Ask a Retiree: I retired at age 60, sooner than planned when my employer downsized. Here’s how I learned to create a new life in retirement.

Too often, when people think about retirement they focus too much, if not solely, on the financial side of retirement. I had a 35-year career in Financial Services, I understand the importance of being financially prepared. Equally important is the non-financial side of retirement. The “how am I going to live” and “how will I spend my time” side of retirement.

For me, retirement came early, at age 60, as my employer was making changes and managing expenses. My plan was to retire sometime in the next few years. My plan changed. Change is good, right? I can say with certainty that I do not have retirement figured out; however, I am enjoying the learning process.

Although one of my first calls was to my financial planner, I was more concerned about how I would spend my time. I have always been active. I enjoy cycling, hiking, and being active outdoors. In retirement, there will certainly be more time for exercise, golf, tennis, pickleball, gardening, travel, or whatever activities one loves doing. However, for most, that still is not enough to fill their time or fill their desire to enjoy life.

Here are some tips for successfully continuing your journey after your primary career and creating a new life in retirement:

Step back and take some time to enjoy having more time

You may find that people will immediately reach out with job opportunities. In every situation, including an offer to join the board of my neighborhood HOA, I suggested that we connect in about six months. It is valuable to experience not working and to understand retirement as a reality and not a concept.

I learned very quickly how brutally painful boredom is. I also found that boredom is a great motivator to increase activity and creativity. Taking some time to step back helped me better understand what I wanted to do next.

Create a new network

A new network includes people from your existing network and new relationships that you are creating now that you have more time. Some of your previous networks will naturally fall away now that you are no longer working together but be very purposeful in maintaining the most important relationships. They will help you stay connected to your past career and understand changes and challenges in the industry.

My best advice for new relationships is to be diverse. Get out of your neighborhood and meet new people.  

Be active

I have seen family members retire and spend half their day in a comfy chair watching cable news. Their health, attitude, and the quality of their lives have deteriorated. Not everyone finds it easy to be more physically active, especially if they were not physically active before.

Now is a good time to start and just do a little more every day. Most people can be more physically active during retirement than they were during their full-time careers.   

Get better at what you’re good at and learn new things

We all have natural gifts and things we have become great at. Continue to grow and maintain your significance with your strengths. Others will learn from you. At the same time continue to learn new things. Reading, experimenting with new hobbies, new activities, volunteering; there are endless opportunities to learn and continue to grow.

The financial side of retirement helps us prepare for what we will need in retirement. The non-financial side of retirement helps us to plan for what we will do in retirement. Your next decade should be your best decade.

If you are curious, I am still not interested in joining the board of my neighborhood HOA.

For additional insights on how people are taking advantage of the many opportunities in retirement, take a look at The New Look of Retirement — Client First Capital.

About the Author

Cary Smith is Director of Business Development at Client First Capital and has 35 years of experience in Financial Services. Cary retired from USAA in August 2022 after a successful career of serving the military community. During his time at USAA, Cary was the Executive accountable for a large part of USAA’s Financial Planning and Advice business with over 400 Financial Advisors in 6 locations across the United States.

Cary also served in the Navy and spent much of his Naval career aboard the aircraft carrier USS Carl Vinson. Cary lives in Cave Creek, Arizona with his wife Regina. He is on the Board of Directors for Junior Achievement of Arizona. He and Regina volunteer at their church and are active in their community.

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This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.

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