Practicing Retirement: Purpose, Planning, and Avoiding Pitfalls
Retirement isn’t just about having enough money—it’s about knowing what to do with your time once the alarm clock stops ringing. Many retirees find themselves wondering, Now what? after stepping away from their careers. That's why it's so important to practice retirement before you fully commit. The last thing you want is to realize your dream retirement isn't all it was cracked up to be.
Understanding the Retirement Phases
Retirement isn’t one long, continuous vacation—it happens in phases. It can be broken down into three key stages:
Go-Go Years: These are the early, active years of retirement. You’re traveling, playing golf, and checking off bucket list items.
Slow-Go Years: Energy starts to taper, and travel may become more local or less frequent.
No-Go Years: Health and mobility limit activity, and your focus shifts more to comfort and care.
Knowing these phases helps you plan realistically. Most people dream of retirement like it's an endless "Go-Go" phase, but life usually has other plans.
Why Practicing Retirement Matters
Avoid Costly Mistakes: Take, for example, someone who spends $250,000 from their IRA on a fishing boat—only to realize they don’t enjoy deep-sea fishing as much as they thought. Renting a boat for a few months first could have saved hundreds of thousands of dollars.
Test Your Lifestyle: Retirement dreams often look different in reality. Practicing allows you to uncover potential disappointments before making life-changing decisions. Planning to move to Florida? Rent a condo for a winter first to experience the lifestyle firsthand. Thinking about a new hobby? Try it part-time while you’re still working. This way, you’ll know if your dream truly fits your daily life, rather than just your imagination.
Stay Flexible: Life in retirement rarely goes exactly as planned. Retirement plans are like road trips—detours happen. Practicing allows you to adjust along the way, ensuring that your lifestyle aligns with your evolving interests, health, and financial situation.
Finding Purpose Beyond Hobbies
Retirement isn’t just about filling time—it’s about finding purpose. While hobbies like golf, gardening, or pickleball can be fun, they often don't provide long-term fulfillment.
Many retirees find that once they stop working, they lose the sense of identity and structure their careers provided. During the first few weeks of retirement, it's common to feel a strange lightness—like someone has taken off a heavy backpack worn for years. But with that lightness often comes a new challenge: What now?
The key is to find more than just free time—you need purpose. Many retirees discover it by volunteering, writing, mentoring, or spending quality time with family. Identifying 2-3 major activities that give you meaning can transform your retirement from idle time to fulfilling days.
Practical Tips for Practicing Retirement
So, how do you actually practice retirement? Here are four actionable steps:
Rent Before You Relocate: Dreaming of retiring to the beach or mountains? Rent for a few months first. Experiencing the area off-season can reveal whether it’s truly right for you.
Test Your Retirement Budget: Live on your projected retirement income for six months while you're still working. If you find it tight, you’ll know to adjust your plans.
Talk to Others: Ask friends, family, or a financial advisor what they think of your retirement ideas. Listen—not just ask—to get honest feedback.
Find Side Projects: Whether it’s part-time work, volunteering, or creative pursuits, have something that gives your days structure and meaning.
The Financial Side of Retirement Practice
While lifestyle is a major focus, practicing retirement also helps protect your savings:
Part-Time Income: Even working 10-15 hours a week can significantly stretch your retirement savings, reducing how much you need to withdraw.
Avoiding Big Mistakes: Like the boat example, testing the waters before big purchases can save you thousands.
Health Care Planning: Practicing your retirement budget should include estimating healthcare costs—which often increase in the "No-Go" years.
Key Takeaways
Retirement isn't just about money—it's about purpose.
Practice your retirement lifestyle before committing to major changes.
Stay flexible—your dream retirement might look different once you try it.
Consult with trusted friends, family, and financial advisors.
Final Thoughts: Ready to Practice Your Retirement?
The road to retirement doesn’t have to be bumpy—if you practice first. Try new activities, test your budget, and explore lifestyle changes before making them permanent. You’ll not only save money but also discover what truly makes you happy in this next phase of life.
💬 What’s one thing you'd want to practice before retiring? Drop your thoughts in the comments—we’d love to hear them!
Tune in to the Retirement Roadtrip
Want to dive deeper into these topics? Join us on this episode of Retirement Roadtrip, where we share more specifics on how to practice you retirement.
If you’ve got questions, don’t hesitate to reach out. After all, we’re here to help you navigate the road to retirement—no GPS required!