Retire with a plan, not a safety net

After a career in primary care medicine spanning over 40 years, the light of retirement became visible on my event horizon.  With planning and thought, the transition from working to retirement has been as smooth as possible, and the future remains bright.  Here are some thoughts I shared with Mel Magazine about the process.

RETIREMENT IS HARDER THAN IT LOOKS. THAT’S WHERE THERAPY COMES IN

The writer, Quinn Myers , asked me to expound on this topic, so let me share with  you the brain dump that I shared with him.

Truth be told, this question is one that address both the younger worker and the older retiree.  That’s because to have a successful retirement, you need to start planning while you are young, employed, and able to make plans.  Financial concerns impact a great number of retirees, and starting to put away money into a retirement account when you start working is vital to being able to retire when you want to.  Whether it is a company plan, like a 401k, or a conventional or Roth IRA, or some other form of squirreling away funds for the future, this is a vital first step.

Next, you need to have more in your life than work.  If asked to describe yourself, your occupation should not be your primary identifier.  Family and friends, community and organizations, hobbies and passions may not be able to consume a significant amount of your time while you are working, but the seeds need to be planted so that they can germinate when you have the time to devote to them.

Now, when the reality of retirement looms on the event horizon, start the process several months before the event, itself.  See if you can cut the work hours a bit, see if you can engage some of those pent up passions a tad.  You may discover new interests, rekindle old favorites, or buddy up with someone trekking the same path.

During these last few months, make sure that your finances are in order.  Perhaps meet with a financial planner to insure that you will be able to pursue the retirement goals that you have set.  Have honest talks with your partner and family, be sure that you are all on the same page.  Clear up any misunderstandings or unrealistic expectations.  Don’t forget about health insurance, and any other obligations which will need to be addressed.

Then comes that day when you wake up, and you don’t have to go to work.  When I retired, we had planned a vacation not long after retirement, and were able to extend it a few days just to relax and break the cycle.  Coming back to home and a loving family, without the stress of needing to go back to work, was wonderful.  And then one needs to establish a new schedule, a new normal, to use the cliche.  I, and many of my friends, established a daily routine of classes, exercise, and family activities.  Nothing so strict that it could not be bent to accommodate an exception, but enough to insure that we were not sitting around watching TV all day.  Sure, some of those old “chores” could be included as well.  Basements are being cleaned, fences are being mended, some are taking new interest in lawn and gardens, and others clear swaths of time to be able to care for grandchildren or aged parents.  

Speaking for myself, now retired about eight months, I am free of the daily stress that had burdened me for more than half of my life.  I have time for my family and interests, and still can take a break when I want it.  I can retain an interest in my profession, without being constrained by it.  It takes planning, support, and a willingness on your part to “let go” of your work and take control of your life.