T-Minus Three Years… and Counting!

Countdown to a Smooth and Satisfying Retirement

KONICA MINOLTA DIGITAL CAMERA

Are you retired, retiring this year or next, or thinking about “Crossing the Rubicon” to post-employment bliss over the next three or more years?

According to Ken Dychtwald, psychologist, gerontologist, and CEO of Age Wave, research on aging, health, and work issues defines five stages of retirement:

  • Stage 1: Imagination (5 to 15 years before retirement)
  • Stage 2: Anticipation (1 to 5 years before retirement)
  • Stage 3: Liberation (first year of retirement)OLYMPUS DIGITAL CAMERA
  • Stage 4: Re-engagement (1 to 15 years after retirement)
  • Stage 5: Reconciliation (ages late 70s and early 80s)

As reported by USA TODAY at https://www.usatoday.com/story/money/personalfinance/2014/10/12/five-stages-of-retirement/16975707/, these first three stages provide opportunities to rethink, recharge, reinvent, and even retool new ways to redefine one’s life-purpose and meaning, become productive, and begin that new chapter in their lives. The studies emphasize the need for the famous Boy Scouts’ motto – “be prepared” – and you should start reflecting on “what you are going to be when you grow up” at least three years prior to “the big day!”

Many people want to continue to work. In fact, 72% of pre-retirees, age 50 and older, say they want to keep working after they retire, according to a recent survey sponsored by Merrill Lynch in partnership with Age Wave. Almost half (47%) of current retirees either are working, have worked, or plan to work in retirement, the survey found.

Many people also want to devote more time to their family and friends. Some want to continue to learn, and others want to enjoy their favorite hobbies and develop new ones…

— Ken Dychtwald

The bottom line is, as suggested in “Retire Happy – What You Can Do Now to Guarantee a Great Retirement” in the USA TODAY/Nolo Series by Ralph Warner and Richard Stim, prior to leaving the work force, you should make a concerted effort to anticipate “life after work,” including:

  • Cultivate interests outside work
  • Lead a healthier lifestyle
  • Revitalize family relationships
  • Spend more time with spouse
  • Embrace spirituality or meditation
  • Nurture friendships and make new friends.

 

old-couple-1429242

FIRST THINGS FIRST

So, are YOU ready to retire from full-time music teaching? Are you sure?

For me, I cry out HURRAY for the FREEDOM, and enthusiastically take on exploring raising puppies, home improvements, more personal music making, conducting, writing, photography, community service, and volunteer work. And, as you can imagine, my calendar is as full as it has ever been!

However, not all of our newly retired colleagues feel the same way… at least, not at first. It should be said that not everyone may be ready to retire. Often heard employment complaints aside, “be careful for what you wish!” In general, few are ambivalent about this transition… leaving the day-to-day highly pressured, detailed, “rat-race” most music teachers embrace to jumping into the wide-open horizons of new vision, focus, and directions. Recent retirees either love or hate this “passage.”

— Paul K. Fox

If you are not sure of your current mental and financial preparation for retirement, checkout “7 Signs It’s Time to Retire” at http://www.plannersearch.org/financial-planning/7-signs-its-time-to-retire, and equally as important, “Ten Signs It’s Not Okay to Retire” at http://www.investopedia.com/articles/personal-finance/021716/10-signs-you-are-not-ok-retire.asp.

Have you seen this quote by Dr. Robert P. Delamontagne from his book Retiring Mind (Fairview Imprints, 2010), which provides statistics that are actually a little alarming?

50% of retirees will suffer some form of acute emotional distress. This is potentially a very large problem given the fact that 10,000 people are becoming eligible for Social Security every day for the next 20 years in the US alone.

— Dr. Robert P. Delamontagne

I also recommend taking the quiz, “Are You Psychologically Ready for Retirement?” at http://www.nextavenue.org/quiz-are-you-psychologically-ready-for-retirement/ from the book, Happy Retirement: The Psychology of Reinvention by Kenneth S. Shultz (DK Publishing, 2015), asking these five essential questions:

  1. How important is your job when it comes to getting a sense of life satisfaction?
  2. How many non-work activities do you have that give you a sense of purpose?
  3. How do you imagine your life to be once you stop working?
  4. How do you think retirement will affect your relationship with family and friends?
  5. How much energy for work do you have these days?

 

senior-portraits-2-1258401-loretta-humble

HAVE A PLAN

In the article “Are You Emotionally Ready to Retire?” published by the Wisconsin Medical Journal, Maureen E. Hansen illustrates the need for an “emotional retirement plan.” (Please visit https://www.wisconsinmedicalsociety.org/_WMS/publications/wmj/pdf/103/4/53.pdf).

