Have a plan when you retire
For boring pension reasons I don’t understand (and don’t want to), it’s become the popular thing to do at my company lately to retire. Now I’m all about retiring and if you’ve run the numbers and it makes sense for you to do so - go for it. But when you do, have a freakin’ plan.
Perhaps oddly, I don’t mean that in the sense of financial planning. I mean have a plan for what you’re going to do with yourself.
Two retiree examples
One woman recently retired from the firm who is close friends with a coworker. She’d worked here her entire working life (yeah, it’s that kind of company). She’s fairly young - nowhere near 65. Before she left, we had this conversation.
Me: “So what are you going to do with yourself in retirement?”
Her: “Oh, I don’t know. I have a few projects to do around the house.”
Me: “Then what? Are you going to get another job? Volunteer at your church maybe?”
Her: “Oh, I’ll figure it out.”
Me: “…”
She now calls weekly for no apparent reason other than she has nothing else to do. She’s even come by and spent the better part of the day here.
The second woman is supposed to retire in a few weeks. I overheard a conversation she had with someone else.
Him: “What are you planning on doing with yourself after you get out of here?”
Her: “I have a list a mile long of things to do at my house - stuff I’ve put off for a while.”
Are you serious? You’re plan in retirement is to do some projects around the house that you’ve been putting off? Do you know how long retirement lasts? Until you’re dead (or your money runs out, whichever comes first).
You need some idea of how you plan on spending your time. People (including me) tend to focus on the financial aspect of preparing for retirement with little, if any, regard for this aspect of it.
I’ve never been retired, so you could say I don’t know what I’m talking about. But people need to have a purpose. They need a reason to get up in the morning. By all means, retire.
But have a plan.
September 6th, 2007 at 4:37 pm
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September 6th, 2007 at 7:57 pm
Good point. I once worked with a guy who’d gotten a part-time job because his wife (full time homemaker) couldn’t stand having him around the house once he retired. I don’t think he liked it either.
I’m only 21, so I’ve got a while. But I enjoyed my job working in the library, shelving books. So I’ve thought I might see if I can get a part-time job in that. Or become a volunteer shelf-reader.
I also would like to do quilts for charitable causes, but quilting supplies take money, and I don’t want to just do things that cost money.
I’ve also thought that if I stop work to be a full-time mom while my husband keeps working, then when my kids are off to college I might get a part-time job doing library or something I enjoy.
And also read. Maybe come up with a “life list” of books. Of course, I do all these things now, I just figure I can do them more often when I’m retired.
September 6th, 2007 at 10:12 pm
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