RETIREMENT – 5 steps to create a new beginning

“Marguerite. I would love to have a call with you about my retirement” emailed my client, “It’s 5 years away but I want to get things in place from now, and I need some guidance”.

On the same day of our call, I saw a post on social media of someone I knew announcing her retirement. It was interesting to me that there were rounds of congratulations, and this comment “Many years ahead to do what you want to do when you want do it”.

How we view retirement is intertwined with how we view work. If work is drudgery, stress, not of your heart but for money, then retirement may well seem welcomed, and a milestone to be congratulated on.

What does “retirement” mean?

The dictionary meaning of “retire” is to withdraw. I spent some time searching the Thesaurus – interestingly, all the synonyms are negative, and I could find few antonyms! Basically, retirement is a withdrawal. It used to be considered a transition to oblivion. The prevailing wisdom seemed to have been that it was your exit from work and life … the next step to the grave. And now, the pandemic is pushing people to look at work differently. And so we now have what’s being called the “resignation revolution” where masses of people are deciding not to go back to that job that they hated in the first place.  People are exploring “early” retirement as they consider their options for their post-pandemic lives. Retirement is more and more viewed as a transition to a new chapter, a way to regroup and to move to another phase.

Some people make that transition flawlessly and joyfully, and some do not manage it well because:

1. They haven’t thought about what they want the new phase of their life to be. Ask them, which I do, and you will hear “I don’t know” or “I really haven’t thought about it” or “I just want to rest”.
2. They don’t know if they are ready financially, or don’t know think they are. This becomes very stressful leading them to grab at any opportunity to make a buck, including post-retirement contracts with the same company they couldn’t stand working for over the last number of years!
3. Their identity has been so tied up in their job or profession that they cannot let go. I know people who have the financial wherewithal to retire but are so wrapped up in their job-identity that they cannot imagine life without it – even if it doesn’t serve their joy well.

As a coach with experience and a gift in guiding clients through major transitions, including retirement, here are 4 steps I recommend for anyone nearing retirement, or any major transition for that matter, and who is feeling some trepidation:

1. 1. Set the date!
      Sometimes it’s set for us (mandatory retirement age) and sometimes you can decide. Whichever it is, set the date (you can always change it).
   2. Create a financial freedom plan:
      Consult with an excellent financial advisor to determine your financial position now, what you will have at retirement, if there’s a gap, and to help you create a financial freedom plan. I deliberately call it “financial freedom” rather than “retirement” to signal that it’s about having adequate financial wherewithal so that you don’t have to work for money (but you may choose to). Remember that it’s possible/likely for you to live well into your 90s, so could you have another 20 to 25 years of vibrant, joyful, purposeful living to do!
   3. Vision the life:
      This is the fun part. What is this life that is drawing you forward? Note that the antonyms for “retire” are: “begin”, “enter”, “join”. What are you beginning, entering or joining? Here are some key questions to ponder:
      1. What are your long-deferred dreams?
      2. What are your hobbies – the things you love, but that have never had time to pursue?
      3. What would you do if you didn’t have to work for money (remember that financial freedom plan!)?
      4. What do you want your days to be like?
      5. Who do you want to spend time with?
      6. Where do you want to live?
   4. Create your retirement plan:
      What do you have to put in place to live this vision of your next chapter? Are there skills you have to learn or hone? Are there relationships you need to start cultivating? Create the plan, make it a priority and work at it as if your life depends on it – the life you desire to live, does!
   5. Plan for a long vacation starting the day after you retire. Of all the advice I give my clients, this is the hardest one for them, and yet the most rewarding. The vacation provides distance between the retirement date, and clarity about whatever is seeking to emerge. It’s as if at the moment of closing one door, you stop and take a breath.

No matter where you are in your life, start planning for retirement – not as the end, but as the beginning of your best years ever – on your terms!