My friends at Apex Money recently shared an article that made me think.
The article was from the Harvard Business Review and highlighted 7 Hidden Traps of Retirement, which the writers discovered during interviews with “dozens of highly respected former chief executives.”
As I read the article, I realized the traps of retirement don’t apply only to folks retiring from top management positions.
These traps present a risk to all of us.
Today, I’m presenting each of the 7 Hidden Traps of Retirement and my thoughts on how best to avoid them.
Be forewarned.
Don’t get trapped.
Don't fall into any of these 7 Hidden Traps of Retirement. Use these tips to avoid them and live a great life in retirement. Share on X
7 Hidden Traps of Retirement
The article that made me think was The Challenges of Retiring from a High-Powered Job, written by three founders of ONYX, an invitation-only group designed to build a community for current and former CEOs. I encourage you to read the article, but I’ll summarize the key points below.
In their work helping CEOs prepare for retirement, the team has discovered seven hidden traps of retirement. While focused on senior managers, I’m taking a different twist with their list and considering how these traps apply to all of us. I’ve taken the liberty of renaming each of the seven hidden traps of retirement to better align with the readers of this blog and providing my thoughts on how to avoid falling into each.
The risks apply during our planning for and transition into retirement. If you’re struggling with the transition into retirement, perhaps it’s because you’ve fallen into one of these traps.
1. Focusing on who you are, instead of who you want to become.
Original Title: Looking through the lens of the present impedes you from seeing future possibilities.
In your final years of work, it’s easy to procrastinate on retirement planning and focus on your current role. You’re busy doing your job and you can deal with that retirement stuff after you’re done working. That’s a dangerous approach that far too many people follow. It’s one of the traps of retirement for a reason. Seeing beyond your current role requires a creative imagination, the type that has likely been dormant for years. Losing your sense of identity can be a shock in retirement, but the impact can be minimized by the appropriate planning.
How To Avoid The Trap:
Forget about your current role for a minute. After all, it will be irrelevant the day after you retire. (Let that sink in)
Think about what you want your life to BECOME in retirement. You’ll no longer have that title, and that sense of identity you get from your work will be gone. That’s scary, and something a lot of people avoid thinking about. Don’t be that person. Rather, think about your new identity in retirement. What do you want to be known for? What areas are you curious about? What did you do as a child that you’d like to revisit now that you’re free from those chains of work? Carve out time to think about what impact you want to have with your newfound freedom. It takes some time, so be patient. The important thing is to think beyond your current role and imagine what you can do to make a difference once the job is gone.
In What I’ve Learned From Writing 400 Articles About Retirement, I wrote about my new identities in retirement (writer, running a charity, grandfather, etc). A quote from that article is relevant here, and I’d encourage you to adopt it as one of your goals in retirement:
“I’m not who I used to be, and I love who I’ve become.”
2. Focusing on too many options.
Original Title: A wealth of options can overwhelm and paralyze decision-making.
That busy schedule and rigid structure will disappear when you retire, and you’ll be looking at a “blank sheet of paper.” Having no schedule or structure to your day sounds appealing, but it becomes disorienting after a surprisingly short period. Your brain will start searching for something to do, and you’ll have difficulty prioritizing what you want to do with your life.
How To Avoid The Trap:
Take some quiet time to think about what impact you want to make with your retirement years. Think about the causes you have a passion for. Listen to your inner curiosity, and take that first step to see where it leads. When you’re thinking about something you could do, compare it to that list of things that matter to you. For example, you may have enjoyed working with younger people during your career and would like to find a way to do that in retirement. Perhaps you’ll become a mentor, a Big Brother, or a business coach to the next generation.
Find your “North Star” and pursue only those opportunities with strong alignment to the things that matter to you. Don’t pursue “busyness” for the sake of being busy. Rather, invest your time in areas where you have a real interest (lack of experience doesn’t matter, as I’ll demonstrate below).
Using your time to impact an area you care about is the true path to happiness.
3. Not building relationships outside of work.
Original Title: Relying on your old network can distract you from the critical task of building your new one.
