Preparing for Retirement - It’s About More than Money
I always laugh when I hear about people who have a million dollars saved for retirement and want to know if that’s enough! I suppose there are people out there who have millions saved, but I don’t know any personally. Money is undoubtedly important in planning for retirement, especially for us non-millionaires, but retirement is also a time for reassessing your life and deciding what things are most important to you in the second half of life.
Some questions to ask yourself when you’re facing retirement in the coming years:
1. How do I see myself spending my days?
If you are working and choose a retirement date, what do you see yourself doing on day 1 or day 2 of retirement? How about day 352? If you retire with no plan in mind for how you will spend your time, you may just end up being one of those old guys or gals who sits on the front porch in a rocking chair. There’s nothing wrong with relaxing but you’ll soon get bored if that’s all you do.
Chances are, if you are working still, your days are busy and purposeful, even if the purpose is collecting a paycheck so you can put some away for the long-awaited retirement. To be successful in retirement, you will still need a purpose for getting out of bed. What will your purpose be?
When your days stretch endlessly before you, it’s important to have a plan for how you will use them.
2. Ask yourself what your interests and hobbies are right now.
Do you have interests and hobbies beyond working and paying bills. I have to tell you, these aren’t really classified in the hobby section. If you don’t have any interests that excite you and are fun to do, maybe you should acquire some before retiring to help you pass the time later on.
If money is an issue it might be better not to take up a hobby like knitting (you should see my yarn stash!), collecting old cars or golf. These type of hobbies and interests can get expensive. If you are interested in these things anyway, figure out how to turn a profit from your hobby. Teach classes, write a blog or ebook to support your hobby.
Some interests don’t have to cost money, or at least not much. Interested in Civil War history? Visit Civil War battlefields, research battles on the internet or volunteer at a local museum. Do you love miniature railroads? Find a miniature railroad museum which needs help. Volunteering is a wonderful way to share your interest or hobby with others and still feel you are giving a valuable service.
Some hobbies or interests are free to do and might make you a buck or two. Write that great American novel you’ve always wanted to write or take up hiking, which is great exercise too.
3. Am I healthy and if not, what can I do about it?
The pursuit of good Health can be very time-consuming and retirement is a great place to put your mind to being healthier. Take up walking daily or join the local Y and take classes. You can make friends or join social groups at the Y or at Senior centers too.
Grow a garden so you have plenty of fresh veggies to eat. I have a friend who gets free cuttings for berry plants and other perrenials for his garden. You can also trade seeds or get heirloom seeds so you can save them from year to year if money is an issue. If you life in the city, you can still grow lots of food in containers.
In retirement you can spend some time reading about any health issues you may have and what you can do about them. Many doctors shove a pill at you and head out the door, partly because they don’t feel that patients will follow their advice anyway about what else they can do to improve the situation.
if you need to lose weight, retirement is a great time to put your mind to this health issue. You now have time to keep a food journal, get out and exercise and read up on healthy eating.
4. Have I made time to cultivate friendships to last through retirement?
When you retire, it’s important to have friends to spend your time with. If you don’t have a few good friends now to have lunch or coffee with, plan on where you’ll look for some when you are retired. Joining a hobby or volunteer group, seeking out the local senior center or Y, or taking a class are good places to begin.
5. What do I still want to accomplish in my life, now that I have some time?
Maybe at one time in your life, you thought when you retired you’d read every Shakespeare play ever written but do you still want to do that? Goals change over time and when you’re facing retirement it’s a good time to reassess goals. What is important is that you have goals! Choose a top 10 list of things you want to do in retirement - and I don’t mean fixing that hinge that’s been squeaking for the past year. Think bigger. What have you always wanted to do but never had time for?
I used to do a lot of beadwork and when I didn’t have time for it anymore, I thought of just selling my bead stash, books, etc. My mom talked me out of it because she said, “You never know if you might want to take it up again when you have time.” So I kept everything and “when I have time” beadwork is there if I want to do it.
My mom used to sew for us as we grew up and when she retired and had time, she took up quilting. She turned out the most beautiful quilts and we were all able to benefit from her hobby.
I’m sure there are many more important questions you can ask yourself when preparing to retire that have nothing to do with money. What are some of the things you’ve considered?









