"Money Matters" with Dee Lee
Retirement Dress Rehearsal
Wouldn’t it be nice if we could have a dress rehearsal for retirement to see if we really wanted to retire? If you can do it I do believe it’s worth the time and energy to try and create a retirement dress rehearsal.
Try retirement for a month or two. Do you have unused vacation time or sick time that you can use? Can you cut back to part time hours for a couple of months? This is not necessarily a transition into retirement but more a test to see if you really do want to retire.
What are you going to do with your free time in retirement? If you are coupled do you like being together 24/7? Do you have other interests that give you time apart? Do you each have friends that you can do things with? In my own experience, a good vacation where my husband and are together 24/7 can’t last more than 2 weeks. So, I know that full time retirement will not work for us.
Plan for this dress rehearsal. If you want to live somewhere else try your dress rehearsal there, possibly in the winter. Georgia? North Carolina? Arizona? If it is Arizona try it in the summer!
Maybe your dream is selling the house, buying an RV and setting off across country for adventure. Rent one first! Try two months of traveling with your spouse. You know that 24/7 thing again. I for one could not do it. After about 3 days I would have cabin fever.
Last trial run, try living on the income you will have coming in as a retiree. Calculate what your sources of income will be and try living on that for 3 to 6 months. How tight is it? Can you still do the fun things you had planned? Will you need a part time job in retirement?
Test the waters before you leap into retirement. In the movie, "About Schmidt", Jack Nicholson plays a recently retired insurance executive. Rent the video, it’s a picture window on retirement.