Everybody thinks they’ll keep in touch with folks they worked with. Almost no one does. It’s one of those strange realities of retirement, and it will likely happen to you. (Note this statistic in “Shining The Light on Retirement Blind Spots”: 62% of retirees missed the relationships from work, whereas only 29% of pre-retirees expected it to be an issue). The relationships at work are about “work.” Once you’re out of the scene, it becomes difficult and awkward to maintain those relationships.
And yet, relationships matter.
I dedicated an entire chapter in my book to relationships. People think about their paycheck stopping when they retire, but they often overlook the “softer” benefits they receive from work which will also disappear:
- Structure
- Sense of Identity
- Relationships
- Sense of Purpose
- Sense of Accomplishment
Ironically, these 7 traps of retirement align almost perfectly with that list. That doesn’t surprise me in the least. If you’re a regular reader, you know I’m passionate about the importance of the “soft side” of retirement.
How To Avoid The Trap:
In your final year or two of work, be intentional about building relationships outside your workplace. Your mission: build relationships that will be there after you retire. Spend a few Saturdays volunteering at a local charity. Get involved with a few Facebook groups in your area that do things that interest you. Join a gym and learn to play pickleball. Join a local hiking club. Go to a Trout Unlimited meeting. Call an old friend. Attend a local church.
Explore whatever interests you and pay attention to the people in the groups you visit. In time, you’ll find a group that feels “right.” Pay attention, that’s where you’ll get your retirement relationships.
They matter more than you expect.
4. Waiting to figure out retirement until after you retire.
Original Title: Delaying retirement planning can lead to urgent, anxious, and awkward outcomes.
A quote from the original article is telling:
“The majority of CEOs and executives we talked with told us they failed to appropriately plan for their retirement — and nearly all told us they waited too long to start.”
It is, perhaps, the most common of the traps of retirement. Many people are nervous about retirement, and procrastination is a common response. “I’ll deal with it when I’m retired,” many people think. That’s one approach, but research has shown that taking that route will lead to a difficult transition. The cliff is coming, and you can prepare your parachute or just take the leap and figure it out once airborne. I recommend the former approach, it makes for a much smoother landing.
How To Avoid The Trap:
As I was in my final working years, I was interested obsessed with figuring out why some people had a smooth transition to retirement, whereas others struggled. As I’ve written before, there’s one single element that is the most highly correlated with the smoothness of your transition. That element?
The amount of time you spend planning for retirement in your final years of work (both on financial and non-financial issues).
Spend a lot of time planning, and your retirement will be smooth. Ignore it until you retire, and buckle in for a rough ride. As I wrote in The 4 Phases of Retirement, only 15% of retirees skip over the dreaded Phase II. I was lucky enough to be one of them. So can you.
Take time to pack your parachute before you jump.
5. Trying to apply your work behavior to life in retirement.
Original Title: Decisive behaviors that worked for you as an executive can work against you in retirement.
I told the story in my book about a friend who had been a Process Improvement expert during his career. Shortly after retirement, he made some “suggestions” to his wife on how to more efficiently load the dishwasher. Needless to say, she wasn’t as receptive to the suggestion as his employees had been. They both had a good laugh, and he got the message.
In my case, there were times when my wife would respond to certain comments I made with, “I’m not one of your employees, I’m your wife!”. Message received. Thankfully, it’s been a long time since I’ve heard that comment, and we joke about it now.
When you’re used to a frenetic work environment, it’s difficult to slow down in retirement. And yet, that behavior you’re used to from your working life doesn’t automatically adjust to your slower-paced reality. It takes time to work through the misalignment.
How To Avoid The Trap:
The first step is to be aware that a change to your environment is coming, which should be part of your planning process outlined in Trap 4. Being aware helps deal with reality when it arrives. Give yourself time to adjust, and don’t let your frenetic energy drive you to do things you may later regret. Learn to explore (Trap 6), and you will eventually find activities that align with your drive. Many folks jump back into work (too quickly, IMHO) to resolve the misalignment.
