Retire without Regret

[Luvtoride]

I thought this article from the Harvard Business Review was a good one, with research exploring the significant transition from a working career to a satisfying postcareer retirement based on several factors.

This summarizes the key findings of the long research article:
Retirement is a transition that involves several key phases: making the decision to stop working; detaching from work; experimenting with new relationships, activities, and social groups; and establishing a new, reasonably stable life structure. In our research, we found that satisfied retirees demonstrate four key behaviors throughout the phases: alignment between what psychologists refer to as “the self” and “the life structure”; awareness of the interplay between the two; agency in making changes in the self or life structure or both; and adaptability in the face of events or circumstances out of their control. We call these behaviors “the four A’s.” As record numbers of workers in developed nations retire this decade, it’s important for all of us to understand what makes for a satisfying retirement.

I found some of the example participants featured a bit extreme (the successful and the unhappy) but it did demonstrate the importance of having a well thought out plan to implement as you transition to retirement. This is something I tell my friends and anyone who asks me about my retirement journey. I’m sure we all know retirees at all points on the spectrum.

Retire Without Regrets

This article explores the significant transition of retirement and offers insights into creating a satisfying postcareer life. It highlights the contrasting experiences of Irene and Lawrence, two retirees who navigated this change differently. Irene embraced retirement by engaging in activities...

hbr.org

 

[rk911]

My 'well thought out plan' was to retire at 50, hit the road in our RV for a few months, return home and..maybe...get a part-time gig just to kill time. Couldn't manage 50 so 55 was the new 'plan'.

At 55yrs + 1-day I turned in my keys and headed home. The next day we headed out on a10-week RV trip thru fhe upper midwest which included a memorable walk across the Mackinac Bridge on Labor Day. From that point we spent 6-mos. on the road, 3-mos in the spring and 3-mos in the fall. Between trips and to pass time I was a docent at our county history museum, an election judge and a school crossing guard.

19+ yrs later we've sold the RV and neither of us is employed in any way nor are we volunteering. We both have some health issues but overall life is good.

 

[Koolau]

I never gave retirement a lot of thought. I knew we wanted to move to the Islands and that's what we did. I can't say we followed the "script" in the article, but we've been happy and not bored. Sometimes you can over think things but I'm sure some people need a real "plan" for retirement. I just never really felt the need for that but YMMV.

 

[DrRoy]

Before RE we took a big trip or two per year and we shot a lot of photos, mostly landscape for me and wildlife for DW. Then back home I would edit them, and we would create a coffee table book. After RE, we did that a lot more. It seems like most days, we are either travelling, planning to travel, or working on the photos. The times in between those intervals are not hard to fill with reading and other local activities.

 

[Jerry1]

Maybe a bit of an anomaly but except for the financial aspect of it, I didn’t give retirement much thought. I’m one of those who retired from work but didn’t really have something to retire to. It’s been almost 7 years now and I feel happy and blessed just being. Only downside so far has been some health issues but it’s easy to look around and realize that no matter how bad my health issues are, there are so many that struggle with way more, and they have to figure out how to work (have financial burdens) at the same time.

 

[marko]

I never gave retirement any thought and there was no "decision" to retire.

I was "involuntarily retired" at age 52 but fully expected to get another job easily. Ageism and the Great Recession were factors I hadn't anticipated but early retirement wasn't unusual in my industry and almost expected.

Figured it out along the way. This forum was a key player for me. Really. A seven figure severance didn't hurt either. In hindsight, the best thing that ever happened to me.

 

[Midpack]

Well I guess I did it wrong. I did put years of effort into financial planning for retirement, which they don’t mention? I would think there could be “regrets” if your plan fails at any point.

And I did give serious thought to ‘what I would do all day’ with help from Ernie Zelinski. That does align with some of their findings, but it doesn’t have to be rocket surgery.

I was aware and thought a little about the other changes, but none of them much influenced my decision beyond FI and what I’d do all day.

Only an academic would think most people would plan things out as they map out?

 

[audreyh1]

There is a lot of adaptation transitioning into retirement and making it work for you. So flexibility and adaptability is very key. Best laid plans may have to be thrown out the window. Nimbleness changing course may be more important.

