Retirement Ready: Mental, Emotional, and Financial Preparation
Show Notes:
Be sure to check out the included resources.
Summary:
In this episode of Aging with Grace and Style, Valerie Hatcher dives deep into the complex and personal decision of retirement. As she approaches retirement age, Valerie shares her thoughts, experiences, and expert advice on how to navigate this significant life transition. She breaks down the multifaceted factors that contribute to a successful retirement, including financial readiness, mental and emotional preparedness, health considerations, and the importance of staying socially connected. Through relatable anecdotes and actionable insights, Valerie encourages listeners to see retirement not as an end, but as an exciting new beginning filled with opportunities for growth, reinvention, and fulfillment.
Timestamps:
00:00 Redefining retirement
06:16 Retirement as an opportunity for new beginnings.
09:11 Plan retirement goals, stay socially connected, stay active.
11:50 Retirement means redefining your next chapter.
14:38 Rate, review, subscribe, sign up, shine on!
Key Takeaways:
- Understand that retirement is a highly personal decision that goes beyond traditional financial considerations, including mental and emotional readiness.
- Assess your financial situation thoroughly, considering pensions, Social Security, health care costs, and potential unexpected expenses.
- Reflect on how you’ll spend your time in retirement and the activities or pursuits that will provide you fulfillment and purpose.
- Be prepared for the social and identity shifts that come with retirement, and actively seek ways to stay engaged and connected with your community.
- Remember that retirement offers an opportunity to reinvent yourself, whether starting a new hobby, pursuing a second career, or simply enjoying well-deserved relaxation.
Resources
Social Security Quick Calculator
10 Ways to Prepare for Retirement
Tips for Preparing for Retirement Emotionally
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Transcript
Have you ever wondered what retirement really means?
Speaker:Is it the end of your working life, or
Speaker:could it be the start of something entirely new? Today,
Speaker:I'm going to share a few thoughts that might just change
Speaker:how you see this next chapter. Whether you're counting down
Speaker:the days or still trying to figure out your own timeline,
Speaker:this episode is for you.
Speaker:Hey, friend. Ever feel like those old fashioned
Speaker:ideas about aging just don't fit you? If you're ready to
Speaker:own this incredible chapter with grace, style, and a touch of
Speaker:sass, this is your space. Welcome to the aging with
Speaker:grace and style podcast. I'm Valerie Hatcher, and I'm here
Speaker:with empowering tips, inspiring stories, and a whole lot of
Speaker:fun just for us, women over 50. So grab
Speaker:your favorite beverage, turn up the volume, and let's get
Speaker:started. This
Speaker:episode hits close to home for me because,
Speaker:believe it or not, I'm about to turn 62 next
Speaker:month. And it seems like everyone and their dog is
Speaker:asking me, so when are you going to retire? It
Speaker:got me thinking. Retirement isn't about crossing
Speaker:some magical finish line where you suddenly stop
Speaker:working and and sell off into the sunset,
Speaker:nor is it about having enough money in the bank. It's about
Speaker:making a choice, a very personal and sometimes
Speaker:complicated choice about how you want to live
Speaker:the next chapter of your life. It's also about being
Speaker:ready in your head and your heart too.
Speaker:So let's talk about when
Speaker:should you we retire? How do we know if we're
Speaker:ready? And what happens after we take that
Speaker:leap? We'll explore the decision making
Speaker:process and considerations that go into it.
Speaker:Alright. So let's start with the $1,000,000 question.
Speaker:When should you retire? Now I don't know about you,
Speaker:but when I was younger, I thought retirement was
Speaker:simple. You hit 65, you get a gold
Speaker:watch, you start collecting pension and Social Security, and
Speaker:boom, You're done. But, boy, was I wrong.
Speaker:It seemed like a simpler time in some
Speaker:ways, but it was also a time when
Speaker:life expectancy was shorter and retirement planning
Speaker:was more straightforward. These days,
Speaker:there's no one size fits all answer. Some folks
Speaker:are hanging up their boots in their fifties, while others are
Speaker:going strong well into their seventies. Why?
Speaker:Because we're living longer, healthier lives, and
Speaker:that means retirement isn't just about having enough money to
Speaker:stop working. It's about having enough
Speaker:purpose, fulfillment, and, yes, financial
Speaker:stability to enjoy those extra years.