A better way is to give your drive a chance to recalibrate, and then use it in a new retirement endeavor that better suits what you’re trying to become (Trap 1 and 2).
6. Not focusing on creative endeavors to maximize your fulfillment.
Original Title: Focusing narrowly on the most traditional options limits your ability to maximize your fulfillment.
Retirement is a time for reinvention.
Too many folks, however, look for “things to do” in retirement that are closely aligned with their work experience. They become consultants in a related field. They take a part-time job in the same field. They don’t think “outside the box” to find other things to pursue which may lead to more fulfillment over time. They struggle to find their purpose and get frustrated with what their lives have become in retirement. Money shouldn’t be your motivation as you seek out “creative endeavors.” You’ve achieved Financial Independence, and your motive should be to find ways to invest your energy in areas you care about, things you enjoy, and areas where you can make an impact.
How To Avoid The Trap:
Three years before I retired, I followed my curiosity and started a little blog. It was on retirement, a topic unrelated to my working career. 9 years later, this blog has grown to 16,000+ e-mail subscribers (Thank You) and has become a fulfilling aspect of my retirement. A friend recently complimented me by saying, “I’m impressed by how you created a new identity in retirement. You’re, like, a real retirement expert, and it’s nothing like what you did in your working years.” It was one of the best compliments I’ve ever received. Reinvention, accomplished.
“Maximize Your Fulfillment” = The Goal.
Most folks who find true fulfillment in retirement find it in an area unrelated to their careers. It’s a strange reality, and finding your path to true fulfillment typically requires a creative approach. I’ve consistently encouraged my readers to “follow your curiosity, dare to take the first step, and see where it leads.” Almost everyone I’ve spoken with who has found a true purpose in retirement follows this path.
An example of the approach: My wife followed her curiosity and took a major leap out of her comfort zone to start a charity, Freedom For Fido, building free fences for low-income families with dogs on chains. It was a total departure from her career as a caregiver, and she took that first step despite having no experience in how to start a charity (or build a fence). That first step led to places she never imagined. We recently completed our 150th fence, and we both get more fulfillment from the charity work than anything else in our retirements (the same is true for many of our 200+ volunteers).
7. Not being proactive in making your retirement dreams happen.
Original Title: Waiting for the phone to ring can rob you of the most fulfilling opportunities.
The joy of retirement is the freedom to do whatever you choose. For the first time, you don’t have other people telling you what to do. You don’t have those dreaded Zoom calls that you MUST attend. You no longer have to suffer through the commute, or that airport check-in line. The ball and chain have been broken, and you’re FREE!
With that freedom, however, comes an obligation.
In your working years, you could delegate tasks to others. You could work with others to develop your strategy. You could wait until your boss told you what to do. In retirement, however, YOU are responsible for establishing, pursuing, and achieving your dreams. No one is going to do it for you. If it doesn’t go well, you have no one to blame but yourself. You own this.
How To Avoid The Trap:
Once again, Trap #1 is relevant. Recognize before you retire that things are about to change dramatically, and start thinking about what you want your retirement to become. In my case, I started writing 3 years before I retired. I knew I was doing it as a trial, an experiment for something I may decide to pursue in retirement. It’s never too early to start exploring options outside your work environment. If you’re nervous about going solo, consider hiring a retirement coach. Form a Retirement Mastermind Group with a few friends. Reach out to an older colleague who’s been retired for a few years and offer to buy her lunch. Buy a few books on retirement, and spend your free time thinking about how you’re going to live in retirement. Follow your curiosity, and start doing as many trials and experiments as possible.
The future is out there.
It’s up to you to find it.
Conclusion
One thing worth noting is that none of these traps of retirement are related to money. As I’ve written before, it’s the “soft side” of retirement that catches people by surprise. Recognize that in addition to losing your paycheck, you’re also going to lose all of the non-financial benefits you currently receive from work. Folks I’ve talked to who suffer in retirement do so for reasons unrelated to money, and that reality is reiterated in the findings from this article in Harvard Business Review.
