By Tom Sponsel, CPA/ABV, CFF
Managing Partner
(Part 4 of 4)
After discussing the financial, planning and psychological impacts of retirement, the Baby Boomer Challenge wraps up today with a talk about the blues – the post-retirement blues.
Ask anyone who has retired recently, and you’ll discover it’s a real phenomenon. This can be especially true for go-go Type A people from the business world, who have invested so much of themselves in their career it has come to define them.
If you’re married or in a committed relationship, the first person you should be talking to is your significant other. Whatever career phase they are in themselves, understand that your retirement also impacts them. First and foremost, don’t expect them to automatically change their working life or daily pattern of activities just because you have.
I know of one gentleman retiree whose wife of 40 years sat him down shortly after his transition. I respect that you’re changing, she told him, but that doesn’t mean I am. Don’t try to treat me like an employee you can boss around. Just because we’ll be spending more time together during the weekdays doesn’t mean I want our relationship to change!
Other spouses may feel similarly, or completely the opposite. They key is to “do the dialogue.”
As discussed in the previous article, finding another activity about which you are passionate is a must, whether it’s looking after grandkids, volunteering for a charitable group or something else. Your other activity could be a “second career” that you pursue at your own pace and intensity. Be aware, though, that just as during your working life it’s easy to become overloaded. People realize you have a lot more time on your hands, and soon look to fill it with their own needs and wants.
I know of retired individuals in their 70s who say they’re busier now than they ever were during their “working” careers! Learn the power of gently and politely telling people, “No.”
Make sure to carve out some time for things you’ve always wanted to do but never had time: travel, take up a hobby, fix up an old car, create a work of art, go back to school and dive into a new fresh area of knowledge that you have always been interested in! Everybody has a “bucket list” … time to start emptying yours out!
For some, that could even be starting a second career. If you are going to make that move, do it with your eyes wide open – especially if it’s something you want to do full-time. Consult with a trusted advisor on how any earnings could impact your Social Security benefits.
Socialization is also an important ingredient in avoiding the post-retirement blues. Get together with friends, attend religious services, join or start a social group like a book club. It’s as easy as picking up the phone, or sending an email or text message.
Whatever you do, avoid the situation where you find yourself sitting at home with nothing to do. A sense of purpose is key to your feelings of self-worth. Before that was probably largely tied up with your business or the company you worked for.
Now it’s time to transition to something new. Seek out activity and engage with other people, and you will discover a fulfilling retirement where the blues stay at bay.
I recently read a book “The NEW Retirementality” by Mitch Anthony which is a comprehensive analysis of what to look for in “Retirement” and how planning requires much more than just a retirement savings account. In fact, in most cases (realizing it is all relevant) the size of your retirement savings account may be the least of your concerns. Retirement is about happiness, and you are the only one who can define that for you and your loved ones.
If you would like advice on your retirement planning, please contact Tom Sponsel at (317) 608-6691 or email [email protected].