What Happens When you Retire?
I recently listened to a podcast featuring a woman who had retired early and was feeling unsure about retirement after only six months.
"I really don't know how I'm feeling about retirement anymore. I was a little excited to get here, but now I'm kind of sad being here. I'm sad that I had a great connection with my clients and my work community, so the sadness is like I don't see these people anymore. I'm not making these connections."
It's not like she had nothing going on—she had her girlfriends, enjoyed brunches and outings with them. However, she still felt a sense of sadness about losing her work connections. She had done some of the things we think are the "right" things to do—she had a pension lined up, although she was still waiting for her first check and seemed to be struggling financially in the meantime. But what really stood out was that she didn't have a plan for what came next, and even having social activities wasn't enough to fill the specific void left by her work relationships and sense of purpose.
Beyond the Numbers
While countless hours are spent planning the financial side of retirement and figuring out how to leave work, what's often missed is thinking about what you're retiring to. It's like reaching a new chapter, a new beginning. While some things do come to an end (like your regular job), life continues, and it's your job to determine what that looks like.
So think about what you'll be retiring to just as much as what you're retiring from—and start early.
Creating Your "Retiring To" Plan
Figure out your interests, hobbies, and skills. You may plan to travel, paint, volunteer, or spend more time with family. Really think it through. What does a typical day look like? A typical week?
Consider different phases, too. You know traveling is fun, but after a while, it can become costly and exhausting. Health changes could limit how much you travel. What does year 1-3 look like, and then what about beyond those first years?
Think about the social connections that matter to you. Work often provides built-in community and purpose. Where will you find that sense of belonging and contribution in retirement? It could be through volunteering, joining clubs, mentoring others, or staying connected with former colleagues in new ways.
It's Not All-or-Nothing
Remember, being "retired" doesn't necessarily mean no longer working. Maybe you loved your work and just want to work less or on your own terms. Perhaps you'd like to try something completely different—start a side business, teach, or consult. These could all be part of your "Retiring To" plan.
Give It the Time It Deserves
It's really worth taking some time to think this through carefully. You wouldn't want to end up in a situation where you're feeling sad during what should be an exciting time. There are so many ways to spend time, and only you know what you value most.
Your Next Steps
Start asking yourself these questions now:
- What activities make me feel most alive and engaged?
- What relationships do I want to nurture or develop?
- How do I want to contribute to my community?
- What would give me a sense of purpose and accomplishment?
- What does my ideal day look like when I'm not constrained by work schedules?
Retirement should be something you're moving toward with excitement, not just something you're escaping to. Take the time to plan for both financial freedom and the life you want to create with it.
✨Managing Money like a Boss isn't only about the money side of things. All the money in the world means nothing when you don't feel you have a purpose. Think about this early, and it could help your retirement go a lot smoother—and be a lot more fulfilling.✨