Retirement Check-In (week 27) by Scott Stolz, CFP, RICP

 

Last week my retirement reached the 6-month mark.  My wife loves to do “check-ins,” so she asked me how I’m doing.  Since a lot of people struggle with the transition to retirement, it was actually a very valid and thought-provoking question.  After a brief pause I could truthfully say I thought I had handled my first six months pretty well.  According to a recent article in Rethinking65 (Mapping Out the First 90 Days of Retirement, Financial Planning Articles for Financial Advisors & Wealth Managers,) “the average retiree needs to fill 40% of their waking time.”  While that was one of my biggest initial concerns, it has really not proven to be a problem.  It’s amazing how much time is taken up when you commit to playing softball 3 mornings per week.  And this weekly blog gives me a much-needed regular task.  In addition, my wife and I are working on a new Roundtable with Saltzman Associates (Summary - Business Owner Transition Roundtable).  Consequently, there has been only a handful of days when I’ve woken up in the morning with nothing specific I need to do.  In fact, if anything, I’ve taken on too much too quickly.  Several close friends cautioned me about saying “yes” to everything that came my way.  But after providing service to financial advisors for over four decades, “yes” was my go-to answer.  The Rethinking65 article points out that retirees should “…finetune their calendar and budget based on what feels fulfilling versus draining.”  I’m now following that advice.  I’m still saying “yes” when asked to help, but if I find myself not looking forward to the some of the tasks that “yes" requires, I quickly disengage. 

I think I also underestimated the change in my social structures once I entered retirement.  I was fortunate to work with a lot of great people.  Many of them became and still are good friends.  But since I no longer see them in the workplace, I’ve learned I have to work harder to stay connected. Consequently, I have lunch dates with both an old boss and a former employee this week. 

The hardest part of this transition has been creating a new identity for myself.  Or maybe it’s just accepting that my identity has changed.  I’m really not sure which it is yet.  Like many people, my career shaped much of my identity.  I was Scott Stolz, Senior Executive.  My decisions and opinions had an impact on the goals and plans of others.  People therefore returned my calls.  My phone calls still get returned, but no longer as quickly.  I suspect that eventually they won’t always get returned.  But I’m OK with that, because I’m really not Scott Stolz, Senior Executive.  I’m Scott Stolz, father, husband, grandfather, friend, softball player and someone that still knows a lot about retirement planning and annuities.