Today I’d like to conclude this video series, which is “Ten Financial Commandments for Retirees.”
And Commandment # 10 is to Develop a daily routine for retirement: Working provides many benefits, including daily structure, intellectual stimulation, social interaction and a sense of purpose. Sadly, many retirees discover what they lost from being out of the workforce only after they’ve retired.
It’s essential for retirees to re-create all the benefits gained from working while in retirement. This may include consulting part time, volunteering, philanthropic work or various other projects that can be pursued every day for several hours a day throughout your retirement years. Many people envision their retirement as a life of leisure, sipping cocktails by the beach, playing golf or visiting their grandchildren. Unfortunately, none of these activities is a full-time pursuit. Most hobbies can’t be done full time. Even if it's a daily chavrusa or doing the daf yomi. It’s imperative for folks to develop and even test out their daily retirement routine while they are still working. This aspect of retirement readiness is just as important as the financial considerations.
One thing that I say often to folks contemplating retirement is the necessity to plan to retire TO something, not FROM something. Being frustrated at work or trying to get away from a difficult boss are not good reasons to retire. Situations at work change daily, and bosses come and go. Making an emotionally charged decision to stop working can be devastating if not thought through fully. The reason for retiring is because one has the burning desire to pursue other interests, goals and lifestyle choices. These new pursuits should be clearly defined and laid out. Not knowing what activities and challenges you’d like to engage in when you retire may lead to boredom and more rapid mental and physical deterioration.
This video series is by no means an exhaustive list. Therefore, it’s prudent for every soon-to-be retiree to meet with their own financial advisor to discuss their unique goals and circumstances. These may include other topics like Medicare and Medigap considerations, estate planning strategies, or philanthropic pursuits, to name just a few common topics that come up with retirees. However, the above ideas will certainly put you on the right path to a successful retirement.