Letting retirement just happen is exactly what many people do, to the detriment of themselves and their loved ones. Let me share a personal story that illustrates the dangers of retiring without a well-thought-out plan.
My father, Jack, was more than merely successful in his work. He loved his job! His friends were there. His self-image was part of the job. His life happily revolved around work until the day he retired.
My father didn’t have any hobbies or interests outside of his work. Like many others, his mental, physical, and emotional well being was set adrift when he no longer had a job to go to. Eighteen months later, he passed away.
Naturally, this left a big impression on me. I was only twenty-four at the time and just starting my human resources career. Over the years, as a human resources professional, I observed hundreds of people move from active work to retirement. I eventually came to realize that the difference between thriving and failing to thrive in retirement was not about the money. It was all about the planning.
Unsuccessful Retirees
Unsuccessful retirees mainly see retirement as an escape. They picture retirement as the time they got rid of a job and/or boss they couldn’t stand, finally having left behind the stress of long commutes and undesirable working conditions. Unsuccessful retirees also tend to see retirement essentially as a vacation, and they try to fill their days the same way they did when on vacation. Unfortunately, vacation activities become boring—as well as expensive.
After a while, the vacation model fails and retirement no longer feels like an extended holiday. These retirees are then left with little to do that interests or engages them, and time begins to weigh heavily on their shoulders. Many of these retirees experience increased frustration and disappointment with their lives, caught up in a vortex they cannot or will not escape.
The problems these retirees experience are not generated by laziness or apathy. Rather, we can see the root causes in contrast to the factors that make successful retirees.
Successful Retirees
Successful retirees are often glad to leave their job, and they also look forward to having more time for the things they enjoyed when on vacation. However, successful retirees go far beyond that. They have a clear concept of what makes for a well-rounded, holistic, happy, and stimulating retirement. Many acquire that information from people who are already living a successful retirement. What’s more, successful retirees apply that information in two key ways:
- They build their own realistic and well-rounded vision of retirement.
- They create and implement a plan to make it happen!
The choice is yours. You can sit and wait for whatever comes along, or you can tackle the challenges and opportunities of retiring successfully. Will you reserve your place in the rocking chair or grab the brass ring of retirement life?