Am I Really Ready to Retire? This New Reality Can Be Scary!Submitted by Miller Financial Group | Red Oak Iowa Financial Advisor on September 21st, 2019
The day has finally come, you have your stuff in a box, you have shaken everyone’s hand, and you are headed for the door. Your last day of work! No more being a slave to the alarm clock, and everything is all downhill from here. Nothing to think about, no more decisions to make, you can just coast on out into the sunset. RIGHT!!! I hate to burst your bubble, but that scenario is usually not the case.
I want to shine a light on some of the many questions that come up, and things to consider once you think you are ready to hang it up. The first question to ask yourself is: Am I really ready to retire? Not just financially, (we’ll talk about that next month) but mentally and psychologically, as well as physically. For most people, retirement marks one of the biggest changes that they will experience in their life. It ranks right up there with getting married, having children, buying a home, and so forth. It is often one of the biggest milestones in their life. The interesting thing is that this major life event may potentially affect people in ways that they never ever considered until now. For example, for many of us, our co-workers may make up a large part of our social circle and become almost like an extended family. So, ask yourself, how will you feel when you realize that you won’t see these folks as often, or maybe ever again at all? How big a whole is that going to leave for you? Now I am not saying that you postpone retirement indefinitely because of this, but it is something to think about. It has been proven that many people spend more waking hours with their co-workers than they do with their immediate family! Are you ready to focus away from many of these relationships that you have built over the years?
So that brings me to the next question to consider: How are you going to spend all of your new found time and freedom? Do you plan to take up a hobby? Do you plan to travel or maybe play a lot of golf? Or maybe there are enough projects around the house to keep you busy. But for how long? Maybe you plan to go back to work in another field and just shift gears, instead of really retiring for good? Maybe you will work part-time or serve as a mentor and try to ease into the idea of being totally out of the workforce. All are questions to consider and prepare for. Will your spouse be retiring as well? If so, are the two of you ready to spend an increased amount of quality time together? For many, this time after you both retire represents an opportunity to reconnect and rejuvenate your relationship! Become newlyweds all over again! But for some couples, unfortunately, that is not the case. Over the past twenty years the U.S. has seen a significant increase in gray divorce among the baby-boomer generation. Now of course there are many different contributing factors that may contribute to this trend. But many of the researches attribute it, in part, to the fact that the baby-boomer generation has been more willing to work hard and put in extra hours to get ahead, than any generation in history, before or since. Therefore, when someone steps out of that regime, unfortunately it is hard for many to adjust to this new reality. Unfortunately for some couples, this stress combined with other factors, has been more than their relationships could bear. Now, I am not trying to even hint at the fact that I am qualified to talk about the psychology behind the adjustments that couples go through at this time in their lives, because I am not. But I do think that it is very important for couples, as they consider retirement, to really sit down and discuss what they each envision retirement to look like. Everyone truly wants this time to be their “Golden Years!” So, I encourage everyone that is getting ready to retire, to think about some of these areas that I talked about today. I think you will be glad you did.
Daniel S. Miller, CERTIFIED FINANCIAL PLANNERTM President Miller Financial Group, Inc.
Daniel S. Miller is an investment adviser representative of, and securities and advisory services are offered through, USA Financial Securities Corp. (Member FINRA/SIPC). USA Financial Securities is a registered investment adviser located at 6020 E Fulton St., Ada, MI 49301. Miller Financial Group is not affiliated with USA Financial Securities