The decision was made about a year ago that my husband would be retiring in May of 2024. John, being the planner and critical thinker that he is, began studying the topic with the goal of us making the best decisions in retirement for our finances, health, and mental well-being. He’s been learning about retirement by talking with people who are already retired, we have a financial advisor and financial retirement-planning software, and we’ve been watching countless YouTube videos on this topic over the last several months.
Our favorite YouTube retirement gurus so far are Joe Kuhn (joekuhnlovesretirement), Dwayne (retirearly500k), Azul Wells, Norm & Tina (This Is Our Retirement), Mark & Jody Rollins (Retirement Transformed), Tai Kim (Financial Tortoise), and James Conole (Root Financial).
The common themes in these videos are: The five things I learned…, the 10 things not to do…, the six things I wished I’d have known…, etc. Bullet points, lots of bullet points. Here are a few tidbits we’ve picked up about retirement from these sources:
- Planning for retirement financially should start long before you retire so that your money is working for you while you’re still working.
- When you are getting ready to retire, it’s probably a good idea to consult with an expert (fee only) so you know which buckets to start taking your money from (IRAs, 401ks, etc.) to get the best tax advantages in your retirement years.
- 60-70 are your go-go years, 70-80 are your go-slow years, 80-90 are your no-go years. The younger you are, the more health and vitality you’ll have for traveling, adventures, etc. You may want to consider retiring earlier than you’d once planned.
- Every five years from 60 on, your energy and stamina decrease substantially. If you have the financial means to retire early, it may again be something to consider.
- In many cases, people need less money to retire than they think they do. This is where guidance from a professional may be prudent so you’re not missing out on your healthiest years of retirement.
- Rather than retiring from something, you should be retiring to something. It can be difficult to enjoy your retirement years if you don’t have a sense of purpose.
- For many people retiring, you’re not only leaving a job, but leaving a job title behind. This is the ideal time to rebrand yourself.
- Do everything you can to stay healthy and fit!
- Decrease the number of calories you consume each day. Your metabolism decreases substantially as you age.
- If you retire and are financially set for life but end up going back to work for some sense of fulfillment, realize that you are essentially working for free. The money you’ll earn you’ll never spend. It will go to your heirs in the end.
- Live in a sense of gratitude!
- Find a professional to hep navigate health insurance coverage.
- Work on your relationship with your spouse. Retirement takes adjusting from both partners.
- Find a social network so you don’t feel isolated, whether it’s volunteering for something like Habitat for Humanity or joining a pickleball league.
Most people look forward to their retirement for years. The thing no one tells you is what an adjustment it is. We found this philosophy to be helpful as we started retirement:
- Take the time you need to go for walks, declutter, catch up with family and friends, travel, paint your house, anything that is meaningful to allow your mind and body to start new rhythms. Once this starts feeling more boring than anything else, you’re ready to embark on the “start of the new!”
John has said from day one that he’s not retiring from all work, he was just retiring after 40 years with the same company. Now it’s time to pursue some interests of his own. With that in mind, as opportunities for streams of income in retirement come along, we’ve started using these two rules to decide whether we are going to pursue them or not.
- Will this have a negative impact on our physical or mental health? If the answer is yes, then we say no.
- Would I do this even if I wasn’t getting paid? If the answer isn’t yes, we say no.
Three weeks in, we’re enjoying every moment of our retirement. It does help that we retired in late spring, so we’ve had the chance to spend most days outdoors either riding our new e-bikes, walking, going to outdoor concerts, etc. We’ve got pickleball racquets and frisbee golf discs ready to use when we find the time.
Each season will bring us new adventures. We’re grateful we made it to this point in our lives, and in good health. I’ll check back in and let you know how it goes further down the line. Any retirees have any tips to add or feedback on how retirement is going for you? Send me a comment, I’d love to hear your thoughts!