Coping with Sudden Retirement

Avoiding Common Stumbling Blocks

Are you like one of the millions of Americans readjusting your plan for the future based on the economy? Most of us had a plan: an approximate year for retirement, a place to retire to, even visions of receiving a watch at a company retirement party. Unfortunately, rapid changes in the business climate have produced a new reality.

If your company is struggling financially, you may be faced a choice between early retirement or starting job hunting all over again. Some companies are choosing to offer early retirement as a means to cutting back on expenses. So much for your carefully thought out retirement plan. How will you adjust to this new situation?

It’s not uncommon to struggle when face with such an enormous change to your plans. This is a huge life transition, one that you hadn’t planned or anticipated. Sometimes, the best approach is to work with a life coach on coping with life transitions.

Even if you feel that you are coming to terms with retiring, there are a number of challenges that will arise. By working with a life coach, you can examine those potential challenges and develop a plan to address them, long before they arise. Some of the challenges you may face are:

Adjusting and evaluating your income sources. Chances are, you planned to slowly ease into retirement and were sure that the money would be sufficient for your needs. If you retire early you are faced with deciding whether it makes sense to begin withdrawing money from your employee investment account, whether retirement pension plans alone will suffice, or even whether you need to supplement your income with a part-time job.

Adjusting your expenses. One of the realities of retirement is that you may have to adjust your monthly living expenses. The first step in this process is to look at a budget and look for expenses that you can adjust or change. Part of the planning stage is focusing on your expenses and determining what, if anything, needs to be adjusted. Were you planning on scaling down? Is this the right market to sell a home? Is it healthy to make this many changes all at once? These are huge decisions that need to be carefully evaluated and discussed. A neutral third party can help you uncover potential land mines, as well as help you determine which decisions make sense for you emotionally.

Adjusting your relationships. Most people think that there will be little adjustment on the part of the retiree or the spouse – you simply are home more. Actually, there is huge reaction on your part and the people around you. Your routines and habits are completely different. Your social life is different as well. Whether you realized it, you were gaining social contact at work. What will you do to fill in those areas of your life? Are you expecting your spouse (partner) to change their life at the same time? A life coach can help you identify the potential problem spots and help you, and your family, deal with this sudden change.

Most people struggle with change – we are creatures of habit and we enjoy our routines. You upcoming retirement may be the best change that’s ever happened in your life! With the assistance of a life coach, you can plan for this transition and help your family as you enter the next important stage in your life.