A QUESTION FOR YOU

As we start a new year, I would like to hear what you have to say.

Each of us looks at retirement from a slightly different perspective, but we probably share similar thoughts and concerns. I would therefore pose this question for you: If you have not yet retired, what is your major worry or apprehension about approaching this transition? If you have already retired, what was your biggest problem or obstacle, and would you do anything differently?

I earnestly request your feedback by posting a response below.

THE 10 MOST IMPORTANT QUESTONS

Some might argue that there are other equally important questions to ask when thinking about the transition to retirement (and I would agree), but each of these certainly needs to be considered:

1. Will I have enough money to live the life style I desire?
2. Do I have a way to generate income if the need arises?
3. When will I quit or slow down?
4. How do I decide what I want to do in retirement?
5. Where will I (we) live?
6. How will I fill my days?
7. Have I learned how to enjoy leisure time?
8. Can my ego handle being a “nobody”?
9. How will I continue to stimulate my brain?
10. Is my spouse in agreement with my plans?

PLAN AHEAD . . . BUT BE FLEXIBLE

The fundamental premise of this blog on Retirement is that the transition will be more enjoyable, productive, and stress-free if you begin to think about what you want to do well in advance. Five to 10 years before your anticipated date of retirement is not too early, for that gives you time to 1) figure out what you want to do; and 2) gradually work into your new life by spending more time in that endeavor or taking additional training, if necessary.

As you plan, it’s probably not a bad idea to incorporate into your “leisure years” an activity from which you can continue to garner some income. Even if you calculate that you have enough in savings to live on the interest, a whole lot of unexpected events can happen (most of which are not good). We all know what happened to the stock market (and most everyone’s savings) in 2008 – there is no guarantee that a similar event might not happen again. Severe injuries sustained in a car wreck or a disabling but not fatal illness could alter your plans dramatically. There are many other unpleasant scenarios, but you get the point.

So plan ahead and hope for the best, but prepare for the unexpected.

WHAT DO YOU LOVE?

In the last blog entry, I mentioned that I think it is important to have more than one activity/interest/endeavor in retirement. The first step in identifying those activities is to recognize what you enjoy doing. I think there is a very simple way to do that. Whenever you’re doing something and the time flies – that’s what you love

I enjoy writing, and when I am working on either research or trying to create a manuscript, I totally lose track of time. Futzing around in my wood working shop is another of those activities that makes the time fly for me. Both of these endeavors have a prominent role in my retirement activities.

So. . .what do YOU love?

ONE IS NOT ENOUGH

I have thought for the past decade or so that my “second career” would be non-medical writing, and in preparation for that I have written a couple of non-medical books in the past 15 years. As I began to slow down in my surgical practice and add more free hours, I discovered that my thinking may have been flawed.

Yes, I love to write, and I plan to do a fair amount of that in my retirement years. But what I didn’t anticipate – but was pointed out to me by a good friend who retired a few years before I did – that I don’t want to retire to a SINGLE endeavor. Most of us put in many 12-16 hour days in our “first career” jobs, and I realize now that I don’t want to invest that kind of time and energy into my “second career.”

The simple point is – we need to have several interests to fill up the time. The possible combination of these interests is limitless. It can be a mixing of part time work, hobbies, sports and fitness programs, volunteering, travel, etc. etc.

So. . .start making up your list and begin spending some time in each of those areas you think you’d like to pursue.

CHOOSING ACTIVITIES FOR RETIREMENT

Many highly successful professional and business people have been so committed to their jobs that they have not developed many (or any) hobbies or interests. These are the folks who are the most likely to be frightened by the prospect of retirement, when that activity which demanded 16 + hours a day is no longer there. How do you fill all those hours?

There are many ways for all of us to choose activities that we wish to pursue in retirement, but I would remind you that the sooner you start this process, the smoother and more enjoyable the transition to retirement will be.

So. . .how do you figure out what you want to do? In my blog post of July 2, 2009, I mentioned Ernie Zelinski’s “Make-a-Life Tree” That’s a great way to start. Another way is to ask yourself “What do I love to do?” The answer to that question is simple – whenever you’re doing something and the time flies – that’s what you love.

WHAT DOES YOUR SPOUSE THINK ABOUT RETIREMENT?

Many professional and business people are so used to making decisions on their own that they approach retirement in much the same way. You need to remember that it’s not JUST about you. Your spouse’s life is going to dramatically changed with your retirement, so he (or she) must have equal say in the decisions.

I have known men who were having a wonderful time in their new retirement life but the wife was miserable because she had been uprooted from the long time friends she had made before retirement dictated a move to another city.

It’s important to keep in mind also that the spouse has a life, too – before retirement – and the retiree’s new schedule and interests might well interfere with her comfortable life style.