The best way to avoid these traps is to begin planning for retirement as early as possible, and include the non-financial aspects in your thinking. It’s been proven that the more time you spend planning, the lower your risk of falling into one of the traps.
Pay attention, this stuff matters. In summary:
The 7 Hidden Traps of Retirement:
- Focusing on who you are, instead of who you want to become.
- Focusing on too many options.
- Not building relationships outside of work.
- Waiting to figure out retirement until after you retire.
- Trying to apply your work behavior to life in retirement.
- Not focusing on creative endeavors to maximize your fulfillment.
- Not being proactive in making your retirement dreams happen.
Many folks have fallen into them and their retirements have suffered as a result.
Now that you’re aware of them, you can avoid suffering the same fate.
Retirement is coming.
Are you ready?
Your Turn: If you’re not yet retired, did any of these traps of retirement surprise you? If you’ve already retired, have you fallen victim to any of the traps? Let’s chat…
Slight edit needed, the name of the group is ONYX, not ONXY.
I’m not in the group, but used to crush the competition in 3rd grade spelling bees.
Correction made. Want to be my editor? 😉 No matter how hard I try to edit my posts before publishing, it amazes me how often I still make errors. Thanks for the help!
My last day of work is 12/31. I’m 60 so presumably have time and health on my side. Your article was extremely helpful and in many ways these traps have occurred to me over time. To have you articulate them so well gave me an article worth saving. Let me know please if you ever take any guest writers on your blog. It’s been my side gig for a few years and I’m hoping to expand during the next chapter. Love your stuff Fritz. Thank you!
Exciting times! Enjoy crossing “The Starting Line,” you’re going to love life on this side of the line! I hope you expand your side gig of writing into your own blog in retirement, it’s been one of the best things I ever did. Best of luck in retirement.
I’m two weeks away from retirement (and 64 years old one month later). I’ve been consuming a great deal of both financial and non-financial content regardig retirement for many months now. I’m both excited and terrified, in equal measure. 🙂
Brother John! Happy you’re finally crossing The Starting Line, sincerely happy for you, my friend. Embrace the “excited,” the “terrified” will fade quickly. Enjoy the journey, hoping to see more miles from you on Strava starting in January!
“Pay attention this stuff matters”
I agree, but don’t get caught up on the details, figure out what is important to you and let the rest slide. You can’t follow all the advice for better living, it would kill you. One thing that might help would be to look for role models like Raul Julia’s version of Gomez Addams…
You pick interesting role models…wink.
It didn’t take long for my wife let me know she was the CEO of our house and I’m not here to make changes.
Although, most of my working years I was a blue-collar worker and not until the last 12 years before I retired, I toke an office job so I could last longer physically I can say at that point I learn how upper management worked. The higher up the ladder you went the more and longer you wanted to hang around to make more money and get that title of VP or P or even CEO. Never enough in their mind and I never toke the bait as I saw the mental wear and tear on them and to your point all work and no planning for retirement years.
Haha, kudos for listening to your wife. 😉 I’m sure it was interesting for you to get a different perspective of upper management’s thinking as you took that office job. No doubt, there’s a lot of money, but also a lot of wear and tear (and, unfortunately, a lack of retirement planning) in the management ranks. From my experience, there are also a lot of egos, which may help explain the lack of retirement planning?
Great post! Money planning for retirement is a yawn to me. Necessary, but a yawn. Ah, but the soft stuff is where the fun and action are. It is where change can happen and what makes retirement so different from work. My biggest retirement trap right now is #2, being too busy. I don’t feel like I seek out busyness, but rather, it comes at me. This post is a great reminder to manage my busyness, so it does not take up space that is needed for my personal endeavors and retirement goals. Thanks for following your retirement dream to write this blog Fritz. I hope you and your family have a wonderful Christmas holiday!
Marian, I agree the soft stuff is where the fun is. Interesting how everyone thinks the money side of retirement is the most important initially, but after you get into retirement you realize it’s the other stuff that makes or break your retirement years. Merry Christmas to you and your family, as well!
