Keys to Making Retirement the Best Years of Your Life

Follow these steps, and make the most of your newfound free time.

1. Understand yourself and what drives you. Is your identity governed by your title at work? The stories we hear about people dropping dead the day after retirement are most often just urban legends, but some people do feel tremendous stress when they are cut off from an extremely important part of their lives. Let’s face it; many of us spend more hours at work than anywhere else. Pre-plan a shift towards identifying yourself in a different way. Working with a life-transition coach is particularly helpful at this juncture; a coach can help crystallize just who you want to be, now that you are a grown-up!

2. Before you leave your job, find activities that will be fulfilling. One of the most satisfying and useful ways to support a change in identity from work to retirement is to try new things. Become a renaissance man or woman as you dabble in the arts, in travel, in all sorts of new activities. Or redirect your professional energies into a bridge career or volunteer job. Rather than identifying just one focus, allow yourself to explore and discover what you might like to do with your time; and, just as important, what you will shy away from.

3. Understand and prepare for the natural change in family dynamics. The anecdotes about retirement as today’s number one threat to health may not be true, but the old adage, “I married you for breakfast, but not for lunch,” sure is. An unanticipated source of stress for retirees and their loved ones can be the tendency to want to spend all of their time together. Communication is vital—talk about expectations you each have about time spent together and shifting household responsibilities. Also consider the needs of extended family members: parents and children. They may be looking forward to spending more time with you or getting more help from you. How will this fit into your overall plan?

4. Develop new social outlets. Many of us develop friendships around the water cooler and miss that interaction once we retire. Having more time enables you to deepen existing relationships, attend to broken ones, and develop new friendships based on common interests and activities. Women tend to be more adept at this than men, but expanding social outlets is just as important for men once relationships are no longer centered around the office.

5. Create a solid financial plan. It’s been estimated that retirees should expect to generate 80–100 percent of their pre-retirement income in order to maintain a comfortable lifestyle. This requires the 3 Ps: Planning, Perseverance, and Plenty of sources of income. Along with Social Security, Pension, IRA and 401K monies, look to make investments that will make a steady return.

© The Odyssey Group, used with permission. www.theodysseygroup.net