4 Tips for Getting the Most out of your Retirement with Teresa Wolande
The transition from full-time work to retirement is a tricky one. Whether you’ve been waiting your whole life for this moment or are totally dreading it, it’s never easy to undergo a significant life change. However, Teresa Wolande, a retiree herself, is here to reassure you that the best is yet to come. You will find your retirement groove and end up loving the freedom that comes along with it.
Wolande is a former CFO of a large ambulatory company in the United States who now lives in Naples, Florida. She’s an avid golfer, a safari lover, an entrepreneur, and a family woman, who currently runs a series of women’s forums in Florida devoted to the transition from working life to retirement. Teresa Wolande has made the most of her retirement and wants the same for other retirees, which is why she’s offered the following tips on how to get the most out of your fourth quarter.
1. Find Part-Time Work
If you’re someone who’s extremely worried about letting go of their busy working schedule, why not consider finding some part-time work? Though it might sound like it, working during retirement is not an oxymoron. In fact, according to a May 2015 report, 82% of people in their 60s expect to work during their retirement years. Whether this takes the form of freelancing, consulting, part-time work, or even volunteering, keeping busy by continuing to work may be the best option for some people. After all, Teresa Wolande knows first-hand how difficult the transition can be from a full-time job to retirement. She states that for some, they miss that feeling of daily productivity and need some semblance of it in order to be the happiest they can be in retirement. The key to working in retirement is finding a job that combines your skills with your interests. Though you may have been a highly successful accountant, it’s possible that you weren’t passionate about the work. Now that you’re retired, you have the luxury of finding a new position that truly interests you.
2. Be Open to Adventure
Being a creature of habit is totally normal; it’s human nature to crave routine. However, Teresa Wolande urges retirees to open themselves up to new experiences during retirement. With so much freedom, in terms of both time and money, retirement is made for trying new things. Beyond expanding your worldview, being open to adventure is a great way to get out of a rut. Before you retired, it may have worked for you to watch television for an hour or two when you came home at the end of the day. But if during retirement, this translates into watching television all day every day, that’s a problem. Not only are you likely to get bored, but if you’re someone who is already struggling with leaving the workforce, these types of activities will make you feel more stagnant and less productive than you may already be feeling.
3. Spend your Money Wisely
You would be shocked at how many people barely spend any money in retirement. Although it can feel odd to be spending money without the safety net of a paycheck coming every two weeks, you’ve earned it. You’ve been working towards this moment, putting your money into savings for decades, so you could enjoy a comfortable retirement. That said, it’s completely normal to have difficulty adjusting your mindset when it comes to spending your savings. In contrast, Teresa Wolande warns of retirees who don’t properly plan for retirement and end up overspending in their first few years. That is why it’s important to see a financial planner and understand from the get-go how much money you have in savings and how much you expect to spend each year of retirement. Overall, the key is to find the right balance and spend your money wisely. Invest in yourself and your happiness, but don’t be reckless.
4. Discover New Parts of your Personality
Lots of men and women see retirement as an opportunity to start anew. According to Teresa Wolande, now is the time to learn more about yourself, discover new parts of your personality, and create a new identity along the way. For many people, their job is a huge part of their identity. When you retire, it’s time to consider who you are, separate from your occupation. Although your career will always be a part of you, it’s no longer the most significant part of your personality. Think about how you wish to spend your time in retirement and consider making that part of your new identity. For example, if you plan to spend your years travelling, you’re an explorer, or if you wish to take up painting, you’re an artist. Of course, one word cannot define an entire person, but start thinking about how you see yourself and how you want others to see you outside of work.