Ask a Retirement Coach: How Best To "Test Drive" Your Retirement
Dear Retirement Coach;
I'm on the cusp of retiring but before I make the final commitment, I decided to take a three-month sabbatical over the summer to "test drive" my retirement. I've got lots of vacation-type activities planned (travel, visiting friends) but I'm just wondering if there are some other things that I should also be doing during this time to make sure that I'll be really ready for when I decide to retire for good.
Any suggestions would help.
Thanks!
Matthew
Matthew, I applaud your thinking.
Taking a sabbatical to plan your retirement is smart and something that few people think to do. Most people drift into their retirement with no non-financial plan expecting retirement to take care of itself.
Consider this: an American Demographics survey revealed that 41% of retirees reported that their retirement was a difficult adjustment while only 12% of newlyweds felt their marriage was a difficult adjustment and only 23% felt the same way about parenting.
Let's not forget that this life phase could be 20, 30, or even 40 years long – maybe longer than your entire work life.
Given all this, it's important to avoid an off-the-cliff transition devoid of consideration of the many surprises and contingencies that can arise in retirement.
Thus, I suggest taking your idea to another level.
Taking 90 days to travel and visit friends is a good start – let's call it a primer for a bigger pre-retirement effort. I'm all in on new or pre-retirees taking a sabbatical, mental and physical.
I suggest, if you can afford it, taking six months to a year or more to unwind and do some serious reflection and self-discovery focused on what you want this last phase to look like.
Richard Leider's book "Life Reimagined" provides a helpful transition roadmap that you can follow for this sabbatical.
Reflect
How well do you really know yourself? What are your drivers? What are you really good at and enjoy doing? What lights you up? What things in life are most important to you?
If with a life partner, are you on the same page on the timing of the retirement? How well do you know your partners drivers, desires? Since time will be different, what will be the optimal balance of time spent together and alone? What common interests do you have that you will want to cultivate?
Given that the lack of purpose is the main reason that retirements fail, have you thought about what a sense of purpose might look like for you and your partner? What does the world need that you might be able to assist with?
What will you and your partner need to do to ensure that you build and sustain good health for this extended journey? What's missing in your lifestyle that will keep you from optimizing your health?
Connect
During this reflection phase, connect with people you trust who will listen deeply and non-judgmentally, help you understand more about yourself, and support you in sorting through the questions that will surface as you reflect on what's next.
Social isolation can be a by-product of retirement so use sabbatical time to re-establish and create new positive relationships. Don't limit that effort to just your age cohort – build relationships with people younger than you.
Explore
Try new things. Satisfy latent curiosities. Read more and differently. Seek out new, interesting people with views different than yours. Experiment with new hobbies. Free yourself from the decades of meeting cultural expectations.
Fulfill those delayed travel plans while your health is still strong. Exploring other parts of the world can contribute nicely to the reflection process.
Are you considering relocation after retirement? If so and you can afford it, test drive the location by living there a month or more or at least long enough to know that it is the right move. There are many horror stories of retirees signing on to popular retirement communities only to find out they are a bad match.
Thinking of volunteering? There are tons of volunteer opportunities but few that match up with skills, drivers, and experience or align with the purpose you've defined for your retirement years. Experiment until you find the right opportunity that aligns with your purpose.
Reflecting, connecting, and exploring enables the right choices and positions you to "repack" your plans for this third act and put in place a plan that will sustain you for an extended run with good health, energy, and purpose.
Semi-retirement
I would be remiss to not mention the idea of semi-retirement, for two reasons:
it is a growing trend with many boomers and GenXers finding merit in continuing to work into and through their retirement years doing what they love and deploying their deepest talents, acquired skills, and experiences;
it's been my modus operandi for the last 20 years and has served me well by allowing me to reach a balanced lifestyle of work, play, and learning.
Extensive research confirms that work is a key component of longevity. As you reflect and explore in this next phase, consider the possibility that semi-retirement may be the right combination for you.
Thanks for submitting the question. Your thinking has you ahead of the pack already in achieving a long and satisfying third age. Best wishes as you take your thinking to the next level.
Gary
Read Gary's Other Ask a Retirement Coach Article:
When Should I Retire?
Do you have any questions about the non financial aspects of retirement that you would like a Retirement Coach to answer? Send them to [email protected].
About the Author
Gary Foster is a former executive healthcare recruiter, over-70 “portfolio-career” guy, and audacious ager dedicated to helping folks in the over-50 crowd adopt a new, healthier, and more purposeful perspective on the second half of life. With national certifications as a retirement coach, résumé writer, and online presence expert plus over 18 years of career coaching and recruiting experience, he coaches, speaks, and writes publicly on the issues of mid-life career transitions, planning for purposeful retirement, and achieving better health and greater longevity. You can reach Gary through his website: Make Aging Work.
