Retirement is not for sissies. Did I mention all the forms I had to fill out in order to get the municipal pension that I’ve been paying into for over three decades? There were forms for pension application, pension option selection, spousal declaration, nomination of beneficiary, application for extended health care and dental benefits, pension estimate, personal tax credits return, etc. This is serious stuff. And that’s just the tip of the iceberg.
A word of advice: give yourself lots of time to plan for retirement. Depending on how complicated your financial and personal situations are, you may want to start planning a couple years ahead. Consider this: Do you still have kids to support? Mortgage payments? No pension plan? Since money (or lack of it) is one of the greatest sources of anxiety, be sure to get your financial ducks in order.
Whatever your money situation — single income, dual income, not enough income — figure out what you spend and what you’ll need to live on after you retire. Consider all the options before you commit to a date.
Keep in mind that if you’re lucky enough to have a pension it will usually only pay you a portion of your pre-retirement income. Discuss that with a financial planner. No matter what you intend to do, whether it’s travelling, taking courses, or just relaxing and enjoying life, there are costs associated with everything. On the up side, there are also expenses you might not have anymore, like commuting costs and work clothing for instance.
I’m told that once you retire it takes a good year to see how your finances will play out, but if you keep track of it all, budgeting will be easier. Remember, retirement is a process that can’t be rushed. It involves transition and flexibility. When all is said and done, what matters is that you’re FREE! No more deadlines, work stress, office politics or people to report to or manage. Your days are yours. Unless of course your plans involve part-time work or a second career.
Retirement can be a daunting prospect, particularly for people with no hobbies or outside interests. And for those of you who are extremely social, you’ll want to find ways to satisfy that need to be around people. Or you’ll find yourself talking to strangers at Starbucks. A lot. So focus on what floats your boat and plan, plan, plan. Then enjoy the fruits of your labour.
Shelley Civkin is a former communications officer with the Richmond Public Library.
