When I was a brand new 2 Lt in the Air Force at my very first assignment in Abilene, Texas, a representative of my insurance company knocked on my door to offer me a brand new investment product– and IRA! First, I wasn’t making much money and was loathe to part with any of it! And second, I was wary of any salesperson knocking on the door, selling an intangible product. Finally, my ultimate response, as a 23 year old just embarking on my career was, “Who’s retiring? I’LL NEVER RETIRE!”
Besides the vision problem of imagining needing money in retirement, I had NO imagination of ever retiring from a career or not working. As I got older, I didn’t think of retirement, from a life perspective, although it was a lot harder to ignore the requirements of financial preparation. Then I crossed the threshold around 55 years old. At the height of my career and earnings ability, I decided to stop thinking of retirement, or even throw a passing nod to my friends who were on the brink of their final career years. Yes, denial can be a real place to find refuge from uncomfortable realities! In my business, (airline piloting), there is a mandatory retirement age and on your 65th birthday, regardless of health, passion, expertise, or desire to stay, you are done. This kind of arbitrary retirement point, like downsizing or an illness/injury ending a career, can be to some sheer psychological agony, especially if there is no plan in place to fill the needs that work provides for many–status, camaraderie (social), sense of purpose, time management, and of course, financial. The antidote to suffering the painful loss of any of these needs is to create a VISION of what your days, post-career, will look like.
Many people actively participate in planning for their financial security in retirement: there are seminars on Social Security and how to get your buckets of money lined up with the greatest tax advantage. But as important as that piece is, it is the other needs which need to be addressed, and done well in advance of the actual transition date– perhaps 3-7 years out. To create this vision there needs to be time and space for self-inquiry, such as: Who am I? (IDENTITY), What is important to me? (VALUES), What do I want to spend my time on in retirement? (PURPOSE), and most importantly, With Whom?(RELATIONSHIPS).
Once there is a line on what you want your retirement to entail, the next step is to craft the methods on how to achieve that vision. Discussions with your significant other or close friend may reveal some strategies to work on as you are able, to develop the new muscles or pathways in the future life you desire. Using a retirement coach is also a great tool to get specific and targeted action points to discover what path will work well to lead to your ultimate goals and dreams. Whatever method you choose, don’t wait until 6 months before the actual date of retirement, as that time, with all it’s change and finality, can be a difficult time to creatively search for the vision of your next chapter. Just think of it– someday I AM GOING TO RETIRE! What terrific potential for a new beginning!
Flying Forward in Retirement! 