Lockdown has had a profound effect on most of us. For some it has been devastating but for a lucky few it has provided the opportunity to consider what changes we want in our lives. Me included. I have caught a glimpse of what retirement could be like. And I’m liking what I see.

I first started to blog about retirement last May. Back then it seemed a little unreal that I was talking about it. Where had my working life gone. It certainly didn’t feel as if over forty years had passed since I first stepped into the school of nursing. But it was starting to feel as if it was time to move on.

In a blink of an eye I find myself 10 months out. And if I had any reservations last year, lockdown has well and truly dispelled them. Not that I won’t have some jitters. I am walking away from what has been a fairly successful career when all said and done.
So in a few months the next phase of my life will have started. And in the best tradition of blogging optimisation I’m going to give you my five steps to what I hope will be a successful transition.

Money In

If you read any article or advice on retirement it always starts and often ends with money. Will you have enough to live on. It is suggested that you start to prepare for retirement five years in advance. But of course where money is concerned the preparation commences decades before with that first pension contribution.
I’m fortunate in that I have only one pension pot. I just had to make one enquiry. For others it may need the skills of Hercule Poirot (my favourite detective) to track all their pots down. But it has to be done.
Add any additional income and there you have it. Money in.

Money Out

When I attended a ‘preparation for retirement’ workshop a few months back we were advised that this stage should always come first. Decide how much money you need and then work towards getting it. I’ve left it a little too late for that. Although, of course, I could always work for longer. But no, I’m just going have to live within my means.

I’m always being told by friends that have already retired (it is an ever increasing group) that you need less than you think. Bearing that in mind I have done my calculations. What do I need to cover the essentials? What do I need to make my life fun? What do I want to give to my children? Could there be any large expenditures over the horizon? Unless I’ve completely messed up I should have what I need to live the life I want. I also plan to continue working in some capacity. But I’m not reliant on any additional income.

Purpose

Everyone needs a purpose. For most of our working lives it is about earning money to live and if we are fortunate having a career which we enjoy. Retirement provides an opportunity to refocus this purpose. This could be our bucket list, a hobby, an encore career.

Retirement has to be about doing those things that we now have time for. Bearing in mind that if not now, maybe never. I’m committed to this mantra: two days earning, two days learning and three days having fun’. For me it is, hopefully, a career as a professional coach, learning new skills, reading, writing, travelling, a marathon, a triathlon, the list is fairly extensive. But not being bound by the alarm clock. And if I want to spend the day watching a box set I can.

Health and Wellness

This features high on my priorities. Firstly, as it is a huge passion of mine. But more importantly it is a prerequisite for enjoying retirement. As we enter into this time of our lives, to fully grasp the opportunities, we have to be as fit and as healthy as we can be. The years will bring frailty which will bring limitations so we have to make the most of the next few years. Investing in health and wellness has to be a priority.

Letting Go

Finally, moving on and letting go of a life that has been over forty years in the making. This more than anything else is what I have found the most challenging. And no doubt will continue to do so for a good while yet. I’ve had a wonderful career. It has had its ups and downs but I do believe that I reached my full potential. I’ve never been bored. I’ve always felt purpose. There are no regrets. But this means that so much of my identity and passion is bound up with my work. Let me give you an example. Last week I attended a Conference in Saudi Arabia (virtual of course). I was there as the subject matter expert (SME) on behalf of my organisation. The subject was one that has been a significant part of my working life so it is gratifying to be viewed as the SME. But when I retire that honour will be passed to someone else. How does that make me feel? A little bereft but it is time to hand the mantle over.

So there you have it. The five steps I’m taking as I move ever closer to the biggest transition of my life.