Speaker:Retirement isn't just about hitting a magic number in your bank
Speaker:account. Sure. Financial readiness is crucial.
Speaker:But what about mental readiness? Are you
Speaker:prepared for the huge shift in your daily routine,
Speaker:for the change in how how you see yourself? I
Speaker:mean, think about it. How many times have you
Speaker:met someone new? And the first question is,
Speaker:so what do you do? Our jobs
Speaker:become a big part of our identity.
Speaker:And let's not forget about societal expectations.
Speaker:Maybe your friends are all retiring, and and you feel the
Speaker:pressure to join them. Or maybe it's the opposite.
Speaker:You're ready to retire, but everyone's telling you you're too
Speaker:young. The key is
Speaker:to tune out the noise and focus
Speaker:on what's right for you. Now
Speaker:let's talk about readiness. Are we really
Speaker:ready to retire? This is what we
Speaker:where we need to do some some soul searching.
Speaker:Financially, there's a lot to consider.
Speaker:When it comes to deciding when to retire, the first
Speaker:thing that probably pops into your mind is money, and for
Speaker:good reason. Many of us have pensions,
Speaker:Social Security, and maybe some savings or investments.
Speaker:But here's the kicker. Even with all of
Speaker:that, it might not be enough. Will that
Speaker:cover your expenses? And don't forget about health care
Speaker:costs. Those can really sneak up on you.
Speaker:And here's something we don't talk about enough. It's your
Speaker:health. Are you in good shape
Speaker:to enjoy your retirement years, or do you need to
Speaker:focus on your health before you make that leap?
Speaker:So take my friend, Linda, for example. She
Speaker:retired at 62 with a modest pension and Social
Speaker:Security. But after a couple of years, she
Speaker:realized that the rising cost of health care and
Speaker:unexpected expenses were eating away at her savings
Speaker:faster than she anticipated. And, honestly,
Speaker:she was also getting bored. So what did she do? She went
Speaker:back to work, not because she had to, but
Speaker:because she wanted to stay active and to keep her mind sharp.
Speaker:She found a part time job at a local nonprofit doing
Speaker:something that she loves, and it's given her
Speaker:a new sense of purpose. Beyond
Speaker:the dollars and the cents, are you mentally and
Speaker:emotionally ready to step away from that 9 to 5 grind?
Speaker:Retirement, it's a major life change. You're
Speaker:going from working 40 plus hours a week
Speaker:to to what? Have you thought about how you'll
Speaker:spend your days, how you'll stay engaged and
Speaker:fulfilled? Trust me. There's only so much
Speaker:cleaning you can do and so many cabinets you can clean
Speaker:out. And then once that once that's over, then what are you
Speaker:gonna do? Some people actually can't wait
Speaker:to leave the stress and the routine behind, while others
Speaker:find that they miss the structure,
Speaker:the social interactions, and, yes, even the
Speaker:challenges. What if retirement could be
Speaker:an opportunity to reinvent yourself? Instead of
Speaker:thinking of retirement as the end of our working
Speaker:life, what if it's just the beginning
Speaker:of something new? I know a woman who
Speaker:spent 30 years in corporate America and retired at
Speaker:65. But instead of hanging
Speaker:up her hat, she started a second career, something that
Speaker:she'd always wanted to do, but never had the
Speaker:time to do it. Now she's happier than
Speaker:ever doing something that she loves and sharing her passion with
Speaker:others. Okay. So let's
Speaker:say you've decided to retire. What happens
Speaker:next? That's the exciting part, really. It's
Speaker:up to you. You know, more and more people are
Speaker:working longer these days. Some because
Speaker:they need to, but many because they want
Speaker:to. They're starting 2nd careers, consulting,
Speaker:or working part time. I have a friend who retired from
Speaker:teaching and now works at a garden center a few
Speaker:days a week, and she loves it. No pressure. No
Speaker:stress. Just chilling in the garden center. Or maybe
Speaker:work really isn't your thing anymore, because not
Speaker:everyone wants or needs to work in retirement. And
Speaker:that's cool too. Some people are are ready to
Speaker:kick back and to travel and spend more time with
Speaker:family or focus on hobbies. Volunteering can
Speaker:be a great way to stay active and to give back to your community.