 

[punkinhead]

Other than 30+ years of saving for it I didn't put any thought into retiring. I always figured I'd work into my 60's or 70's but one day I just decided I'd had enough. It was during covid and my wife and I were each working in our home offices. I walked into hers and told her I was done then went back to my office and texted my boss. I was 54. There was no transition because I've always had hobbies and friends who share those hobbies. I always felt sorry for coworkers with no hobbies because they all claimed they were going to start doing cool things when they retired but I knew they never would. Some people are just born to sit on the couch.

 

[pacergal]

I didn't really "plan", other than putting money away every paycheck, until about two years prior.
We went to retirement seminars from our pension plan about 10, 5, and 1 year out, just to hear about changes and what we needed to do in "the packet" (which was 150 pages of stuff--reading and forms!)
I worked on call the first few years and really got more thoughtful after reading Ernie Zelinskis book, along with reading here on the forum.
You all have been my major educators!

 

[38Chevy454]

Being an engineer, I could do the math and financial part with confidence. I also had already been on part time 3 days/week, then 4 days/week to help out near the end date, so that helped a bit with transition to retirement. Plus having lots of hobby and outside work activities I did not miss work at all and adapted pretty easily. Moving 1500 miles away to new state and a new house kept me busy first year. I did try some part time work in the second year, more for some social outlet and a bit of structure. It was OK and was enough to convince me that I was fine not working at all.

 

[brett]

Six months prior to retirement we did not have a plan. We did have a financial plan that meant we could retire any time.

For us, a finally got the package after eight months or so of anticipation.

After that we were busy for three months. Hired a lawyer to negotiate and finalize a separation agreement. That took a few months.

Decided to sell, downsize. Took three months to prepare our home for sale and viewing. Lots of painting, donating rooms full of furniture, etc. Then arranging to have what remained placed in storage for a year, perhaps more. Very busy time. Listed, then sold in a week, had to be out in five weeks. Suddenly it became real.

Never really had time to develop a 'retirement plan' other than lots of extended travel and snowbirding.

Not really a plan...it just sort of came together based on a 'meeting of the minds' with DW.

 

[NeilDH]

In that article, I like this point: “Having developed clear awareness of self and life structure, she was able to set boundaries that worked for her when her daughter made a claim on her time by asking for help with her twin infants.” I like this as I get accustomed (one year in) to being OK with liking my rather relaxed situation despite lurking demands.

And I like: “Even after she settled into retirement, she recognized that life was only quasi-settled.” I’m still getting used to that feeling, even as I know some things are coming that will require adaptation.

 

[marko]

And I like: “Even after she settled into retirement, she recognized that life was only quasi-settled.” I’m still getting used to that feeling, even as I know some things are coming that will require adadaptation.

It takes a little while, but hopefully after a few years you'll mostly forget that you ever even had a job. At that point, each day is "just how you live"

 

[old medic]

We didn't plan anything... I fell into EMS as a volunteer that became a career. DW basically did the same, Volunteered as a Guardian Adlitem for kids that turned into her state job in Juvenal Justice. Both of us didn't really consider the benefit of the state pension system until well into the race. I didn't start a 401K until the kids got gone... DW only started hers a few years ago. I remember getting to a point feeling I was basically stuck because the 30 year mark was seeable in the distance. The day I crossed the 30 year mark, I told the boss" Don't piss me off, I'll walk out the door... stayed 3 more years... Now to get DW across... and her line is now me getting on Medicare.

 

[street]

Really no plan after a well-planned retirement day. I am a person that can stay busy with hobbies, and I have so many things I enjoy doing in the outdoors, so it was a pretty easy transition. No regrets but I sure could have had a bigger stash if I would have stayed.

 

[Luvtoride]

Really no plan after a well-planned retirement day. I am a person that can stay busy with hobbies, and I have so many things I enjoy doing in the outdoors, so it was a pretty easy transition. No regrets but I sure could have had a bigger stash if I would have stayed.

Street, as long as your “stash” is enough why would it matter (other than to your heirs). It sounds like you enjoy your retirement immensely…that’s what’s worth more than a larger stash!

 

[street]

Lovetoride, I do enjoy my time and have enough and your thinking is totally true.
It still was hard to walk away from all that money I left behind. It is in my blood to save and accumulate living a frugal life.