The transition from a structured to an unstructured lifestyle can be unnerving if you are not prepared. When our clients retire, they often feel as if they are on vacation for the first month or so. After that, the realization that they are not returning to work starts to sink in. This is when anxiety can creep in. However, the process of adjusting can be far less stressful if you establish a plan well in advance.

— Maureen E. Hansen

She emphasizes that both financial and non-financial aspects of retirement need to be addressed. “Long before your going-away party at the office, you need to decide what you want for your retirement—leisure time, volunteer work, establishing a legacy?” Here are her several key issues to consider:

  1. Set lifestyle goals.
  2. Build a network.
  3. Consider your spouse’s feelings.
  4. Live your dream.

From Bankrate (http://www.bankrate.com/retirement/10-things-to-do-before-you-retire/), here is a checklist of considerations you should revisit as often as necessary before taking the retirement plunge:

  1. Prepare a balance sheet
  2. Get rid of debt
  3. Conduct a house check
  4. Assess life insurance needs
  5. Think about long-term care insurance
  6. Consider variable annuities
  7. Oversee estate planning
  8. Ditch college expenses
  9. Look at the big picture with a planner
  10. Prepare a budget

The Internet is deluged with a multitude of recommendations on retirement prep. Here are couple more to peruse at your leisure:

 

senior-portraits-1-1258399-loretta-humble

DOWN TO MORE SPECIFICS

In the August 26, 2017 PMEA Retired Member Network eNEWS, I shared the link to the AARP blog-post “10 Steps to Get You Ready for Retirement” at http://www.aarp.org/work/social-security/info-05-2011/10-steps-to-retire-every-day.html, with the following “executive summary” (but be sure to read the entire article for the detail):

  • Step 1: Define Your Retirement
  • Step 2: Take Stock of Your “Assets”
  • Step 3: Evaluate Your Health – Now
  • Step 4: Determine When to Collect Social Security
  • Step 5: Network Through Social Media & Other Methods
  • Step 6: Decide How Much You Want (or Need) to Work
  • Step 7: Create a Retirement Budget
  • Step 8: Find New Ways to Cut Your Expenses (Start Saving More)
  • Step 9: Prepare for the Unexpected
  • Step 10: Stick to Your Plan

I also offered my (now) “top-seven tips” for getting ready to “living the dream” for future PA music educator retirees:

  1. Download the Ultimate Retiree Resource Guide and peruse the myriad of contributions by “true experts in the field of retirement” posted on the PMEA retired member website: https://www.pmea.net/wp-content/uploads/2014/10/ultimate-retiree-resource-guide-111717.pdf.
  2. Scan through the plethora of other blog-posts at https://paulkfoxusc.wordpress.com/for-retirees/ and the official PMEA Retired Members’ website: https://www.pmea.net/retired-members/.
  3. Purchase a book or two by the “masters” of retirement transitioning (check out these authors and others from the sources above: David Borchard, Julie Cameron, Robert Delmontagne, Dave Hughes, Steven Price, Kenneth Shultz, Hyrum Smith, Verne Wilson, and Ernie Zelinski).
  4. Family Meeting: If you are married, sit down with your spouse (with no distractions) and map out the essential “who, what, when, where, and how” of retirement. Are you both ready to venture into your “golden years?” Are you and your wife/husband on the same page?
  5. dad-1-tommi-gronlundPSERS (PA pension fund) Planning: 12 months or more away from your projected retirement date, attend a “Foundations for Your Future” program (even attend it more than once), and request a retirement estimate (form PSRS-151), after which you will need to schedule the all-important “Exit Counseling Session.”
  6. Make an appointment with an estate planner, elder attorney, and/or financial advisor (probably all three). Bring a copy of your bank and investment statements, PSERS reports, social security, annuities, and insurance documents. You may need help in determining which PSERS “plan” to adopt. While you’re at it, update your will and other legal documents.
  7. To stay “connected” with your professional associations (e.g. Pennsylvania Music Educators Association and National Association for Music Education), be sure to update your personal profile at “headquarters” with your personal (not school) email address. Continue to participate in music and education, and reap the benefits of significantly discounted retired membership dues and conference registration fees. See the blog-post “PMEA in Retirement – What’s in it for Me?” at https://paulkfoxusc.wordpress.com/2016/12/15/pmea-in-retirement-whats-in-it-for-me/.

