Quote:
Originally Posted by Misplaced_Chiefs_Fan
To be honest, Chi, I don't think you're ready for retirement yet. It's a mindset as much as it is a lifestyle change. If you're having second thoughts, you'll keep having second thoughts and not be able to enjoy your well-earned time to do what "you" want to do.
The problem I see with a lot of people is they've spent so much time "at work", even when they're not at work that they haven't developed things they like to do and would love to have more time to pursue - whether that's wood working, gardening, golfing, traveling, etc. - because they were either thinking about work when they weren't there or they felt guilty that they weren't at least planning for the next business day.
Since you're not in a position to be forced out at a certain age, you've got plenty of time to think about life after work. If you don't have any hobbies that really interest you, then try some new ones. Like you said, maybe cut down on a few projects if you can afford to and maybe do some traveling. You don't have to plan an around-the-world trip - just go visit a historical site or go to a concert in a different town and leave work behind without guilt for those few days. See if something resonates with you that you'd enjoy having more time to enjoy fuller.
THAT'S when you'll know you're ready for retirement.  |
I think sometimes, or at least in my case, you have to force that mindset onto yourself. After 40 or 50 years of work, there's a habit built up to work, and like any other long-standing habit, it's hard to break. That's not just from a work perspective, but also a financial perspective. I've been running on positive cash flow for a long time, and have defined progress as a larger amount of savings at the end of each year. It was hard for me to tell myself that I had enough, and that I need to switch to a "spending it down" mindset. That's always been a sign of a bad year to me in the past, but now it's the new normal, and it's not a bad thing.
I've been retired for a month, so I'm actually still in positive cash flow since I got some vacation pay and a few one-off windfalls. I'm sure I'll be a bit traumatized the first time I have to move money from savings to checking. But I just need to recognize that that's what the money is for.
Retirement is a big deal because I think it involves three major changes: no longer working, shifting one's financial mindset, and figuring out how to use the sudden flood of free time. I've tried to prepare for these changes, but it's going to take a little time to learn how to navigate in these new waters.