Stuff that made my retirement years? Physical activity. I have no illusion I will live forever, but prioritizing healthy movement makes every day better. In retirement I have been able to find other seniors making the same decision. Group dance classes, chair yoga, strength and balance, group walking, water aerobics, etc. Combining new friendships and physical activity has greatly enhanced my life and something I wish for everyone. I encourage anyone, regardless of physical limitations, to check out their local Y, Senior Center, Hiking Club, etc. where there is something for everyone and all are welcomed!
Fritz, I think because I went from a demanding job to some much less demanding very part time consulting I never experienced any of those traps. And now I don’t do any paid work at all. I have plenty of purposeful activities chairing a college board, a hospital board and a foundation board. Add in church and volunteering with my former university engineering department and I still have more than a few Zoom meetings. But I also have tennis, pickleball, walking, hiking, fishing and travel. And each volunteer or recreational activity has it’s own tribe of wonderful people to spend time with. And fortunately my wife has yet to accuse me of treating her like one of my former employees, yikes!
Sounds like you’re pretty “board” in your retirement. (Pun intended!)
I was with you until I read your last sentence. Rub it in, Steve…
Fritz, once again you have provided great insight into the retirement process. I loved listening to you on the Retirement Answer Man podcast with Christine Benz. You have motivated me to assess my habits and start anew. Retirement time freedom is awesome and having been retired 3 years now, I have been less focused on creativity. Thank you for the motivation.
“You have motivated me to assess my habits and start anew.”
I could ask for nothing more. Glad to see my words making an impact.
For the first time. I’ve read a retirement article that makes sense….FOR ME. I’m still working at 75, unsure when the party will end. Your 7 traps are an excellent reminder that while not ready to get of the pool, preparation now will be most beneficial, when the music stops. Thank you.
“Unsure of when the party will end.” You’re asking the wrong question at age 75, Rick. The real question is when are you going to retire so the party can begin? It’s time to get serious about getting out of the pool and enjoy some freedom while you’re still young and healthy enough to do the things you want to do. Wink.
I retired 1 yr ago this week @ 67 my husband wanted me to keep working I said no I’m tired and done . I started working at 12 yrs old and besides working I took care of my mom until she passed and helped out my sister who lost both legs in a accident and was wc bound. So it was time to think about me now. I didn’t think it would be so hard like you said your friends at work aren’t there anymore they don’t keep in touch.I’m doing some volunteer work with several animal clinics and joined the senior center that was weird feeling, done some traveling with them.and getting my parents house ready to sell that has been a lot of work will happy when that is done.and doing my hobbies…..has anyone experienced their spouse being jealous that they got to retire? I’m dealing with that too ☹️But I’m going to keep moving forward …It’s so nice to have time to do what I want when I want …🙂
I am glad you were able to acknowledge your limits; it seems you have carried quite a load for a very long time. Hopefully you and your husband will continue to communicate on this issue and he will come to understand your perspective and be able to be happy for you. I am single so perhaps have faced some issues that differ from yours; nonetheless, it has been an adjustment. I knew I wanted to make an impact on others and serve, and I took on too much – every opportunity that came by – rather than thoughtfully and prayerfully considering the ones that would be the best fit. Almost 4 years in I am 62 and have found the balance of social, creative, spiritual, service, and physical endeavors….at least for now. I know now that I will regularly re-evaluate my choices, and that I can say “No” without guilt – even without giving a reason! Cold, nasty day outside and I just want to sip cocoa, play in my craft studio, read a book, and nap? Yep, I can do that! My biggest surprise has been the gift of time…freedom. Choice. Fully immersing myself in whomever I am with or whatever I am doing because it is not necessary to rush from one to the next. Enjoy!
Janet, you’ve certainly earned some “Me” time after 55 years of working and caring for others. I’m sure dealing with your husband’s jealousy is difficult, but you have nothing to feel guilty about. Enjoy yourself for a couple of years, he’ll join you in retirement eventually and you’ll have yet another adjustment together. For now, savor the time to do the things you enjoy doing, without guilt.
