While the norm used to be a party, a gold watch, and an abrupt departure at age 65, now a more gradual transition into retirement is becoming common. Baby Boomers and even some successful Millennials are considering easing the transition into retirement by proceeding gradually, in phases. Even if their employer doesn’t offer a phased retirement plan with a schedule for reducing hours over time, prospective retirees can begin thinking about what sort of part-time work and activities they will find fulfilling when they leave their current position.
Prioritize Financial Planning
Financial planning is at the top of the list for most people hoping to retire someday. Attend to the critical decisions about how long to keep working and whether working a reduced schedule or a part-time job makes financial sense. These are things prospective retirees know to discuss with a financial advisor. Whether to start or delay accepting Social Security payments is another factor, as well as whether “aging in place,” downsizing, or considering a plan for assisted living makes sense. A home is an asset as well as an expense, and whether or not to sell a home is a decision that should be part of the plan long before retirement.
Account for Your Emotions
Taking care of the emotional and psychological side of retirement is part of the transition process. Workers ranging from professionals to business owners to shop foremen tend to define themselves by their work. Not going to the office every day, preparing to sell a business that took a lifetime to build, or bidding farewell to coworkers who’ve laughed at your jokes for several decades is an emotional experience. It takes planning and time. Retirement may involve accepting a sense of grief, because major life changes often feel like major life losses.
Pursue Your Passions
The prospect of having to figure out who you are all over again is daunting. Part of easing into retirement should be thinking about how social connections and relationships may change, how routines will differ, and how time management shifts. Take some time to think about aspirations you never pursued because of work obligations that may be available now, hobbies that bring satisfaction, and maintaining connections with family and friends. These considerations are all part of the planning process. Gently redefining oneself not so much by profession or career, and more by talents and interests, is a way to ease into a different and fulfilling way of living. Finding ways to use those talents and interests in service to the community helps ease the transition to retirement by providing alternative, satisfying, and rewarding new ways to spend time.
With careful advance planning, easing the transition to retirement is an achievable goal. Managing this major shift to a new phase of life requires both practical elements, like making a realistic budget, and emotional and psychological aspects, like redefining interests or pursuing new hobbies. As Baby Boomers reach retirement age, more are seeking alternatives to traditional notions of retirement, viewing the transition as an opportunity for continued growth and satisfaction in work and life.
