Unveiling the Untold Truths of Retirement
What are the things no one ever told you about retirement?
As we navigate life's journey, retirement often stands as the ultimate destination, a promising respite from the rigors of work and a chance to bask in the glory of our hard-earned twilight years. Yet, amid the allure of endless vacations and leisurely pursuits, there exists a shadowy realm rarely spoken of—a realm where misconceptions collide with reality and where the idyllic image of retirement can sometimes crumble under the weight of unforeseen circumstances.
I had the opportunity to meet with a group of current retirees from across the country. I posed the following question to the group: "What are things people don't tell you about retirement?" Some of the responses were inspiring. Others were depressing. All of them were enlightening.
In this article, we review the responses. From financial intricacies to psychological adjustments, we delve into the nuances and offer insights that may challenge conventional wisdom about transitioning into retirement.
What are the financial aspects to consider when it comes to retirement?
"I didn't need as much money as I thought. How exciting everyday can be. How much freedom I'd have to do what I want, when I want and how I want to do it. How I'd be in the best shape in my life. Three years of retirement has been completely amazing and way beyond my expectations."
"I did have 5 years of expenses in cash for that possibility, which haven't tapped into. So planning was key. We had no debt for several years before we retired including to paid for houses. We also did all big ticket items like renovations, repairs and big purchases before retiring."
"No debt is the key."
"Also after being a saver for so long it's hard to become a spender."
"I think when people get in the habit of saving for retirement, and then you have to start drawing from that nest egg, it can be a difficult transition. The trick I have found, is to set up automatic withdrawals every month and treat it like a paycheck."
How will retirement affect my marriage?
A funny story I once heard was how a recently retired engineer began instructing his wife on the "proper" way to load the dishwasher. That was a self-correcting problem because the number of dishes that needed to be washed dramatically decreased when they shattered upon impact after the wife began hurling them at her "instructor."
But all joking aside, here are some instructive quotes on the topic:
"24/7 togetherness is a challenge!!! Definitely need your own hobbies. Just have to find your own things and believe me there is plenty of togetherness time still available!"
"Finding hobbies to keep us both busy."
"I appreciate my wife more than ever."
How should I manage my time in retirement?
One person simply replied: "Boredom."
Others provided a bit more detail with some keen insight:
"I like to surround myself with great minds because they challenge me to better myself. As it sits right now I have plenty to do to keep my mind occupied but there's something about being part of a team seeking a unified goal."
"Choices take action. Look for activities like you looked for work. Free music, libraries and free presentations are everywhere. Seek public transportation. "
“Just how WONDERFUL it is! And, how busy one can be doing all the 'other' stuff!”
“I have more friends in retirement. Discovered hobbies I never dreamed of and get together with interesting people every week because of new hobbies. Pretty amazing!”
“They never told me that now I would have time to go to gym six days a week. Love it.”
How important is health when it comes to retirement?
“How quickly a body can fall apart at this age!!”
“That you don't have a retirement if you don't have your health”
“That you may have more time to travel, but not as much stamina.”
What is the importance of friendships in retirement?
“How hard it is to make friends when you're older. So many friends have passed or moved away.”
“How wonderful to make friends with people you didn't have time to meet before!!”
“How many new friends I would make now that I have time to devote to people! How socially busy I would be. Volunteering as a guardian ad Litem has opened doors. I have taken classes, found hobbies, joined groups. My life feels rich! I became a widow six years ago and survived deep grief and am thriving again.”
What is the importance of being open minded in retirement?
“I learned that I shouldnt set my goals in stone....be flexible.”
“The 4th time I retired "to my woodworking shop". The difference being I have a plan but since I am my own boss, I can play hooky and do whatever I want when I want. It is simply a mindset that I needed that works for me.”
“That perhaps the things that you were thinking that you would be doing when you retired might completely change.”
What are some inspiring things about retirement?
“How much FUN it is!!!”
“I would say I'm the happiest I've ever been in my life. The freedom of retirement is wonderful!”
And finally, perhaps my favorite quote on retirement:
“First, learn to linger. Take that 2 cup of coffee. Lay in bed and enjoy the birds chirping. Two, do not accept volunteer work or anything that ties you down for the first six months. Three, enjoy the people you love. This is a special time to just enjoy endless moments with them. Four, take care of your health. You have to learn your health is the most important element in retirement. If you don't have good health you can't enjoy your time. Five, learn to just say no. This is your retirement and a lot of people would love to give you things to do since obviously you have nothing to do since you retired.”
Retirement is so much more than Adirondack chairs and walks along the beach. Make sure you consider all aspects of retirement. Like most things, having a plan and a positive attitude are instrumental to your success.
About the author:
JP Geisbauer is a Certified Public Accountant, a Certified Financial Planner ®, and the founder of Centerpoint Financial Management, LLC, a financial planning, investment management, and income tax planning firm located in Irvine, CA. JP Geisbauer is dedicated to helping California-based business owners and executives transition into retirement. He has been quoted in many news outlets including Forbes, Newsweek, US News & World Report, MarketWatch, YahooFinance, CNN and NerdWallet.
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Disclaimer:
This article is for general information and educational purposes only. Nothing contained in this article constitutes individual financial, investment, tax, or legal advice. Before taking any action on any topic discussed in this article, consult with your own financial planner, investment advisor, tax professional, and/or attorney for advice on your specific situation.