Retirement is going to be a big problem for several of my friends, Workaholics, long commutes, no hobbies, identities closely tied to their corporate roles. Plenty of money. One told me that you don’t need vacation as you’ll have plenty when you retire. Unfortunately, his dad passed away shortly after retiring at 65, but he says that retirement is still a few years away
I had a lot of those friends, too. I left them all behind in Corporate America and don’t miss them. Their life, their choice. My life, my choice. We’ve all got to choose our own journeys, it’s unfortunate that some people choose a path they’ll likely come to regret.
Good article Fritz, but once again the article came too late for me; I’ve failed each point. Fortunately, I didn’t execute #5 more than about 4 weeks. I retired 10 months ago at 68. No passions developed yet, but not missing work one bit. Last week’s return to the office for their holiday party proved my retirement was not a mistake. Time to focus on #s 6 & 7. Thanks for all your great work!
“Last week’s return to the office for their holiday party proved my retirement was not a mistake.”
Sounds like a good story is embedded in that sentence. I don’t miss the office a bit. As for my article being “too late,” I’m going to take the optimistic route and say that since you’re only 10 months into retirement is was only a BIT too late, you have plenty of time to figure it out (most transitions take ~18 months). Enjoy the journey (and think of all of those unfortunate souls still chained in the office). We have a lot to be thankful for this holiday season!
Fritz, great article and a wonderful Christmas present to be aware of these issues, especially pre-retirement.
With some planning and a little thought, retirement has been the best part of my life since I was 7 years old, and your blog has contributed greatly to my success! Thank you from the bottom of my heart.
“…retirement has been the best part of my life since I was 7 years old…”
I’m with you, 31. We’re kindred spirits. Thanks for your amazing loyalty to my blog (you’re still among only a handful of “100% readers”, much appreciated!).
Fritz, I really enjoyed your comments about this article. I stepped over the threshold and began my retirement journey 2 months ago at age 56. Each of these 7 items are, in one way or another, something I’ve faced in the brief time since. I’m still trying to settle in and find my groove. Keeping a good routine is the thing that helps me most days. There is a quote about retirement I’d like to share. “The work you have done will still exist and have value after you leave and your impact will continue. So do good work and know when it is time to stop.” I’m using this as my guide and trying to focus on taking my retirement to the creative passionate exciting place I know it can be and not living with regret because I know my work is a legacy I leave for my community but I have new challenges to explore. Thanks for your articles!
Great comment, M. I love the quote. Congrats on your retirement 2 months ago, it sounds like you’re handling the transition well. It is definitely a process, enjoy the journey!
Fritz, this post would make an excellent foundation for an adult-ed course entitled “Roadmap to a Successful Retirement – Part 2 (The “Soft Side).” Part 1 would, of course, would be “The Numbers,” because that’s a necessary and critical component most people must focus on. I’m thinking that there would be many more happy, productive retirees if they realized both Part 1 and Part 2 are equally important. One of the best gifts we could give this holiday season is the link to your post to any of our family members and friends who have mentioned that they’re considering retirement. Too many people don’t get beyond the numbers, then find themselves struggling. Working through these considerations ahead of time would make the transition to retirement smoother, more enjoyable and, most likely, quite successful. Nicely done! Congratulations to your wife (and to you) on your 150th fence! That’s quite an achievement, and one that I imagine is truly appreciated by the pet owners (and pets!) who are the recipients of your group’s generosity of time and spirit.
Great idea for an adult-ed course. It’s a shame that more academic institutions don’t recognize the value of life planning-type of curriculum. And, thanks for the congrats on our 150th fence, we’ve thankful that we’ve found our true purpose in retirement!
