I’m a Professional Retirement Coach: These Are Rules Every Retiree Should Follow
When you think about what you want your retirement to look like, what comes to mind? Maybe you have no idea what you’d like to do, or you know exactly what you want to do.
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But both having no focus or being too specific can lead you astray, according to Sherry Austin, a certified retirement coach who runs Wonderful Life Retirement Coaching. In an email to GOBankingRates, Austin explained that in her eight years of being a retirement coach, something that stands out to her the most is “people who don’t have a plan or have very narrow thinking about what retirement is.” Having a happy retirement, she noted, comes down to exploring who you are and “who you want to be” beyond what you did for work.
These are the rules that Austin recommended every retiree follow:
Financial Rules: Budget and Avoid Overspending
How you want your retirement to look will determine how much you need. For instance, if you plan on traveling internationally several times a year, you’ll need a larger budget than if you plan on a more low-key retirement. Austin urged people to think about what lifestyle they want when they retire. That way, they can determine how much money they’ll have to save to fund that lifestyle.
According to Austin, people should create a budget based on their existing spending before putting in their notice. From there, they can weave in lifestyle changes they’re planning on (like traveling) and then use that budget post-retirement. She also recommended opting for autopay for bills.
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“Setting up regular bills on autopay helps organize your time and relieves the stress about paying bills while you are on a trip,” she noted.
Once in retirement, Austin cautioned against overspending during the initial years, except if you “have unlimited resources.”
“You want to make sure your money will last your lifetime and not have to worry about running out of money,” she explained. “Many people do not consider additional unexpected expenses for things like emergencies or medical [issues] that may occur later in life, so try to be prepared for this.”
General Life Rules: Planning is the Name of the Game
Finances aren’t the only thing you need to get arranged for retirement, Austin emphasized.
“Retirement is unique to each individual, however, if you have a spouse or significant other be sure to discuss your retirement plans and wishes in advance so you are able to make the transition more smoothly,” she wrote. “Have a plan of something to retire to, instead of thinking you are retiring from something. People with purpose live longer.”
Austin added that people shouldn’t view retirement as “an endless vacation.” Instead, they should dive into their inner selves and values.
“Challenge old beliefs and the old retirement paradigm of strict leisure,” she noted. “Too many retirees get bored with this lifestyle. Use time in retirement to explore, learn, dream and create a fulfilling life that will give you a sense of purpose. Perhaps consider what gifts you have that can positively impact the world.”
In making your retirement plan, you might decide to continue working — jobs such as pet-sitting and online tutoring can be great ways to keep busy.
“Many people continue to work in some capacity and are happy,” Austin explained. “If you do choose to work just make sure it is doing something that brings you joy and life satisfaction.”
Whether working is in your retirement roadmap or not, adding structure to your life post-retirement is beneficial.
“Create a plan of how you will spend your time in retirement, perhaps set up a routine,” she wrote. “Be sure to include time for physical fitness and health, mental and emotional health, social interaction, leisure, intellectual pursuits, spiritual [activities], family and financial [matters]. Take time to discover your life’s passions and pursue them.”
Be Ready for a Big Change
Austin added that if you need help navigating what life will look like once you’re retired, you can hire a retirement coach or a life coach who “preferably” has experience working with retirees.
“Retirement is a major life transition that can last 20-30 years,” she explained. “That’s a long time to just be drifting through life without giving a thought [to] how to live your best life.”
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This article originally appeared on GOBankingRates.com: I’m a Professional Retirement Coach: These Are Rules Every Retiree Should Follow
