Perhaps it’s because of the work I do, but my retirement planning has focused almost exclusively on finances. Will I have enough super and how much is enough? I now realise I haven’t given nearly enough thought to how I want to live in retirement.
Sure, I had a vague bucket list. Freedom to do what I like, when I like. Learning to play the piano, improving my French, local and overseas travel, and writing for pleasure. And did I mention freedom!
What I didn’t have was a plan. After being in the workforce for more than 40 years, retirement is like a foreign country – a mirage shimmering on the horizon but always out of reach. Only now it’s within reach and part of me wonders if money was the only thing holding me back.
Could it be that work is a comfort zone I’m reluctant to leave? I enjoy my work, the sense of identity it gives and the satisfaction of being ‘in the loop’.
To help answer these questions, I enlisted the help of retirement coach Jon Glass, founder of 64 PLUS*, who focuses on the non-financial aspects of retirement. We explored my attitudes to work and retirement, my values, goals and priorities. And crucially, what activities would not only be enjoyable but also give my life meaning.
The search for meaning
With so much emphasis placed on the financial aspects of retirement, it’s easy to underestimate what a profound life transition it can be.
Some people make the shift effortlessly, generally those who already have a full life outside work. Some like me wind back their working hours gradually to explore their options while keeping in touch with the world of work. And some really struggle, like a friend who worked all hours as a medical specialist and is now at a loss, working out how to spend his days.
The more I worked through my retirement plans with Jon, the less money had to do with it. While you need a certain amount to live well, money alone is not sufficient. After a while, endless rounds of golf and annual laps of the Mediterranean can feel aimless and unsatisfying.
Research on retirement has found it often starts with a honeymoon period of a year or two, when people travel and enjoy the freedom to do as they please with no set routine. Happy days! But this is often followed by a sense of loss – of a daily routine, a sense of identity, relationships, purpose and power – and depression can easily set in.
The silver lining to this difficult phase is that it can motivate people to turn off Netflix, get off the couch and look around for activities and opportunities that make them want to get up in the morning. The lucky ones reach a point where they feel a sense of joy and fulfilment.
Freedom and choice
Freedom or the lack of it are a major topic in retirement.
For some people, a lack of freedom and choice is an issue. If you have caring responsibilities for grandkids, elderly parents or a partner with severe medical conditions, no matter how much you love them, it may feel like an obligation that makes you resentful, which in turn makes you feel guilty. Or perhaps you are the one whose freedom of movement is restricted. Whatever the reason, it’s important to find time for activities you enjoy that nourish your soul.
I’m lucky to have the freedom to choose, but the longer I delay retirement, the more urgency I feel. Life is short and I want to make the most of it while I’m fit and healthy and able to enjoy it. By the same token, I don’t want to fill my days with meaningless activities just for the sake of being busy.
That’s where retirement coaching really helped.
Retirement coaching results
Over six one-hour sessions with Jon, with homework in between, I managed to turn my woolly notions of what my retirement might look like into a detailed weekly calendar of activities.
Starting with a list of things I wanted to do, I gradually refined it by sorting activities into those that are fun vs those that are chores (housework) or activities I will do solo or with others (physical exercise fits into both categories). I also thought about what might get in the way (I might just sit down and read the paper) and how to avoid it.
More challenging was thinking about what would give my life meaning – volunteering or giving back in some way, creative expression, connecting with nature, or spending time with people I love? Or all the above?
Once I drew up my weekly calendar, I weighed up whether it was too busy, not busy enough or about right. I also put a date on when I would start certain activities, in some cases well before I retire, and the next steps. Book those piano lessons!
Takeaways
I went into retirement coaching thinking it was help I didn’t need. But the process and results were a revelation.
It made me realise there’s a gap in retirement planning. While pre-retirees are regularly urged to seek financial advice, if they haven’t already done so, I now think many people (me included) would also benefit from some form of guidance to help them get the most out of life in retirement. Perhaps there’s a role for big super funds here, to sit alongside their financial advice services.
It also gave me a framework to think things through and make a tangible plan of action. Interestingly, the act of telling someone about my retirement wish list made me feel more accountable to walk the talk.
One of Jon’s parting retirement hacks is to think big, avoid a life on cruise control and engage your passions. I think that’s something we should all aim for.
Next steps
Now I have a life plan to go with my financial plan; it’s time to set the date and choose a retirement income product or products to achieve my retirement goals.
Next month, in my final retirement diary entry, I will also report back on my experience of financial advice from my super fund.
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