Finally, if you have not done so, I encourage you to revisit my last retirement blog-post   (https://paulkfoxusc.wordpress.com/2017/08/03/new-dreams-and-horizons/). Review those six essential things to do when you are a couple years “out” from making that “great leap to freedom,” solid advice from TIPS – Retirement for Music Educators book by Verne A. Wilson (MENC 1989), and to learn more about “nipping in the bud” those pesky retirement conundrums:

  1. Self-Identity and Change
  2. Free Time?
  3. Energy and Fortitude
  4. Losing Control and Perpetual Care

Yes, planning ahead makes all the difference. On this topic, our last inspiration also comes from TIPS – Retirement for Music Educators.

If you were planning to spend the rest of your life in another country, you would want to learn as much about it as possible. You would read books about the climate, people, history, and architecture. You would talk to people who had lived there. You might even learn a bit of its language. Old age is like another country. You’ll enjoy it more if you have prepared yourself before you go.

— B. F. Skinner and Margaret Vaughn

Best wishes for a happy retirement!

senior-portraits-4-1258408-loretta-humble

PKF

© 2017 Paul K. Fox

 

Photo credits from FreeImages.com (in order): “Happy Days” by Crissy Pauley, “Senior with Red Wine” by Walter Groesel, “Hour-Glass” by Aleksandra P., “Old Couple” by Ricardo Santengini, and “Senior Portraits 2” by Loretta Humble, “Senior Portraits 1” by Loretta Humble, “Dad 1” by Tommi Gronlund, and “Senior Portraits 4” by Loretta Humble.

3 Exit Lanes to Self-Help Retirement Guides

For Transitioning to a Happy, Healthy, and Meaningful Retirement, These Books Should Be REQUIRED Reading!

3arrowsI submit there are basically three ways to learn something new by reading about it. One is the tutorial format, a.k.a. an instrument of “programmed learning.” Another approach is the comprehensive reference manual or user guide. Finally, many people prefer a narrative story, perhaps a fictitious account that features characters exploring and revealing insights on the topic you are studying.

Do you recall the first time you had to learn a complicated new computer application? After installing it to your computer and some initial nail-biting, you trotted down to the bookstore to purchase “something” to teach you Corel WordPerfect for DOS or Adobe Pagemaker for Mac (two historic examples that are no longer available today). Usually, you were greeted with a choice… a comprehensive user manual or a tutorial workbook!

I am applying this concept to three mini book reviews of preparation for retirement. All you have to do is select your favorite “learning style.”

ZelinskiIf you were looking for the reference manual, I recommend Ernie Zelinski’s How to Retire Happy, Wild, and Free (2016). The chapters are laid out by general concepts you need to understand. However, as in many user guides, you could turn to almost any page in the volume, jump around (in any order) to specific areas on which to focus, e.g. tips on travel (page 165)  to health/wellness (page 109), and not lose the overall meaning.

How to Retire Happy, Wild, and Free is one of the most easy-to-read and humorous publications on the market and best resources for a frank discussion of the emotional aspects of coping with retiree life-style changes/altered expectations, and finding creative new ways to self-reinvent and thrive. Quoted from the book’s Preface:

Retirement can be both exciting and demanding, bringing new challenges, new experiences, and new uncertainties. Regardless of how it turns out, retirement normally turns out far different from what people first envision. For some, it is a big disappointment. For others, it is merely a big annoyance. And still for others – much to their delight – retirement becomes an opportunity to live life like never before.

Here is Zelinski’s Table of Contents:

  • Chapter 1: Thank Heaven for Retirement!
  • Chapter 2: Retirement – A Time to Become Much More Than You Have Ever Been
  • Chapter 3: So Many Worlds, So Much to Do!
  • Chapter 4: Take Special Care of Yourself – Because No One Else Will
  • Chapter 5: Learning Is for Life
  • Chapter 6: Your Wealth Is Where Your Friends Are
  • Chapter 7: Travel for Fun, Adventure, and More
  • Chapter 8: Relocate to Where Retirement Living Is Best
  • Chapter 9: Happiness Doesn’t Care How You Get There

Angled Open Book

The tutorial’s approach is a logical progression of chapters/how-to sections that must be read and completed in order. There are often worksheets, exercises, or activities to complete at the end of each chapter. The hierarchy of these “units” build a sequential set of competencies for which you must master one by one, a prerequisite before going on to the next section. Julia Cameron’s book It’s Never Too Late to Begin Again (2016) is a perfect example of this method. Actually, it is based on her earlier work, The Artist’s Way (also a tutorial), plus 25 years of teaching artists to “unblock their creativity” using her tools “Morning Pages” (stream-of-consciousness writing) and “Artist Date” (reserved weekly block of time to nurture your creativity). Perhaps both editions should be consumed/and worked chapter by chapter.

