As the author of a book about transitions in later life, I recently served as a
presenter for one session of a five-week online course called Retire on
Fire: How You Can Thrive in Retirement. It was a pro bono presentation but
one of the perks for doing so was free registration for the course and an
opportunity to learn from the four other instructors.
Because I love to learn, I
decided to take that opportunity and attend the course as a student when I was not teaching myself. Below are nine
take-aways that I took away from the course about planning for, and living in, retirement:
Core Activities-
One of the instructors recommended having three core passions or activities
that provide daily time structure and a sense of meaning and purpose.
Social Contacts-
Students were encouraged to initiate calls, texts, and e-mails to others, to travel
with friends, to join organized groups, and to try new things to see if you
like them or not. One speaker referred to this as a “tapas life,” where you
sample different activities, keep some, and drop some.
Go-Go Years Spending-
Ages 65 to 74 are often called the “go-go” years when many retirees are active
and healthy. It may be okay to spend more money in the early years of retirement because many
people do not spend as much in the “slow go” years that follow. Check with a financial advisor or try several retirement calculators to be sure.
Retirement Happiness-
Research about retiree happiness by Wes Moss
found the following characteristics of the happiest retirees: 3.6 core
pursuits, attend church at least 1-2 times a year, have 3.6 close connections,
and one core
social epicenter (e.g., a church or volunteer site or social group).
Retirement Phases-
Research by Riley Moynes identified four phases
of retirement: 1. Vacation (a.k.a., “honeymoon”), 2. Loss (i.e., a feeling that
life lacks purpose without work; about 10-15% of retirees skip this phase), 3.
Experimentation (try new things), and 4. Reward (reinvent yourself).
Longer Life Expectancy-
Many older adults live well into their 80s or 90s and this is a gift. It is up
to them to take ownership of their final phase of life. “Reframe” and focus on
positive aspects of aging. Also, focus on relationships and growth. There is no
growth in your comfort zone.
Family Togetherness-
A speaker told the story of a client who moved across the country to “be with
family.” His family, however, did not expect to spend so much time with him and
it was awkward. The client was very lonely because he knew nobody in his new geographical area except his busy family.
Lack of Planning-
A speaker who was a financial planner noted that about 90% of his clients
haven’t figured out what to do with the rest of their life. If your entire retirement plan
is to spend more time with family and friends, you better check in with them
first.
Success Metrics-
Put at least three things per day on your schedule, even mundane activities
like bill-paying and walking. Completing them and crossing them off your to-do list
is a measure of success.
This post provides
general personal finance or consumer decision-making information and does not
address all the variables that apply to an individual’s unique situation. It does
not endorse specific products or services and should not be construed as legal
or financial advice. If professional assistance is required, the services of a
competent professional should be sought.
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