Don’t Let Mushrooms Grow on Your Retirement Plans
At least once a week I’m stuck by how long people wait to do things; basic things. File taxes, book a flight to get home for a major holiday, tackle the funky smell emanating out of fridge, get the roof redone before yet another season of, “oh look, another leak!” arrives. In the case of this post’s image? A case of someone waiting too long to clean up their Halloween decorations which resulted in mushrooms growing up from the straw. Unplanned but not unexpected, kind of like retirement.
There are certified financial planners out there who can talk about the 64 year old who arrives thinking they can save enough for retirement, starting today. And perhaps they can. Most of us need a few decades to make it happen.
For me, those are the clients who wonder why they’re miserable for the first year or so of their retirement.
I know; your eye rolling can be seen all the way over here. Seriously, retirement isn’t a promise for sunshine and rainbows.
And for some, the end of their professional years comes before they had expected to see the ‘STOP HERE’ sign. Economic downturns for the company, changing needs of a family member, an unexpected medical crisis or natural disaster. I’ve seen all of these bring clients up short, slamming into retirement far sooner than they ever saw coming.
One of the great advantages of work is the structure it imposes on our lives. Most of us need and even enjoy a fair amount of routine in our lives. We seek out our favorite coffee shops or walk the same route when we take the dog or ourselves out. Go grocery shopping on the same day each week.
Here are a few things to keep in mind as you approach the part about life in retirement, presented in no particular order, that hopefully, you’ll find useful in your own planning.
Start now
Very much like saving money, investing in your Roth account or making sure you’re maximizing your employer’s matching funds for retirement, the sooner you start, the better. Begin to invest in communities, causes and groups which speak to you. The more connections you make now, the easier it will be later.
Keep an open mind
It’s impossible to tell what will tickle our fancy in a few months or a few years; try a bit of this and that. Once you find a few things that are a good enough fit, give them a chance before making the decision they don’t fit you. Even if the activity or cause doesn’t fit you, the people you’ve met might well be a good match.
Go at your own pace but keep going
We’ve all seen people who will jump into any and all opportunities which come their way, both feet. This might not be you. Great! Good to know that about yourself. Keep showing up and see where it takes you.
Variety is good
While it’s lovely to think you can read 5 different books for 5 different book groups a month, chances are you’re going to burn out quickly. You may want to think about modifying that with one book group, the exercise class on Tuesday mornings and a monthly gathering of your friends for lunch. Toss in family activities and the occasional dinner out and you’ve got a full month. There are some additional suggestions in this previous blog post, if you’re looking for more options.
Keep moving
This isn’t a post about how valuable movement is as we age but it is worth saying – keep moving. Walk. Go to a class. Take up strength training, if you haven’t already. Set a goal and move towards it. While we’re here, keep your brain moving too. Crossword puzzles, math problems, a new language or skill. Keep your brain engaged.
Begin to Focus Further Ahead
Many of us spend a great deal of time thinking about getting to retirement that we forget to make plans for our next goals. Where do you want to travel to? What goals do you have for the next Big Thing? I’ve talked about that here, if you’re looking to dive a bit deeper on this topic.
Don’t be Surprised
More than one client has shown up to report their sheer frustration and surprise that they aren’t have the most wonderful time of their lives. The first few months of any transitions are tough. Planning makes it easier but smooth sailing is not guaranteed.
I hope you’ve found this to be a good starting point for your thinking about life in retirement, rather than just getting to that magical place. While it is good to wait for bread to rise and flowers to bloom, it may not be your best plan for what’s next. If you’re finding it tough to even begin to consider what’s ahead, I’d remind you to take it one slow step at a time while keeping yourself moving forward.
