5 tips to make transitioning into retirement easier
Retirement marks the end of a chapter in your career and the start of a new lifestyle. This unique transition can bring a myriad of emotions, most commonly ones of excitement and apprehension.
If you’re pondering retiring in the next year or so, here are five tips to help you transition smoothly:
Know the transition could take weeks — or months
You likely spent decades forming a routine around your work schedule. Establishing your new normal of volunteer work, an encore career or helping family will take time. If you are married, remember that your retired status may affect your spouse’s routine, too. Talk openly about how you’re feeling during the transition to keep your spouse in the loop.
Communicate your retirement plans with family members
Your parents, kids or other family members will likely be interested in how you intend to spend your retirement days. Will you be visiting the grandkids more often? Continuing to host family get-togethers? Planning to move or purchase a retirement home? As you share your plans, don’t forget to discuss your financial picture. The benefits of open communication are three-fold: it reassures your kids that you’re financially prepared, allows you to introduce or remind your family of your estate and legacy plans, and it establishes a safe space for both sides to discuss potentially challenging financial topics.
Maintain healthy habits
Staying diligent with the activities that help you feel your best is important as you shift into retirement. Prioritize eating healthy, sleeping well, staying fit and maintaining friendships in your new routine.
Evaluate your finances
Prior to retirement, you likely outlined how you will manage your cash flow. (If not, today is the day to put a plan in place.) As you enter retirement, review your expenses to ensure they’re aligned with your plan. It’s common to revise your spending and activities after experiencing the first few weeks away from your primary job, so it’s OK if you need to adjust how much you withdraw from your accounts each month. If you want to increase your spending, calculate what that means for your later retirement years, as you don’t want your savings to come up short.
Reset your attitude
Retirement is not the ultimate finish line. Experiencing a lot of emotions is common, but try to focus on what you’re excited about in this next chapter. And, remember you’re not alone. Talk to friends, family and professionals in your life for support along the way.