Tips for Making a Smooth Transition Into Retirement
On this episode of A Wiser Retirement Podcast, Casey Smith and Brad Lyons, CFP® discuss tips for making a smooth transition into retirement.
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SUMMARY:
Tips for Making a Smooth Transition into Retirement
When it’s time to transition into retirement, it can be a harder process than one might think. Most people hold a lot of their identity in their career, and when it comes time to retire from that, they often have a hard time. When you don’t have your profession to identify with anymore, you have to find a new passion and new people to surround yourself with daily. Be sure to have a game plan for going into retirement. Work towards finding a new purpose and setting goals for that.
Embrace the Change
Something that is important for transitioning into retirement is to be ready to embrace change. Change is coming. You are about to retire and it’s going to be a lot different than your working life. Take a couple weeks to relax, but after that, it’s time to find a new purpose. Find something that you can really get excited about other than working. We’ve noticed that people who find a new passion in retirement are a lot happier than those who just sit on the couch at home. Find a new hobby, volunteer in your community, travel, or just anything new! There are so many things you can go out and do now – just for fun.
Adjust Your Attitude
There are different ways people will approach retirement. Some people are counting down the days, some are holding off as long as they can, and some are forced into retirement because of external reasons. Covid was a big reason many people had to retire these last few years, and some of them probably didn’t want to retire. No matter the reason, adjust your attitude for this new phase of life.
You have to realize retirement is your new reality – make the best of it! Along with adjusting your attitude, adjust your skills you used in your career to be utilized in retirement. If you loved being a leader at work, try volunteering in your community. Find a new avenue for you skills in order to thrive. It’s okay to feel sad that a chapter in your life is ending, but once you acknowledge those emotions, you can begin to realized there are new ways to use your skills.
Keep Setting Goals
Throughout retirement, having goals is important. Again, find something new to do while you are in retirement and set goals for that. If you have a goal to travel, pull out a map and pin out where you want to travel to. If your goal is to help your kids with their kids, create a plan on how you’re going to do that. Creating goals is really important for keeping you on track and excited in retirement.
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TIMESTAMPS:
0:00 Intro
17:25 Tips for Making a Smooth Transition Into Retirement
23:29 Embrace Change
26:03 Adjust Your Attitude
31:18 Keep Setting Goals
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