Preparing for Retirement – 15 months out
When are you going to retire? Next year. A couple of weeks ago my response would have been ‘the year after next’. S*** just got real. I’m a year out. The next 15 months will fly by.
My preparation needs to be ramped up. I have a head full of ideas but very little practical application.
But surely retirement should be about winding down not ramping up. And that is quite correct. A move away from a full time career. Days that don’t start at 5am. But it is a huge life change. A change that is to be embraced but it can be challenging. Financially and emotionally. I know people that look ten years younger a few months in. Who claim ‘I don’t know how I fitted work in’. Others that are lost, grieving the loss of identity and bored. There is something about it being the right time to move on and having some clarity of what the new life will look like. And to be prepared for it.
I am also finding that planning a life and at the same time living one is not easy. Time is a valuable commodity that is fairly scarce.
I have reduced my working hours by one day a month to give myself time to plan. But I’m too good at giving it away to something more exciting. I could make more of my evenings. But most evenings I go to the gym after work and am just too tired after my 5am start. So I need to be a little more disciplined where that day is concerned.
I’m already feeling a wobble. Will I miss work, will I have enough money to live on if my encore career falls flat on its face.
One thing I am trying to do is control my spending. The money available to just fritter away won’t be there. And I do have a bit of an Amazon addiction. That swipe to buy is just too tempting.
So far not so good. My dog needs further investigations after the removal of a cancerous lump. My pet insurance should deal with that one but only up to a certain level and duration. The cost of Christmas is still very real. And my beloved coffee machine has died. I’m hoping that I will have more success in February.
Of course some outgoings will disappear or be reduced. No son at university for one.
But coming to terms with what I won’t be able to afford is sobering. I spend a fair amount on fitness. Personal Training and gym membership. It is a sad fact that when fitness becomes more important in ensuring a healthy, independent life access to those things that support it become a luxury not an essential.
My biggest wobble is whether I am ready to give up my job. 2020 has kicked off with a number of interesting projects that I have responsibility for. Work that I get a real buzz from. Am I ready to leave it behind? How does that balance with my need to have a more flexible lifestyle free of the daily commute. Is there a middle ground? Do I have to go cold turkey? Are there consultancy opportunities?
A lot to think about. And time is moving on.
I got my father a couple of books to prepare for retirement because I was worried he just planned for he and my mother to just sit in their caravan with all their spare time. I needn’t of worried. Bits of work, caring responsibilities, property maintenance, activities and grandchildren soon took over. The one thing that he did repeat back to me and in his retirement speech from the books I bought him was a relatively new concept of “pretirement”: most pensioners in the first phase of their retirement are far too busy with the sort of things listed above to be truly retired in the old fashioned sense. A few things to add to what you had to say. Have you thought about volunteering? Doing something different that provides a new challenge or a bit of structure to one end of the week seems to work for a lot of people. Could you write more? Could you develop the blogging further? Would you be interested in writing your memoirs or researching your family tree? And finally, you mentioned some expenses that will no longer fall on you – I think the big one that you missed was commuter fares. As for coffee making, I’ve yet to research the economics of this but could you roast and grind your own? If not, perhaps save on the hovis and make your own bread? And finally, finally do you grow your own veg (look up ‘no dig’ farming)? That would only be the beginning. Climate change needs every activist and advocate it can find. Whatever you do next, when the time comes, I wish you the very best.
Thanks Richard. In a lot of ways the thought of retirement is very exciting. Certainly writing, blogging will feature in my plans. I think your dad is right. There is a transition phase where you move from a working life to one that has more flexibility. My main challenge is letting go of my working life with the RCM. I am seeking support to do this. I will get there. Thank you for your kind words.