Transitioning into Retirement
Would it surprise you to hear:
- The transition to retirement is not always as smooth and
easy as it may seem (while you are still working).
- It can take several years (sometimes three to four years)
before you really settle into this new life called "retirement".
- Retirement has three phases: the 'go-go phase', the 'slow-go'
phase, and the 'no-go' phase, nicknamed by Michael Stein,
CFP. Read more about these three phases by clicking
- The loss of regular social contact (that you had while
working) can be one of the biggest losses when you first
- It's a good idea to have your mortgage paid off before
you retire. Actually it's a good idea to have all your debts
paid off before you retire. And while you're at it, you
might take care of major deferred maintenance tasks on your
home too (if you plan to stay there).
- Adjusting to 'monthly income' (other than from a paycheck)
can take awhile to get used to.
- Retirees comment that the first year of retirement doesn't
always feel like they thought it would. Here are some reasons:
(1) There are many changes going on during the first
year, (2) Retirees often have 'catch-up' on things they
put off while working, and (3) It takes awhile for your
internal clock to change to the new rhythms.
- Retirees (once adjusted to retirement) often wonder how
on earth they had time to work.