The Wrong Reasons to Retire and How to Avoid Them

Many people want to retire because they are unhappy at work. Instead they end up jumping out of the frying pan and into the fire – meaning they don’t find happiness when they retire either. They find themselves cash-strapped and bored. You need to have a well-considered plan in place when you retire. I wrote a little about that in my last blog, but let’s go into more detail.

What is your dream job?

Ask yourself what job you’d like to do if you could do anything and who you would like to do it with. I know they are big questions, but write the answers down on paper and then start asking yourself how you can fulfil some of those aspirations. I knew a woman coming up to retirement age who had always dreamt of working in the famous jewellery store, Tiffany’s in New York. She wanted to sell gems to the world’s celebrities. While still working in her dull human resources job, she did a jewellery-making course. When she retired, she began buying cheap jewellery from local op-shops and remade the jewellery into new creations. This woman now makes good money selling jewellery online and at small markets on the weekend. Professionally she is happier than she has ever been. I know of another woman, who worked in real estate but she was a brilliant painter. It is hard to make a living as an artist, but when she retired she began an online business offering to paint murals on the walls of children’s bedrooms. She doesn’t make a huge profit, but she says the smiles she sees on children’s faces after she transforms their bedrooms into the wilds of Africa or fairyland give her life meaning.

Have the courage to dream, then use logic and creativity to adapt your dreams into your life. I say start turning your passion into profit before retirement, especially if you dislike your job. If you are taking positive action to set-up a new business you will also find your day job more bearable. Speak to your family and friends. Are they interested in going on an entrepreneurial adventure with you?

Are you facing redundancy?

I am not sure what the statistics are in Australia, but in the US almost half of all retirees left their jobs earlier than they planned because of ill health or they were made redundant. If you are being made redundant you might decide to find work – absolutely any work – to delay retirement. That is fine.

If you fear redundancy is on the cards for you then start now to put steps in place to turn your passion into a profit. If you are made redundant will you get a payout? Could you buy a new small business with the proceeds? Again look at your dreams, and search for inspiration for a new career that will make money and make you happy! Perhaps the word retirement is all wrong, in our fifties, sixties and seventies we must be looking to ‘re-invent’ ourselves – not retire!

Don’t go crazy on the activities!

Some people almost fear having spare time on their hands when they retire or are made redundant. They join every sports club and service group they can find. They are busier post-work than they were when they had a job! I say, “Pace yourself!” Sign up to two groups at a time and try these for a few months. You have to get the right mix of activities and down-time. Perhaps you feel you missed out on playing golf and tennis when you were working. But you can’t pack 60 years of lost golf or tennis time into your retirement.

Do not fear down-time. Learn to embrace alone, quiet time instead. Trust me, it’s good for you.

How is your health?

This is a cruel question, but if you were to die to tomorrow would you have regrets about what you haven’t done? Would you be sorry you didn’t spend more time with your partner and children? Didn’t travel more? If you feel you would have many regrets then I think it’s time you started ticking off some of the items on your bucket list! Some companies let people ease into retirement. They allow you to go part-time or even take time off without pay. What is the policy of your workplace? You need to find the time to fulfil your desires.

The other consideration when looking at retirement is your partner’s health. You may be fit enough to run a marathon but if your partner is struggling with their health, then the time has come for you to ease back on work and pay your better-half a bit more attention.

How does your partner think?

If you are considering retirement, the first person you need to speak to is your partner. It’s amazing how often the two spouses have very different ideas and are totally unware how their partner feels. He wants to buy a hobby farm; she cannot leave the city and her grandchildren. He wants to explore Europe; she just wants a little house close to the beach.

If you are retiring first, but your partner is still working you may find you are lonely. Again you need to plan carefully for your retirement. Will you volunteer, join community groups, play sports, work part-time or do a mixture of all of these?

Stay-at-home spouses find their entire lives turned upside-down when the bread-winner stops work. You both need to think about this. I know guys who’ve joined the ‘Men’s Shed’ organisation so their wives still have the house to themselves for a few hours a week.