Asking Eric: Struggling to emotionally prepare for retirement

Dear Eric: I read the question and your answer to “Undecided Plans,” who was having cold feet about retiring. I’ve been teaching an all-day workshop on retiring a few times a year for quite a few years now (even though I retired a few years ago at 71). I have several things to add to your suggestions.

1. Many people are ready financially for retirement significantly before they are emotionally ready.
2. After 50 years of saving for retirement, it is challenging for most to start spending down what they have saved.
3. Most of us know what we are retiring from but aren’t always sure what we are retiring to.
4. Research indicates that transitioning into retirement is more successful for those who’ve planned for it.

—Retire Well

Dear Retire Well: Thank you for sharing your knowledge. I love that you teach a class; these are life skills that can be learned and honed.

Dear Eric: With regard to “Undecided Plans”—retirement doesn’t have to be “all or nothing” in terms of a paycheck. When my husband retired for similar reasons of time and health, he continued to work part-time at a climbing gym, making his own schedule and doing something that he enjoyed. He brought in a small paycheck for eight years until the pandemic closed the gym. Now he is fully retired. “Undecided Plans” could look around for something that fits his interests and transition from fully employed to fully retired at his own pace.

—Part-time Retirement

Dear Part-time Retirement: A number of readers wrote in about how important a part-time job was in helping them transition. It provides a financial cushion and helps give days a structure, without overloading one’s schedule. Volunteering also came up as a great way of continuing to engage with people and ideas while learning what excites you in this new phase of life.

(Send questions to R. Eric Thomas at eric@askingeric.com or P.O. Box 22474, Philadelphia, PA 19110. Follow him on Instagram and sign up for his weekly newsletter at rericthomas.com.)

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