Retirement checklists abound across the internet. Most provide wisdom on planning for a secure financial future. Saving enough, choosing appropriate investments, and eliminating debt are common recommendations. However, there is more to retirement than pure pocketbook considerations. Listed below are some retirement planning ideas that most checklists don't mention.
A monthly spending budget may seem realistic on a spreadsheet before retirement, but actually living on that budget is the only way to know for sure it works. Try living on the retirement budget for at least a month. The outcome of that month will provide a financial reality check. Then, make adjustments based on the experience and go for another month. Ideally, such fine-tuning will result in a reasonable budget that will work for the long run.
Similarly, pre-retirement visions of activity would benefit from rehearsal. For example, suppose one envisions volunteering as a tutor for elementary-age children as the ideal retirement activity. Yet, without experience in this role, there is no guarantee of a good fit. Find an opportunity to try out the activity before retirement. It may confirm the choice, or it might show it is not a suitable activity to pursue in the next stage of life.
A major pre-retirement chore will be transferring personal information from the work computer to the hardware at home. This requires a few steps. First, make sure the home computer is up to the task. A slow home computer with a small amount of storage may cause significant frustration. A hardware upgrade may be in order.
Second, consider the software used at work. For example, one may be used to using software like Microsoft Office 365. But, home versions of such programs can be expensive. A less costly alternative is Google Workspace (formerly G-Suite.) These programs perform much like Microsoft Word and Excel, but there is a learning curve required to adjust to the differences.
Third, remember that company IT support goes away after retirement. Check out local IT support companies to research service options and costs. Having a helpful help desk of one's own can avoid a lot of stress.
Fourth, with all the above pieces in place, start to extract personal information from the work computer and load it on the home machine. If possible, find out if there is a way to export personal data in bulk from the work computer. Doing this will save hours of manual re-keying.
Even if a couple retires simultaneously, differing expectations about what each wants to do in retirement can cause friction. A common conflict occurs when one partner wants to travel while the other prefers to relax at home.
It is natural to develop rosy beliefs about retirement during long years of work without deeply examining the reality of those expectations. Retirement planning needs to include honest discussions with loved ones about post-retirement expectations.
When discussing these expectations with others, be open to the idea that adjustments in thinking are okay. It doesn't mean giving up dreams. Frank discussions about the practicalities of those dreams and how they affect others need not lead to disappointment. Instead, such conversations can be framed as opportunities to creatively form plans for achieving dreams in concert with others achieving their own goals.
Want to learn more? Click here to read our post, Great Expectations: Retirement and Committed Relationships!
First, the owner may classify certain items as junk, but others, like adult children, may have a different viewpoint. As a personal experience, my mother disposed of family pictures she believed no one cared about. My siblings and I were stunned when we found out. This example demonstrates that others, especially adult children, should be consulted in the decluttering process to ensure nothing of value gets tossed. An added advantage is that adult children can also say what they don't want. This will avoid needlessly keeping junk.
Second, know the rules of document destruction. Practical guidelines are broken down into time categories of three years, six years, and forever.
Examples of documents to keep for three years:
Examples of documents to keep for six years:
Examples of documents to keep forever:
Alternatively, click here to learn about things you should throw out now to save yourself space in your home!
Second, without prior experience, such moves can lead to unpleasant surprises. Not uncommonly, some retirees have abandoned their dream relocation spot when they found the lifestyle or local culture did not fit their tastes. Likewise, would-be RV adventurers sometimes find the nomadic life less glamorous than anticipated once they've experienced the realities of life on the road.
For both these situations, a better option may be "trying before buying." Short-term property leases or RV rentals can provide real-life experience retirees can use to gauge if buying is a good option.
Consider retirement checklist ideas, like those above, as data to make better decisions in the retirement planning process. The more research, the better the chance of reducing unpleasant surprises on the retirement journey.