Retirement Planning Dreams

Many people look forward to retirement for many years before they actually, finally get there. Making the transition to retirement can take years if you want it to be a longer transition, easing you into your retirement days without a hasty rush at the last minute. Depending on how much money you’ve saved for retirement and what your family situation is at retirement age, you can choose to make the transition to retirement when the moment is right for you.

What many folks may not realize is that a transition to retirement may leave them feeling initially without purpose. In an article for BizTimes, Jo Hawkins Donovan, a former Milwaukee area resident and a certified transition coach, says, “There are five important benefits that we derive from full-time work. Part of the planning for a vital retirement involves finding replacements for each of these five benefits.”

Donovan lists the benefits of fulltime work as being a regular paycheck, time management, a sense of purpose, status, and socialization. She stresses the importance of ensuring these key elements are wrapped nicely into your plan when making your transition to retirement. With this in mind, everyone nearing retirement age should take the time to arrange replacements for the benefits of fulltime work in the transition to retirement phase.

Tips to Make the Transition to Retirement Easier
Some examples of meeting these essential needs while transitioning into retirement could be:

- Get involved in at least one activity or club that meets weekly. Consider tennis, golf, or other social sports for the warmer months and think about bowling and card games for the cooler months. You might also consider joining a gym for daily socialization (or even just several times a week).

- Consider a small part-time job if you miss the paychecks. Something as simple and carefree as writing your own newspaper column will give you both a sense of purpose and a small boost to your income each month.

- Plan lunch, dinner, or even Happy Hour with friends on a regular basis. Make Thursdays your night out, or make Monday mornings your breakfast gathering. No matter what you decide to do, it is important to spend time with the important people in your life. As you are making that transition to retirement, you should begin to find more time in your schedule to do so.

- Let yourself be the judge of your free time. If you feel like you miss having a regimented schedule, don’t be afraid to start looking for some new things in your life to pass the time. Try to plan something fun or interesting at least once a week so you have something you look forward to doing.

“There are three parts to a successful retirement transition plan – physical activity, mental activity, and social activity,” explain the folks over at Baby Boomers Planning for Retirement. “The most happy in retirement enjoy a variety of activities.”

Think of your transition to retirement as a bridge, allowing you to cross from working for a living to actually having the freedom to live your life the way you want to live it, doing what you want to do and when you want to do it. The transition to retirement is similar to a marathon—it’s not something you do overnight. You must prepare and plan for your transition to retirement to ensure it is successful.

Your transition to retirement could involve working less or possibly working for yourself instead of working for a company. You don’t want to rush your transition to retirement. Instead, take your time getting all of your ducks in a row. You may want to spend a few years transitioning from a person in the workforce to a happily retired person.

Filed under: Still Working..., Tips & Strategies on February 16th, 2010