Opinion: 5 tips for transitioning into retirement

Retirement brings the end of a chapter in your career and the start of a new lifestyle. This unique transition can bring about many emotions, most commonly ones of excitement and apprehension. If you’re pondering retirement in the next year or so, here are five tips to help you make the transition smoothly.

1. Know the transition could take weeks – or months.
You likely spent decades forming a routine around your work schedule. Establishing your new normal will take time, whether it’s volunteer work, an encore career or helping family. If you are married, consider that your retired status might affect your spouse’s routine, too. Talk openly about the transition and how you’re feeling to keep them in the loop.

2. Communicate your retirement plans with family members.
Your parents, kids or other family members likely will be interested in how you intend to spend your retirement days. Will you be visiting grandkids more often? Maybe starting a business you’ll want support with? Continuing to host family get-togethers? Or planning to move or purchase a retirement home?

As you share your plans, don’t forget to touch on your financial picture. The benefits of open communication are threefold: It reassures your kids that you’re financially prepared; allows you to introduce or remind your family about your estate and legacy plans; and establishes a safe space for both sides to discuss potentially challenging money topics.

3. Maintain healthy habits.
Staying diligent with the activities that help you feel your best is important as you shift into retirement. Prioritize eating healthy, sleeping well, staying fit and maintaining friendships in your new routine.

4. Evaluate your finances.
Prior to retirement, you likely outlined how you will manage your cash flow. (If not, today is the day to put a plan in place.) As you enter retirement, review your expenses to ensure they’re aligned with your plan. It’s common to revise your spending and activities after experiencing the first few weeks away from your primary job, so it’s OK if you need to adjust how much you withdraw from your accounts each month. If you want to increase your spending, calculate what that means for your later retirement years, as you don’t want your savings to come up short. Consult a financial adviser for guidance on how to make your money last while living the lifestyle you desire.

5. Reset your attitude.
Retirement is not the ultimate finish line, even if it may feel like one at times. Experiencing a lot of emotions is common, but try to focus on what you’re excited about in this next chapter. And remember you’re not alone. Talk to friends, family and professionals in your life for support along the way.

Paula Dougherty is a certified financial planner and private wealth adviser with Achieve Private Wealth, Ameriprise Financial Services Inc. in Springfield. She can be reached at paula.j.dougherty@ampf.com.