As you enter the second longest phase of your life, you can ‘get it right’ the first time.  You have 10, 15, 20, maybe even 25 years or more in front of you, in which you can realize your hopes and dreams.  To make this happen, you need to know what you want and create a plan that will get you there.

In the process of transitioning from work to retirement, there obviously are questions which arise, and, in this blog, I’ve noted several frequently asked questions.

1. My partner and I are excited about planning for the next phase of our life together.  Should we do all of this as a couple?

That’s wonderful!  In healthy relationships, each partner has their own interests and activities in addition to shared interests and activities.  A healthy approach to planning and implementation should reflect that.  Most people find it easier to reflect and visualize on their own.  Do this and then come together to discuss things and make joint decisions.

2. I went to your program by myself because my partner was not interested.  Should I try to make him participate in the planning?

This question/concern comes up often.  There is no single answer because there are so many versions of successful relationships.  However, here are some tips for handling things.

• Don’t nag or beg.  Focus on your own visualizing and planning.  Your activities can lead by example.
• As you visualize and plan, share your thoughts with your partner and specifically ask for their input and suggestions.
• Use active listening as your partner answers, and thank your partner for any ideas, thoughts, or directions offered. 
• Regularly ask for positive feedback on your plan.
• Get help if needed, including counseling from trusted friends, or counsellors.

3. When I think of retirement and retirement planning, I’m excited but I’m also afraid.  To be honest, there are times I feel quite overwhelmed.  Is this normal?

This is absolutely normal!  The prospect of change and facing the unknown often generates feelings of fear and anxiety.  Some actions you can take to help yourself overcome fears are:

• Actively practice positive thinking.  Remind yourself how fortunate you are to have a loving family, dear friends, reasonably good health, and a life in a free country.
• Acknowledge your strengths and ability to adapt.  Think about changes you have already managed successfully, including adolescence, completing an education, buying a home, raising a family, and navigating a career.
• Share your fears with people you love and respect.  They can provide needed support, perspective, and ideas.
• Collaborate on important issues.  For instance, if you fear running out of money, talk to your financial advisor to see if the fear is valid.  If need be, work together to restructure your financial portfolio to improve the situation.
• Make finding a mentor a priority.  Find someone who can guide and support you.

4. Our children have strong opinions about where we should live, whether we should sell or rent our home, etc.  We appreciate their concern, but they’re driving us crazy.  How should we handle this?

I encourage you to begin by openly discussing the hopes and concerns that lie behind your children’s opinions.  Listen to their ideas and feedback because they will add other perspectives to your retirement planning, but you need to balance that with maintaining your independence in handling your own affairs and decisions.

5. I have heard certain times of the year are better for taking the step into retirement.  Is this true?

Yes, there are some timing issues to consider.  Let’s start with financial matters:

• If your employer has a pension plan, RRSP or 401K plan, or other retirement program, be sure to find out how certain retirement dates affect the specific benefit amount as well as the timing of any cost-of-living increases. 
• Evaluate how vacation days, sick time, or other paid time off accrue, carry over, and are paid out upon retirement.  Also consider the payment of bonuses, commissions, and any draws if those apply.  Investigate how timing will affect any stock options.
• Investigate how timing will affect health care plan options. 
• It might also be important to discuss some or all the above with a qualified financial planner or CPA.
• Retiring at a certain time of year has pros and cons to consider:
  • November and December might be ideal, as this is a time of completion, celebration, and planning for the New Year.
  • January through March usually includes many gray, cold days which will add a bleak feeling early on in your retirement.
  • Spring may appeal as it is a time for gardening and being outdoors.
  • Summer may work well as you spend longer time at the cottage.
  • Whatever season you choose, ensure to proactively plan activities, and follow through.  Take a trip to warmer or cooler climes, plan ski trips in the winter, sign up for a gardening club to fully enjoy spring, volunteer to take the grandkids to swim class to make the most of summer – whatever helps you enjoy those first months of retirement.

6. Once I’ve completed my plan and am living a holistic and well-balanced retirement, how often should I re-evaluate or redo the plan?

Although it might not be necessary to redo your entire plan, it’s important to regularly revisit your plan and make adjustments.  I recommend re-evaluating your plan and gauging progress at least once a year, including comparing how actual activities match up against your planned activities.  In addition, there are certain situations that call for re-evaluating and adjusting your plan (i.e., you or your partner often feel unhappy or feel that something “isn’t right”; you lose a partner through death or divorce; experience a decline in health; financial difficulty; winning the lottery; inheriting a substantial sum of money).

For additional information on the above, please refer to Chapter 15, The Power of Goals and Action Items, in my book, Strategies for Retiring Right!

Rick Atkinson