A lot of the preparation on ‘retirement’ tends to focus on money. Where’s it coming from, what will it be spent on, how long will it last.
Of course, the money side of things is crucial to having the retirement you want – working or not working, abroad or at home, eating out or eating in.
But what about the other side of retirement? The one that’s a bit harder to tie up in numbers and dates.
Rehearsing for retirement
Rehearsing for retirement is all about the ‘think and feel’ side of making a big life change (sadly, it is not about colourful tights and stage lights – but please stay and read on anyway!).
We’re so used to thinking about retirement as the ultimate end goal of a working life, but the way retirement works now, your ‘retirement’ is whatever you want it to be.
That means you could keep working after you’ve taken your savings. You could work part-time, or volunteer. You could, if you really wanted to, start a brand-new career as a social media influencer.
The point is - the world is your oyster, and that’s both a wonderful and terrifying thing. It’s worth thinking about what retirement might look like for you.
The honeymoon. For many, the first few months or even year can feel like one extended holiday - even if you continue to work. Mainly because it's all on your terms.
To start with that feels great. After a while though, it can get people down. Despite the pressures of work, it does give structure to your day; lots of people to interact with and purpose. For some this leads them into the next phase.
Disenchantment. Doubts can creep in about your decisions, especially if you choose to stop working or change career. The first question we’re usually asked at a party is “What do you do?”. From an early age we’ve been asked “What do you want to be?”. And now, suddenly, we're 'retired'. What does that mean? How does that define me? Should it define me?
It’s important to discover what it is about your job that you miss and find ways to replace it with something different.
Re-orientation. Rather than seeing retirement as the end of something, see it as the beginning of something new and an opportunity to take stock. What – if anything - are you missing from your life before? Are you worried about your money? Are you frightened about the future?
Answering some of these questions isn’t easy, but it can help you to decide what to do to make your life better.
Thriving in retirement. This is about being comfortable in your new skin where you begin to find a rewarding and fulfilling routine.
Hopefully you’ll have many years in this phase and some people move - very quickly - into this phase from day one! Especially if you have grandchildren to help look after or a hobby that you can now dedicate more time to that gives you purpose, structure and a feeling of wellbeing.
These phases in retirement aren’t necessarily experienced sequentially but the important thing is to realise that you are not alone in wondering how to manage this new period in your life.
Rehearsing for retirement is doing some of this thinking before you take the leap, to help make the landing a little softer.