bring you joy and go for it!

Keep a set routine

During your working life, it was probably easy to keep a routine. Your job created structure and boundaries which you needed to keep, but in retirement, you’ll need to keep track of your own time. Keeping a strong daily routine can be a great way to feel motivated and productive each and every day.

A retirement routine might look something like this:

  • 7am - Wake Up
  • 7:30am - 8:30am - Walk/Workout
  • 9am - 12pm - Hobby/Passion Project/Volunteer
  • 12pm - 1pm - Lunch
  • 1pm - 4pm - Hobby/Passion Project/Volunteer
  • 4pm - 6pm - Time With Family
  • 6pm - 9pm - Dinner and Wind Down Time

Stay social

Most people don’t realize that work provides people with a significant social network, and when they retire, this socializing will fade away. Human beings are social animals, and people who are social in retirement are proven to be healthier and live longer than those who don’t. Therefore, you’ll want to ensure that you have a social network built-in to your retirement plan.

There are plenty of ways to be social, including volunteering at an organization, joining a club or group with a shared interest, or maintaining friendships and familial relationships in your later years.

Do what’s right for you

There is no one-size-fits-all approach to retirement. Depending on your priorities, values, and lifestyle, your retirement may look different than your friends and family. Your later years are meant to get the most out of life, so it’s important to make sure you are doing what makes you happy, while still ensuring you remain secured for anything unexpected that may come in the future.

Remember, a financial advisor may be a good resource to help you understand what’s possible in retirement, how you can plan for the future, and even what to consider when thinking about leaving a legacy