Many people spend a lot of time planning for the financial aspects of retirement, but very few spend time planning for the emotional and social aspects. Although retirement is supposed to be a rewarding, relaxing chapter in life, some people experience boredom or loneliness after leaving the workforce. In fact, many people are surprised to learn that retirement isn’t at all what they expected. Consider taking a “retirement test drive” to experience the reality of it before you leave the workforce. Here’s how.
1. Take some time off work.
Consider taking at least two weeks of vacation, if you’re able. This gives you time to discover whether you may become bored with your newfound freedom. As closely as possible, try to mimic what you envision for your retirement lifestyle.
For example, if your goals include a round of golf with friends three days a week, reach out to them and schedule time on the course. Or if you envision purchasing a home on the beach, consider renting in your desired community to make sure that’s where you want to live.
This test run can be a great way to discover whether the reality of retirement matches your expectations. You may find out that your friends are less available to golf during the day than you’d hoped for or that three days on the golf course gets boring, and you’ll need to find other hobbies to keep you busy. Or you may find out that your plans suit your expectations perfectly, which makes you look forward to retirement even more.
2. Explore new hobbies.
Your retirement test drive provides an opportunity to try out new hobbies and activities. Maybe there’s a charitable organization you’ve always wanted to volunteer with, or perhaps you’ve been wanting to take a painting class. Trying out these activities before you retire can help you decide whether you want to include them in your retirement lifestyle.
3. Reach out to friends and family.
Without daily interaction with coworkers, you may need to expand your social circle. During your test drive, think about what people you will surround yourself with once you leave the workforce. Consider reaching out to friends and family to find out who’s most likely to be available. If you discover your friends aren’t up for as much social interaction as you’d like, or if you plan to move to a new city after you retire, consider what actions you can take to meet new people.
4. Structure your days.
Some retirees are surprised to discover that one of the things they miss most is the structure of a workday. Without a routine, it’s easy to feel idle or unproductive. During your test drive, consider how you can structure your days.
For example, maybe you start your morning with a walk and a breakfast, followed by some time catching up on the news or working on a creative project. Perhaps you end your day by cooking a nice meal with your spouse. It’s not necessary to schedule every moment of the day, but it can help to establish a daily rhythm to guide your time.
5. Reflect on your emotional state.
Retirement can have a big impact on your emotional state, which is why regular self-reflection is important. How are you feeling after your time away from work? Are you bored and lonely? Happy and fulfilled? Ready to get back to the office, or looking forward to your next time away? Being honest with yourself about how you’re feeling allows you to address emotional challenges before you fully retire.
Katie Stephenson, JD, CFP®, is a Private Wealth Manager and Partner with Creative Planning. Creative Planning is one of the nation’s largest registered investment advisory firms providing comprehensive wealth management services to ensure all elements of a client’s financial life are working together, including investments, taxes, estate planning, and risk management. For more information or to request a free, no-obligation consultation, visit CreativePlanning.com.