Prior to retirement, I studied some retirement blogs and podcasts to prepare. One thing I did was create a big wish list of things I’d like to do in retirement. I’m six months in and have done, tried or crossed off some of those things. Since I retired in the spring, I spent most of the summer months working on the yard and gardens (which I love doing). Winter is here so it is time to explore more volunteer work (St Francis Service dogs? local library ?) and some crafts and cooking. I’m glad I did my list as I refer to it when I’m looking for something to do. I do have to watch not over-scheduling myself and allowing some relaxation time to sit and watch the hummingbirds. I’m having a blast though! If you are a list maker, I suggest making a retirement wish list for yourself.
Great idea to create the list, Laurie. We did the same (my wife and I each put ideas into a cookie jar every week during my final year of work). Ironically, we’ve only pulled 2-3 things out of the jar since! Somehow, we’ve found our days complete with the activities already booked (and, trying to build in some much needed down time to avoided over-scheduling ourselves), and all those activities remain in the jar should we choose to pursue them at some point in the future. Even though we haven’t utilized them, it was still a good exercise since it forced us to think of retirement activities for an entire year, helping us to prepare emotionally for the change that retirement brought, and I agree with your recommendation that everyone should work on developing a list in their final year of work.
Fritz, thank you for another pointed, comprehensive framework for planning for (during) retirement.
Another good reference would be the book “Essentialism” by Greg McKeown. It’s a short book that lays out both the basis and steps for stripping away all but the highest priorities in life. I was drowning at working and in life doing too much. Within a year, I was able to excel at work with fewer hours and – my real passion – join a charity board (including chair during the pandemic) to truly serve my community. This book facilitates resolving many of the Trips – through improved focus and freedom to choose.
Love the dialogue within this community! My wife and I are 5 months into retirement, so early but zero anxiety as we know our plans. Merry Christmas to all
Just added “Essentialism” to my Goodreads “want to read” list. Thanks for the suggestion, sounds like a good read. Happy to see it helped you restore balance to your life. Congratulations on crossing The Starting Line 5 months ago!
Similar to Tavi, my last day of work is 12/31. My wife and I are 61 and fortunately in very good health, so we hope to be able to enjoy our time traveling a bit, helping family and give back/pay it forward with various opportunities that come before us. I have been a long time reader and from time to time posted a comment over the last 5 to 7 years of your site. Thank you for your insights. I especially enjoy reading the comments to your posts as your readers offer very practical experience and advice to the reality of being retired, especially those that have been retired for some time. My colleagues ask me what are you going to do and being a planner, I honestly don’t have it planned out in minute detail. I simply say, after nearly 40 years, spanning 5 companies, all in 24x7x365 Information Technology Operational Leadership roles, I am excited that I will have control of my time, but anxious/apprehensive at the same time because I don’t know what to expect as I have never retired before 🙂 … but I am willing to learn! Thanks for sharing experiences to live by Fritz, et al.
Another great article, Fritz. I retired 9 months ago from a 35-career after thinking on it for over two years. I agree with all of what you say, but see your excellent list as an ideal. Many of us have not done these things. Some people don’t choose when their career ends, obviously. I did choose but chose now in large part because I was flat out burned out (which I suspect is common among people who are financially ready and retire earlier than 65 like you and I both). I was so wrapped up in a demanding career that I did not “figure out retirement” beforehand and still haven’t. I read versions of this advice many, many times over the years, understood the value and importance of retiring “to something,” and simply didn’t. I am still early in my retirement and think your advice is excellent, but I suspect my experience is pretty common. The combination of hearing both “make darn sure you retire to something because the alternative can be really tough” and the well-meaning but fairly constant “what are you going to do” is a significant challenge for many retirees, I suspect.
I’m living with item #2 Big Time… With all the available time in retirement, anything “shiny” grabs my attention. My work kept me grounded and positioned to only focus on the important things. Now I struggle prioritizing and taking that important first step down a path toward a specific outcome. I end up considering 100’s of possible endeavors and complete none… I always avoided this type of behavior when working. I would effectively work on only 2 or 3 important activities at a time. In my work life, at this time of year, I always enjoyed reflecting on the past year and developing plans for the upcoming year. My plan is to apply that same thinking to get aligned on 3 or 4 specific goals/activities in 2025. As always, open to process suggestions.