Speaker:Now's your chance, but we should have a
Speaker:plan. It's important that that we
Speaker:set some retirement goals, both short term
Speaker:and long term, whether it's learning a new skill
Speaker:or volunteering or even starting a small
Speaker:business, having something to strive for
Speaker:can make retirement more fulfilling. And speaking of
Speaker:staying active, let's not forget about
Speaker:staying socially connected. Retirement
Speaker:can sometimes feel isolating, especially if your
Speaker:social circle was tied to your work.
Speaker:So make an effort to stay in touch with friends, join
Speaker:clubs or groups that that interest you, or even,
Speaker:again, consider volunteer volunteer work as a
Speaker:way to stay engaged with your community. I have a
Speaker:friend, Randy. We used to work together,
Speaker:and he retired about, I don't know, 2 to 3 years ago.
Speaker:But because our friendship extended past work,
Speaker:we wanted to continue to stay in contact. And he
Speaker:wanted to get out of the house and, you know, have something to do.
Speaker:So he meets with 3 of us for lunch once a month, and
Speaker:it allows us to stay connected with him and him with
Speaker:us. Now let's talk about something that
Speaker:might keep you up at night. What if
Speaker:your pension and your social security aren't enough?
Speaker:This is a real concern for many of us. The cost of
Speaker:living keeps going up, and those fixed incomes don't
Speaker:always keep pace. This is where planning
Speaker:ahead really pays off. Maybe you need to look in a
Speaker:part time job to supplement your income,
Speaker:or perhaps it's time to downsize your home.
Speaker:Some folks are getting pretty creative with things like house sharing
Speaker:or moving to areas with lower cost cost of
Speaker:living. But the key is to start
Speaker:thinking about this stuff now, not when you're ready to
Speaker:retire or not when you're already retired. Trust
Speaker:me. I think your future self will thank you.
Speaker:So you're going, Valerie. Okay. Fine. What's the takeaway here?
Speaker:Retirement isn't a one size fits all decision. It's
Speaker:about figuring out what works best for
Speaker:you financially, emotionally, and
Speaker:socially. It's about figuring out what you
Speaker:want your next chapter to to look like.
Speaker:Before you make any decisions, take some time
Speaker:to really think about what you want out of retirement.
Speaker:Are you ready to leave your job behind, or do you
Speaker:want to transition into something new? And
Speaker:if you're already retired, are you feeling
Speaker:fulfilled, or is there something more that you want
Speaker:to do? Remember, it's never
Speaker:too late to redefine your retirement, whether that
Speaker:means going back to work, starting a new hobby, or
Speaker:just enjoying some well deserved relaxation.
Speaker:What's cool is the choice is yours. So
Speaker:there you have it. Retirement is
Speaker:not just about the money in the bank. It's about
Speaker:being ready mentally and emotionally.
Speaker:It's about figuring out what you want your next
Speaker:chapter to look like. And as for me,
Speaker:well, I'm still working on the answer to that
Speaker:when are you going to retire question. But I do know
Speaker:this, retirement should be something that we look forward
Speaker:to, not something that we fear.
Speaker:In today's episode I'm sorry. I hope today's episode
Speaker:has given you some food for thought.
Speaker:Retirement is a big decision, but it's also an
Speaker:opportunity to craft the life that you truly want.
Speaker:And as always, I would love to hear your thoughts on
Speaker:this. Are you planning your retirement, or are you
Speaker:already there? What does retirement really mean to
Speaker:you? As I always say, feel free to share your
Speaker:stories and your experiences with me on social media. Leave
Speaker:me a message at pod.agingwithgraceandstyle.com.
Speaker:And, also, don't forget to check out the links in the
Speaker:show notes for some great resources related to retirement.
Speaker:Until next time, my friend, keep embracing every
Speaker:chapter with grace and style. And remember,
Speaker:retirement isn't the end. It's just a new
Speaker:beginning.
Speaker:Thanks for hanging out with me today. I hope you're feeling
Speaker:inspired and ready to own your awesomeness. I
Speaker:love sharing this space with you. And if you love today's
Speaker:episode, do me a favor, share it with a friend who
Speaker:could use some extra inspiration. A quick rating
Speaker:and review really helps too. Don't forget to
Speaker:subscribe so you never miss an episode. Let's
Speaker:keep this conversation going. Head over to pod.aging
Speaker:with grace and style.com to sign up for my newsletter.
Speaker:Until next time, keep shining with grace,
Speaker:style, and a whole lot of sass.
