Considering Retirement? Take It for a Test Drive

Preston Rosamond |

Retirement is one of the biggest life transitions you'll ever make, and it's natural to wonder whether you're truly ready. Have you asked yourself the following questions?

 

  • Have I saved enough? 
  • Will I enjoy my new routine? 
  • Can my finances support the lifestyle I envision for the next 20 or 30 years?

 

While it's exciting to imagine leaving work behind, retirement isn't a decision most people want to reverse. This is why it can be helpful to "test-drive" your retirement before making it official. 

 

By evaluating both the financial and lifestyle aspects of retirement ahead of time, you can move into this next chapter with greater confidence. Here are five ways to see if you're truly ready.

 

 

1. Take a Break From Work

 

When considering whether they’re ready for retirement, many people want to verify they can cover medical costs while retired and comfortably afford the lifestyle they want. However, it’s also important to see if the retirement lifestyle you’re envisioning actually suits you.

 

This is a great way to start your retirement test drive. Take some time off work and do what you can to mimic your preferred retirement lifestyle:

 

  • Take at least two weeks off work if possible.
  • Rent a home in the community you’d prefer to live in.
  • Plan and follow your daily retirement routine.

 

Pay attention to how you feel. Does your trial retirement meet your expectations? The good news is if it doesn’t, you have time to adjust.

2. Connect With Family and Friends

For many people, it’s easy to accidentally become too isolated in retirement. If you’re currently working a full day outside of your home, you might be unsure of how much post-retirement social interaction you’ll need.

 

During your test drive, get in touch with your friends and family to connect. This might give you a sense of how much time they have to socialize (and how much you want to socialize too).

 

But what if you’re planning on moving to a new city when you retire? If you don’t already have connections there, it’s worth coming up with some ideas for meeting new people.

3. Dive Into New Hobbies

Are you looking forward to learning a musical instrument, trying a new sport, or pursuing another hobby in retirement? Try it out during your test drive! If it’s just as you imagined it, you’ll know it’s something you want to include in your retirement lifestyle. If it’s not, you have the freedom to explore other options.

4. Give Yourself Some Structure

Many of my newly retired clients discover they miss the structure of the workday. If you go from decades of structure to having the freedom to do whatever you want, you might start to feel unproductive.

 

Your retirement test drive gives you a chance to create and refine a daily routine. You don’t have to schedule every single minute, but having a routine makes a positive difference.

 

 

5. Take Time to Reflect

During and after your retirement test drive, it’s important to reflect on your experience. Ask yourself the following questions:

 

  • Do I feel fulfilled? Or am I bored?
  • Do I have enough human connection?
  • Am I eager to return to the office? Or am I looking forward to retirement even more?
  • Do I still feel confident that I want to retire in the same location?

 

Don’t be discouraged if your “practice” retirement isn’t what you thought. Consider it a fact-finding mission to help you fine-tune your eventual retirement.

Ready to Dial in Your Retirement Plan?

Every retirement looks different, which is why your financial plan should be built around your unique goals, priorities, and vision for the future, not a one-size-fits-all formula.

 

At The Rosamond Financial Group, I work with clients and create comprehensive retirement plans to bring together income planning, investments, taxes, healthcare, and estate planning into one coordinated strategy. Call my office at 830-798-9400 or email solutions@rosamondfinancialgroup.com to get started.

 

About Preston

Preston Rosamond is a wealth manager and the founder of The Rosamond Financial Group Wealth Management, LLC with over two decades of industry experience. He provides comprehensive wealth management and financial services to successful business owners, corporate executives, and affluent retirees who enjoy simplicity and seek a professional to help them pursue their goals. Preston personally serves his clients with an individual touch, a sincere heart, and his servant’s attitude is evident from the moment you meet him. Learn more about Preston or start the conversation about your finances with him by emailing solutions@rosamondfinancialgroup.com or schedule a call on his online calendar.