Embracing Freedom: 10 Things You Can Leave Behind in Retirement
No matter how you feel about your upcoming retirement, there's no denying that letting go is a part of navigating this life transition. Your daily schedule is going to change. You won't have professional responsibilities. You probably won't see your work friends as often. And you'll lose the comfort of a monthly paycheck and your benefits, including your old health insurance.
But while you might have mixed feelings about some of the things you're leaving behind, letting go in retirement can also be liberating! Retirees can cross these ten items off their to-do lists and spend more time focusing on the people and activities that they love.
1. Career Advancement
Whether you've been trying to climb the corporate ladder, swing across the jungle gym, or maintain your spot on the top of the mountain, your days of worrying about your job are over. Your next "career" move depends on just one thing: what you want to do. Part-time work can give your week a little structure. Consulting or volunteering can be a way to give back. Or you could start your own dream company and spend retirement working the job you always wanted: founder, owner, and CEO.
2. Networking for Career Growth
Over the course of your career, you probably made some connections who will be lifelong friends, even in retirement. As for the back of your rolodex or contact list, you won't feel the same pressure to maintain those professional relationships with folks you never really "clicked" with outside of the office. Instead, focus on building out your social network to include retirees who share your interests while also strengthening your existing connections by spending more time with friends and family.
3. The Status of Your Office or Workspace
Never made it to the corner office? Build one in your retirement dream home! Or, better yet, turn any place that brings you happiness into the place where you get stuff done: your garden, the workbench in your tool shed, a park, or the chair by the fireplace in your favorite cafe.
4. Professional Awards and Recognition
Chasing trophies and promotions might have made you feel anxious about your job performance and security. But in many ways, retirement is the ultimate reward for decades of a job well done. Whatever ups and downs you experienced in your career, you've arrived at a point where work is no longer necessary. That's a major accomplishment!
5. Company Performance and Industry Trends
If you love your job and your industry, staying up on the latest advancements by reading trades and attending conferences can be a great way to keep your mind and skills sharp. You might even use your lifetime of knowledge to teach, mentor, or consult, or to start your own newsletter or YouTube channel. But you won't spend any more late nights worrying about how a startup is going to disrupt your job or doing another revision on a big presentation to your board.
6. Workplace Dress Codes
Retirement spending can fluctuate depending on your goals and health. But one area where many retirees see some immediate savings is in their wardrobes. Keep a couple of suits or dresses you really like for special occasions. Toss or donate the rest so that you have room for some travel, exercise, and gardening attire.
7. Salary and Pay Grades
The focus on getting one more raise or earning one more year of salary can lead many folks to keep working jobs they don't really enjoy or delay retirement longer than they have to. Once you do retire, work with an advisor who can help you shift your financial focus to managing your assets -- including spending responsibly on your hobbies, loved ones, and bucket list goals.
8. Performance Reviews and Metrics
Arguably the most important "numbers" you need to hit in retirement are the vital stats that will keep your lifespan and health span as close as possible. Once you sign up for Medicare, take advantage of free services like your Welcome to Medicare checkup, as well as screenings for mental and physical ailments. Maintain a regular schedule with your doctors and make sure you review your Medicare coverage every fall during the Open Enrollment period.
9. Office Politics
In all those minibattles for positioning, time, and responsibilities, many new retirees find themselves face-to-face not with coworkers but ... their spouses! Couples who aren't used to spending most of their time together might struggle with this adjustment. But figuring out who's going to do what and when in retirement can also be fun and fulfilling. Sit down with a blank calendar and block off time to take care of the essentials, share things you love doing together, and pursue individual interests.
10. Keeping Up Appearances
As a doctor, engineer, professor, or CEO you might have felt pressure to "look the part" to colleagues and neighbors. If that big house and extra car no longer bring you joy, downsize into the lifestyle that you really want. You might find that new roles, like "grandma" and "grandpa," can be a lot more comfortable, and a lot more rewarding.
So, what are you excited to let go of in retirement?
What parts of your working life are you hoping to hold on to?
Come visit Keen Wealth and let’s discuss how our comprehensive planning process can help you make a smooth transition into retirement.
About Bill
Bill Keen is a financial advisor with over 30 years of industry experience. As the founder and CEO of Keen Wealth Advisors, a registered investment advisory firm, he focuses on providing personalized retirement planning designed to help people thrive before and during their retirement years. With a passion for educating others, Bill regularly blogs about retirement planning, hosts the podcast Keen on Retirement, and has contributed to Forbes, U.S. News and World Report, Reuters, Wall Street Journal’s Market Watch, Yahoo Finance, and other publications. Based in Overland Park, Kansas, Bill and his team work with clients throughout the greater Kansas City area and across the nation. To learn more, connect with him on LinkedIn or visit www.keenwealthadvisors.com.
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