3 Things to Remember When Taking the First Step Towards Retirement
I’m learning each day to look forward to what is coming as I stand where I am today. Being present in my life right here and now has created an appreciation for all that I have and an eagerness for what is yet to come. Every change I make takes me to that new and exciting place.
Take Small Steps
I have been toying with the idea of retirement for several years now, while taking small but significant steps toward that end.
I kept waiting for that grand event when I would know that it was time to finally take the leap. What I realized after turning 60 some years ago, is that it was more of gradual tip-toe than an actual jump.
Fear is a compelling thing, but letting go of all the security and control of what I thought I needed to be happy was very difficult. Most days, it still creeps into my brain, and I feel slightly overwhelmed by the fact that I have chosen to not continue to work full-time.
I remind myself that I do have passive income and have not yet tapped into my retirement savings but something about not reporting to a job at a required time feels like stepping into a great void.
I’ve never been concerned about what I will do with my time when I retire. I have many passions that give me great joy and satisfaction, but I do still worry that I’m being unrealistic about how much money I will need.
Retirement Is Not an All-or-Nothing Affair
What I must remember is that this is not an all-or-nothing situation.
If, at any point, I feel like I am financially insolvent or even approaching it, I can simply get a job. I’ve never had a problem finding work, and I don’t believe I ever will. That is the big safety net I have, and if I can keep that in mind, then maybe I will be able to let go of some of my concern.
It is essential that the only work I do now is what makes my heart happy. I believe that should be the minimum criteria for anything I do for the rest of my life.
I know this is not something that is generally accepted. The expectation is that you will work hard for all your life, struggle and sacrifice to get ahead and then fade into the sunset. Anything else is perceived as selfish or irresponsible.
This philosophy doesn’t make sense to me at this stage of my life. I’m very young at heart, and I know that I have so much life yet to live, so I am ready to find out what is next for me.
I want to take the time to explore new people, places and things. There will be some things that feel right for me and others that I will just experience and let go.
You Can Make Changes Along the Way
I know it will be fun to experiment and see what fits.
Trusting myself is key – I need to stay aware of how I am feeling so I can make changes whenever necessary. Right now I tend to stay a little too long when I’m not happy and then I start feeling trapped and need to break away.
I know that I have so many options and that this is what the journey is all about. I don’t ever need to go back, I just need to stay focused on the present and let the future unfold.
It is time for me to really break the mold and let myself be outrageous in my exploration of what lies ahead. I’ve always had an adventuresome spirit, and now is the time to really let it shine. I am going to create the life that I want and don’t need to retire from.
Let’s Have a Conversation:
What revelations have you discovered after turning 60? Are you looking forward to retirement or is it a concern for you? Please share your stories and join the conversation.
Tags Retirement Planning
I’m looking forward to retirement in 1-2 years. Been planning for it and now just trying to decide when to make that big leap. Started more volunteering and that is helping for the adjustment. Thank you for this article.
I was so worried that I would run out of money if I gave up my job and retired. So I did a “trial year”: while still working, I lived for a year ONLY on the amount I would collect in a pension. I saved almost my whole salary and only lived on the pension amount, thinking it would at least show me how much I would realistically need to take out of my investments every year if I did retire.
But I found I was fine! I was even saving money. (In addition to saving most of my salary.) No investment withdrawals were needed. The way this was possible was because I had a paid-off home and also a new car (bought with cash, so no monthly payments) and no debt whatsoever.
I had consulted a professional CFP financial advisor (fee-only) and they’d said “yes, yes, yes, you can take early retirement.” All their spreadsheets made sense, BUT I needed to see it for myself. It was a big decision!
When that year was over, and I saw I had been able to live just fine on the pension and even save money, one day later, I resigned and have been so happy ever since! That was in 2022.
The trial year can bring you peace of mind, if it seems like something you’d like to try out.
What a great idea!
Thank you—a friend of mine had done it and it gave her peace of mind (and an extra pile of cash savings). Worst case, you learn that it might be too soon to retire, but still you have savings ahead. Or you learn what amount you have to withdraw from investments to make your retirement budget work. But I can’t claim credit for the idea!
What a great idea! Thank you for sharing.
Love this article. This holds true for me as I turn 61 next week. I am a catastrophic auto and general liability claim adjuster who has to view horrific accidents and deaths on video. This is starting to really affect me. My personality is definitely altered by the constant conflict and negativity involved in my position. There is discord and haggling involved in a daily basis. Time to move toward something much more positive and joyful that allows me to help others without all the other!
I took the plunge at 67 and never looked back. After 9 months of total retirement I started working part time from home 10 – 15 hours per week and it’s been wonderful. This gives me some fun money & helps keep my brain challenged.