In It’s Never Too Late to Begin Again, Cameron’s introduction sets the tone for her “lessons” on “defining and creating the life you want to have as you redefine and recreate yourself.”

In this book you will find the common problems facing the newly retired: too much time, lack of structure, a sense that our physical surroundings suddenly seem outdated, excitement about the future coupled with a palpable fear of the unknown. As a friend of mine worried recently, “All I do is work. When I stop working, will I do… nothing?”

The answer is no. You will not do “nothing.” You will do many things. You will be surprised and delighted by the well of inspiration that lies within you – a well that you alone can tap. You will discover you are not alone in your desires, and that there are creativity tools that can help you navigate the specific issues of retirement.

quiet-read-1496189The contents of It’s Never Too Late to Begin Again are divided into a weekly course of study:

  • Week One: Reigniting a Sense of Wonder
  • Week Two: Reigniting a Sense of Freedom
  • Week Three: Reigniting a Sense of Connection
  • Week Four: Reigniting a Sense of Purpose
  • Week Five: Reigniting a Sense of Honesty
  • Week Six: Reigniting a Sense of Humility
  • Week Seven: Reigniting a Sense of Resilience
  • Week Eight: Reigniting a Sense of Joy
  • Week Nine: Reigniting a Sense of Motion
  • Week Ten:: Reigniting a Sense of Vitality
  • Week Eleven: Reigniting a Sense of Adventure
  • Week Twelve: Reigniting a Sense of Faith

Finally, in the usual Ken Blanchard inspirational style of creating characters that act out a story, the book Refire! Don’t Retire (2015) sets the stage for an easy-to-understand narrative, specifically how to “make the rest of your life the best of your life.”

the-story-1243694The fictitious “Larry and Janice Sparks” share anecdotes of their experiences, modeling potential opportunities of retirees enhancing their relationships, stimulating their minds, revitalizing their bodies, growing spiritually… basically rekindling passion in every area of their lives.

Co-authors Ken Blanchard and Morton Shaevitz relate their chance first meeting on a business trip:

“So what are you into and what’s new in your life,” was the beginning of our plane conversation. For the next fifteen minutes, we spoke with growing enthusiasm and animation. We talked about the things we were doing, and especially what we were excited about. When Morton mention he was working in the area of older adults and looking at aging from a new and different perspective, Ken piped up and said he’d been thinking about similar issues. The term he was using was “refire” – an attitude of embracing the years ahead with enthusiasm rather than apathy. At that moment, this book was born.

Their story, a “parable” on coming to grips with retirement, is organized in five sections:

  • The First Key: Refiring Emotionally
  • The Second Key: Refiring Intellectually
  • The Third Key: Refiring Physically
  • The Fourth Key: Refiring Spiritually
  • Putting It All Together

book-eyes-1251357You will notice that all three texts cover many of the same subjects, but are vastly different in methodology, style/design, and overall structure.

If you need additional ideas, I can also recommend these three fairly recent releases on retirement preparation:

  • Disrupt Aging: A Bold New Path to Living Your Best Life at Every Age by Jo Ann Jenkins, CEO of AARP (2016)
  • Happy Retirement – The Psychology of Reinvention: A Practical Guide to Planning and Enjoying the Retirement You’ve Earned by Kenneth S. Shultz (2015)
  • How to Survive Retirement: Reinventing Yourself for the Life You’ve Always Wanted by Steven Price (2015)

With a focus on music educator retirees, all of my past articles are archived on this blog-post: https://paulkfoxusc.wordpress.com/category/retirement-resources/.

Finally, feel free to peruse the ultimate retiree resource guide rev 071416,  a handout for the Pennsylvania Music Educators Association Summer Conference session entitled “Surviving and Reveling in Retirement,” which was held pages-1426262at the Seven Springs Mountain Resort in Pennsylvania on July 11-13, 2016.

More critical than any instruction manual for using a computer program that will likely “come and go” over a short period of time, making sense of the “awesome” passage to retirement and finding satisfaction and meaning in your “golden years” are essential. These 5-star rated books provide excellent insight in facing this issue squarely, and taking steps to plan for your retirement. I recommend getting your hands on and browsing all of these resources.

To sum it up, I will echo Ernie Zelinski’s final thoughts:

The way I see it, you will have attained true freedom in this world when you can get up in the morning when you want to get up; go to sleep when you want to go to sleep; and in the interval, work and play at the things you want to work and play at – all at your own pace. The great news is that retirement allows you the opportunity to attain this freedom.

KONICA MINOLTA DIGITAL CAMERA

PKF

© 2016 Paul K. Fox