The Honeymoon Phase of Retirement is something we will all go through when we initially retire.

That great moment when you can finally sleep in everyday, no prospecting calls, no angry co-workers and no demanding bosses.  You’re finally free from the rat race, and you welcome the honeymoon stage of retirement with open arms.  But did you know that 4 out of 5 retirees today find themselves in debt only 18 months after they’ve retired.  They may have walked into retirement with no debt, but after the honeymoon stage, there now in it.  The problem arises from not planning properly.  I know you planned all your way to get to retirement, but failure to plan in retirement can be just as problematic – mentally and financially.  Many retirees leave work with no plan and no clear to-do list.

Most people will need to redefine their identity, so below are some questions to ask yourself to get started.

1. What do you really want to do and what is meaningful to you now?
2. What things haven’t you tried in your life but secretly would like to?
3. Where will you live in retirement?  Could you divide your time between two locations a year?
4. Could you be a mentor to millennials?  Could you start a club to meet more like-minded people?
5. Have you worked out your financial plan and included travel (even if it’s on a shoe-string budget)?

Pure leisure for most retirees gradually becomes pure boredom and we’ve seen a new trend of retirees that are having difficulty adjusting.  Many overidentified with their careers and now need to remind themselves that they still have value.  Remember, there is so much more to experience in this new phase of your life.   Why not go back to school, start a small hobby-business, make a plan to leave a meaningful legacy, become a teacher or tour guide, improve your health, take dance lessons, or learn a new skill.  Always keep planning your life.  I know you’ve done a good job planning to get to retirement, so now you must continue that plan to reinvent your life in retirement too.

Christine’s Tip:

Let’s face it, your professional identity most likely defined you to the outside world.  Once you retire, that identity is lost, along with all the people, culture and community that you were immersed in.  So, who are you going to be in retirement?  What are you going to do with the next 20-30 years of your life?  You must have a new game plan.  Fear of being irrelevant and alone has no place in this new phase of your life. 

Now I don’t suggest you to try to replicate your career by switching to consulting or public speaking.  Often this does not work out the way you expect it to.  Instead, you need to re-channel your energy into new aspirations, maybe a part-time job you could love, with no stress, (as paid employment or volunteer endeavours).