10 Tips on Transitioning to Retirement

Retirement is the goal of most people. But, like most things in life, retirement is a process. While you can jump into the deep end with both feet, it’s better to acclimate yourself slowly. Why, you might ask? According to a study conducted by Harvard Medical School, a whopping one-third of retirees experience some form of depression in the first two years after retirement. Yep, you read that right. Even though retirement is a wonderful time, it isn’t always an easy adjustment. So, from one retiree to another, here are 10 tips on transitioning to retirement. I hope they help you as much as they helped me!

1. Create a Retirement Vision

Before you even retire, picture how you’d like your retired life to look, then write it down. Clearly define your vision for retirement. Identify activities, hobbies, travel plans, and personal goals that will bring fulfillment and purpose to your retired life. Don’t be afraid to dream big! Now is the time to embrace life to the fullest and do everything you wanted to do when you were working

2. Make a Financial Plan

Financial planning is important, especially when it comes to retirement! Now is the time to sit down and create a budget. A startling study shows that 20% of adults over the age of 50 have no retirement savings. Yikes! Don’t let yourself be one of them! Take a good look at your finances. Figure out how much you need to live comfortably.

Here are a few items you should include on your list:

• Figure out when you have enough money to retire: Don’t jump the gun on retirement. Sure, it’s what we all want, but you don’t want to spend your golden years fretting about your finances, just because you were in a rush to clock in for the very last time. According to Vanguard, most people can expect to spend 70%–85% of their pre-retirement income in retirement. Healthcare should be at the top of your list, as medical expenses can quickly eat through your savings. You might want to consult a financial advisor and have them look at your finances so they can offer their expertise!
• Pay off your debts: You don’t want to be saddled with debt in retirement. Whether you have a mortgage or credit card debt, make a plan to pay them off, ideally before you retire. Don’t let debt be the reason you don’t have the retirement lifestyle you always dreamed of!
• Plan for Social Security benefits: While retirees can start receiving Social Security benefits as early as age 62, that might not be the right age for someone to start claiming them. The later you wait to collect Social Security benefits, the higher your payments will be. But after you turn 70, that amount doesn’t increase anymore. Be strategic and figure out the best age for you and your situation. You can create a My Social Security account to calculate your benefits.
• Consult a financial advisor: No man is an island, especially when it comes to his finances! While you can always use online retirement planning tools, you can also hire a financial advisor to look at your goals and develop a strategy tailored just for you and your bank account. They can also advise you on other things, like retirement investment accounts.

3. Stay Active

I can’t stress this enough. Retirement may be the time to kick up your feet and relax, but that doesn’t mean you should become a couch potato. Exercise! Get out and mingle! Try new hobbies! I got into race walking and writing, but find an activity that appeals to you!

Ways to stay active in retirement:

• Join a gym: If you aren’t already a member of a gym, now is the time to join! See if any of the gyms in your area offer discounted rates for seniors or exercise classes for older adults. Then join them and make a habit of hitting the weights or the treadmill, or whatever exercise you enjoy. A lot of people put off exercise because they simply don’t have time, but in retirement, that excuse no longer holds any water!
• Take a part-time job: Maybe working in retirement is the last thing on your mind. But if you find your days feel empty and unfulfilled, maybe it’s time to get a part-time job. Working a day or two at a local coffee shop, boutique, or hardware store might give your life some much-needed purpose in retirement.
• Get out of the house: American author Sylvia Plath once wrote, “Go out and do something. It isn’t your room that’s a prison, it’s yourself.” Sometimes, we’re victims of our own minds. We think that just because we’re older, there’s nothing left for us to do. However, that couldn’t be more true! In fact, retirement is the perfect time to shake up your routine and check things off your bucket list. Instead of sitting on the couch, get up and get out! Explore your town and see everything it has to offer. Don’t waste your golden years being lazy and twiddling your thumbs. Break free from the prison of your mind and do something!

4. Pursue Your Hobbies

Speaking of finding activities that appeal to you, make sure you have a hobby! Rediscover or explore new hobbies and interests. Retirement provides the time and freedom to pursue activities you are passionate about. Whether it’s gardening, painting, or playing a musical instrument, find a hobby and pursue it to the fullest. It’s never too late to enjoy a new hobby or learn a new skill!

Some fun hobbies for retirees:

• Birdwatching
• Gardening
• Photography
• Fishing
• Cooking (or baking!)
• Reading
• Calligraphy
• Painting
• Knitting
• Scrapbooking

5. Stay Socially Connected

Retirement isn’t the time to become a recluse. Instead, it’s the perfect time to forge new friendships or deepen old ones. Make sure you cultivate and maintain social connections. Social isolation can be dangerous, especially for seniors. Studies show it can even accelerate cognitive decline. Make time for socializing. Invite your friends over and schedule a monthly (or weekly) lunch date with a buddy. Reserve weekends for your grandkids and have Sunday dinner with your kids. Retirement can sometimes lead to a change in daily interactions, so actively seek opportunities to socialize with friends, join clubs, or participate in community activities.

6. Review Healthcare Considerations

Nobody wants to get sick or stay in the hospital, but it’s still important to be prepared for the worst-case scenario. Review and understand your healthcare coverage, including Medicare or other insurance plans. Make sure you have appropriate coverage for your health needs, and consider factors like long-term care insurance. If you don’t live close to a hospital or medical facility, you might want to look into relocating or even moving into an active adult retirement community. I did, and I couldn’t recommend it more—so long as you find the right community!

For More Information on Medicare, Watch This Next:

7. Set Realistic Expectations

We’d all love to find the cure to cancer or hike Mount Everest. Of course, we’d all love to be millionaires, too! However, while it’s okay to dream big, it’s also important to have realistic expectations. Sure, you can write a book in retirement, but don’t expect it to become a bestseller. Adjust your expectations for retirement. Recognize that it may take time to find a new routine and sense of purpose. Be open to experimentation and willing to adapt your plans as you discover what works best for you!

8. Volunteer and Give Back

In retirement, we can often struggle with a loss of purpose. Volunteering is the perfect way to reclaim that! In fact, nothing is more fulfilling than giving back to others. Find local volunteer opportunities. Spend a day working in a soup kitchen or bathing animals at the local shelter. Or see if a local church offers any outreach opportunities. Or you could always sponsor a child who needs your help. Always be on the lookout for volunteer opportunities! Trust me when I say that a purpose-filled life begins with thinking more of others than yourself!

Read Next: How to Locate Interesting Volunteer Opportunities in Your Area

9. Take Retirement One Day at a Time

Retirement should be a seamless transition, but it’s often difficult. And that’s okay! Plan for a gradual transition. Some individuals find it beneficial to gradually reduce work hours or responsibilities before fully retiring. This phased approach can help adjust to the change in lifestyle.

10. Explore New Opportunities

Embrace the opportunity to try new things and explore uncharted territories. Whether it’s travel, education, or starting a small business, retirement is a time to broaden your horizons and pursue personal growth. Finally, remember that even if you stumble, you’re still moving forward. Most people make the transition very fast and love it. As Charles Dederich, American author and philosopher, once said: “Today is the first day of the rest of your life.” Enjoy it and live to the fullest.

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