Preparing For Retirement
It’s more than dollars and cents
by Susan Bell

    Retirement is an identity shift for many people. In our society, work is a defining feature of our daily lives and identity.  When you retire, your day becomes largely self-directed.  It’s mostly you alone who  plan your use of time.  Success depends largely on your ability to budget, find happiness in satisfying personal interests, personal relationships and creative mental activities. For most people, retirement requires a major adjustment — a re-focusing of one’s attention.
    Although a person’s income is of greatest importance and plays a big role, it’s not the only consideration.  Equally important is how you will spend your time. Having more time on your hands to make choices about your daily activities should be an opportunity for personal growth and development. With a little planning and forethought, retirement can be an exciting time of life.
    Beverly Berner has made a career out of helping people in mid-life transition who are ready to consider other options as they move forward towards retirement.  Berner developed a program called Act 2 supporting pre-retirees in planning and developing rewarding, fulfilling and fun activities in the next phase of their lives. In a conversation with Berner, she stated that “deciding what to do with the second half of your life requires significant soul searching and identifying your passions.”

Financial preparation. It used to be that retirees could depend on a company pension or Social Security to financially secure their retirement future. Unfortunately, as Americans are living longer and Social Security doesn’t provide enough by itself, it is critical to supplement this with savings. Hopefully, options include either a company 401K or an IRA. It is also important to start saving as early as possible to take advantage of compounding of earnings.
    For many people, a second job is a must, as it is difficult to save enough for potentially 30 to 40 years of retirement, especially in the case of such considerations as company-offered early retirement packages.

Maintain close personal relationships. People often develop close relationships with people with whom they work. In retirement, there are fewer opportunities to develop close relationships unless one is involved in hobbies or volunteer activities that put them in contact with other people. So, an important consideration for retirement social life is to have a close circle of friends or people with whom you share a common interest. Couples may want to discuss how they foresee their retirement to compare notes. It’s also critical that each person have his or her own interests and friends outside the marriage. 
    Studies show that friendships reduce stress. Make an effort to stay in regular contact with friends. You’re also likely to make new friends who share your interests as you explore new ways to spend your time.  Friendships also reduce isolation. 
    Another relationship to consider is owning or caring for a pet. Just petting a dog or cat, or watching fish in a fish tank can be soothing and calming and reduce stress. Pets also make wonderful companions — and dogs can give you a great incentive to get out for daily walks! You’re likely to make friendships with fellow dog-walkers.

Exercise. Physical activity is an excellent way to not only improve your physical health but your mental health as well.  Work at least 30 minutes of moderate physical activity into your daily routine. Walk, play tennis, join a health club, hire a personal trainer or consider trying a new activity, such a taking a ball- room dancing class. Be engaged in activities you enjoy so you’ll stick with them. Who wants to have the free time without good health for your retirement years?

Volunteer. Volunteer to work for an organization whose cause you believe in. Being involved will give you a new sense of purpose and identity, and help you stay connected with others. Contact local AARP chapters to find out about volunteer programs in your community. As an AARP volunteer, you could help older adults file their taxes, become safer drivers, land a job, secure public benefits, or manage their financial affairs. And, through one of AARP’s nearly 2,600 chapters, you could help sponsor a local service project. Or, you could support a project involving youth through NRTA, which is AARP’s educators’ community.
    Another option is to use your previous career in a volunteer activity. For example, SCORE (Service Corps of Retired Executives) is a national non-profit association dedicated to entrepreneur education and formation, growth and success of small business. SCORE volunteers are real-world professionals with time-tested knowledge who help small businesses to succeed. There is no cost to use this service. You can contact a SCORE representative at (314) 539-6600,   www.stlscore.org.  You might also visit www.volunteermatch.org.  You can enter your zip code and find a variety of volunteer opportunities in your area.

Discovering the authentic YOU. In the first chapter of life, many people are focused on earning a living, taking care of their families and making ends meet to the exclusion of developing their own unique person — discovering and developing their preferences, talents and abilities. Retirement, the second chapter, can be a time of exciting self discovery, creativity and self fulfilment — finding and developing something you feel passionate about. One of the true joys in life is becoming one’s authentic self — the person that we choose to be, the one who is engaged in life, who is not looking for ways to pass the time, rather, is excited about life and unaware of passing time. The person on the path to becoming his or her authentic self says,  “The old way of living no longer suits who I am. I’m now discovering the REAL me!”
    Make a wish list. Write down all the things you would like to do. Go back to school. Pursue a new hobby. Start a business. What resources do I have?  How can I make this happen? Maybe you always wanted to be a painter, or a musician. Now is the time to consider pursuing those previous interests. Don’t be afraid to try different things. If one thing doesn’t feel right, try something else. This can be a new
period of growth and development.
    Mary Ann Peters, certified career consultant and certified retirement options consultant, stated that it has only been in the last 10 to 15 years that preparation for retirement has looked at other aspects of the issue such as the emotional side of retirement. Peters frequently talks with clients who aspire to spend lots of time with their grandchildren.  Unfortunately, the grandchildren have other, forcing the retiree to develop other relationships. Others may envision a retirement with significant travel, but if the person does not take vacations now, it is doubtful that new habits will be formed. The bottom line is that in order to have an active and fulling life after retirement, it is important to begin the process before you get there.
    Many times, especially in these challenging economic times, finding your hidden talent not only helps you manage your time, it can lead to part-time work. When many companies are downsizing, they may be looking for people who not only have a particular skill or talent but who are also willing to do it on a part-time basis. This is also beneficial for individuals who are hesitant to retire completely.  Options include reducing your work load, working part-time or working at your company in another capacity.
    Another option is a part-time position to provide for health care benefits.  Some companies, such as Starbucks, allow access to benefits with part-time work.    
    Consider taking classes at the public library, community center or nearby college.  Many of the colleges allow seniors to monitor classes for a small fee. 
    Retirement planning is more than just ensuring you have adequate financial resources.  With some extra inspiration, you can have your best years yet.