Baby Boomers - What to Do when You Retire Early

I worked in a stressful Wall Street job for almost 22 years. By the time I was 48, I was beginning to think of retiring from my job, and doing something else by the age of 50 or 52. The first thing I did was to discuss my plans with my financial advisor and determine if I could go through with my plan. I was thrilled when I was given the word that, given an appropriate investment plan, I could fulfill my dream. By the time I reached age 49, I was really getting tired physically. I took advantage of flexible work arrangements and reduced my work-week to four days. By the time I was 49 1/2, September 11th happened, and my workplace was uninhabitable. I began to work remotely from home, and was soon given word that early retirement packages were being offered. I jumped at the idea and moved forward on my retirement plans six months ahead of schedule.

It was a bittersweet time when I first took the plunge. While I was looking forward to this new life, and many of my colleagues also decided to retire, we were all still in mourning and shock from the tragedy of September 11th. All of us were used to working long days, taking work home at night and on weekends, and generally being "on" all the time. Then all of a sudden, our lives were drastically changed. Even though my goal was to obtain part-time work in the health care field, I realized that I was going to have to start all over in updating my resume, investigating work opportunities, and applying for work. Having a retirement "package" helped in that I still had an income flow for awhile, so the search for work did not have be immediate.

My husband and I were always into volunteer work, so the first thing we both did was to volunteer in a local hospital. It was a perfect segue into the health care field - my next career of interest. After only a half year of volunteer work, I was able to secure an entry level part-time job in one of the hospital units, and was made supervisor within 7 months. While I wondered if my age would have a negative impact on my ability to get work, the opposite was actually true. Within the next four years, I was able to secure work in three different health care venues, and discovered that what actually helped me get these jobs was my experience and my age.

In the five years now since "retirement", I am busier than ever. In 2005, I wrote a book, something I never dreamed I would do. I've now taken a break from work to try and get the book published. I never thought I'd be writing articles on the internet, or proposing a job preparation program for local high schools. "Retirement" has opened up a whole new world to me, and shown me the various ways I can use my time and skills. As a result of volunteer and paid work opportunities, I have made a new circle of wonderful friends, and in the midst of all of this, my husband and I can take a walk together on a summer afternoon, or stay up late to watch a favorite movie if we want.

In speaking with my friends and former colleagues, I know that the prospect of early retirement for many people is a bit frightening. It is not because of financial concerns, because most of the people I know who are contemplating early retirement have the means to do so. It is the fear of the unknown. What will I do? Will I get bored, etc? I had a bit of this fear, even though I had already thought out a plan. If you have a plan ahead of time, you will go into early retirement with a lot of energy and excitement, and will fully enjoy your new found freedom. Following are some tips for those of you who are contemplating early retirement:

Check out Your Finances

Even though you think you are ready to retire, don't leave it to chance. See a good financial advisor who will examine all of your assets, along with your retirement goals. A good financial advisor will discuss your needs and gain an understanding of your goals, determine if you are ready to retire based on how you want to live, and set up an appropriate investment plan to ensure your assets hold out. Even if you plan to work in another type of full time job in the future, a solid investment plan is key to ensuring a relatively comfortable and worry-free retirement.

Think about Your Interests - What you would do if you had to do it all over?

Everyone has a second dream career, or a special interest that they want to pursue during retirement. Before you put in your retirement papers, do a little research on your new career interest, or other interest. Do you want to work full time again in something different, or just want a little part-time job? Do you want to open a business, or help in a specific business venture? Do you want to go back to school? Once you have a goal, the transition from work to retirement guarantees that you will be busy almost immediately with the task of achieving that goal. Even if it takes some time to get to the next step, you will enjoy your free time more enthusiastically, knowing that you have a goal to reach.

Think Seriously about Community Service or Volunteer Work / Local Politics / or Joining Societies

If you are not going back to a job right away, or even if you are working part-time, it is a great feeling to have the time to do some volunteer work. In addition to helping the community, you will have a sense of fulfillment in your retirement years. Doing volunteer work in your career of interest, can also lead to a paid work situation as it did for me. I loved my volunteer work so much, that I have continued doing it, even though I eventually worked in different hospitals.

While you may not have had the time to get involved in local organizations or local politics, retirement is a great time to get involved in your local community, if that is your interest. You will be doing a great service to your community as well as having a sense of fulfillment. If you always wanted to join a particular community organization, or church group, or society, retirement is the time you can fulfill that dream.

Enjoy Your Time Off

I was so busy during my full-time working years, that I didn't have time for much enjoyment. When it came to Christmas shopping, I did most of it from catalogs because I didn't have the time to go to stores, unless it was on my lunch hour. I found that just having the time to go to the store was enjoyable. I could shop at my leisure, and then come home and take that walk I wanted to take, or just take a break for a cup of tea in the afternoon. These are simple pleasures, but after all, it is the simple pleasures that mean the most sometimes. If you are single, you will have the time to socialize more if you wish. If you are with a partner, and that partner is also retired, you will find the time you have to spend together more precious, even though it may take some adjustment when you are both home together so much. I guarantee that whatever you do with your free time, you will enjoy it even better than you ever expected.

So, don't be afraid of retirement. Just be sure you have reviewed your finances, have a plan, and enjoy it to the fullest.