Stay flexible, dream big, plan ahead: How to retire right

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"I'm busy doing what I love." These words can motivate anyone putting money away in a 401(k) and envisioning how they want to live out their golden years. But beyond savings, retiring right requires a few steps and mindset shifts once they decide it's time to walk away from the workforce. 

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The average American will spend 18 years as a retiree, according to data from the U.S. Census Bureau. For many, the reality of retirement may look different from what they originally envisioned. Pre-retirement, 65% of people dream of traveling, while 59% hope to spend more time with family and friends, according to a 2022 survey by the TransAmerica Center for Retirement Studies. Additionally, more than half planned to pursue new hobbies. 

However, fears around having enough money to last through retirement, as well as declining health, are two major concerns for retirees, the survey found. Yet overall, individuals are generally satisfied with their circumstances in retirement, as 76% of retirees consider themselves to be happy, and 71% say they're relaxed, according to a study from Age Wave and Merrill Lynch

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To see what retirement is really like, a few current retirees shared what they're up to today, how they stay healthy in mind and body, and why retirement is a great time to embrace the unexpected.

Robert Stock, former writer and editor — Started a memoir at 90

"My real retirement didn't happen until I was 90 years old. I was an editor at The New York Times for 30 years until my retirement in 1996, but I kept working as a freelance writer and editor until 2020. That was when, pushed by relatives, I began writing my memoir. 

I had thought that when I finally retired I would sit in my rocking chair and spend hours reading over all the articles I'd written and the files I'd kept on my career. In researching the memoir, I discovered all sorts of things about myself. I discovered how much fun it was to go back through your life, with all the ups and downs of it. 

So my advice to the younger generation: Keep a journal, daily or weekly, of your major happenings. Save documents that have a personal importance and file them away. And look forward to sharing your history with your family and friends by way of a memoir." 

Maureen Wildey, former head of HR and benefits manager — Travels and volunteers

"I was fortunate to do work I loved during my 42 years in human resources.  Always the planner, I retired at age 66 when I became eligible to collect my full Social Security benefit and to have Medicare as my primary medical insurance. I expected to retire to a warm climate in a community conducent to maintaining a vibrant social and healthy lifestyle. I also expected my husband and I would continue to take a major trip or two a year as well as visit and host family and friends near and far.   

Since my work was a significant part of my life, I expected I would need to work in some part-time capacity in retirement to feel fulfilled. Much to my surprise, volunteer activities have filled that void and are very satisfactory. Despite a hiatus due to the global pandemic, we continue to fulfill our travel goal. We have taken trips to Spain, Italy, India and Southeast Asia in the last five years and have an ever-growing travel list. 

My advice is to plan and save for retirement while enjoying your work and leisure time during your working years. Remember that work/life balance is very important. Continue to learn and grow after you retire. Join a discussion group, get on a volunteer board, take continuing education courses, etc. Live each day to the fullest! On the practical side, contribute the maximum allowable to your 401(k) or 403(b) as soon as you can afford to do so. Try to enter retirement debt-free." 

Carol Gee, former military veteran and teacher — Runs her own business

"Eleven years ago, both my husband and I retired from our second successful career. (Our first was after 20 years in the military.) Before retiring from my university position, I finally realized a life-long dream of becoming a published author and freelance writer. A few years later I founded my small one-woman writing service. Two months short of 62, I knew I was too young to just sit around the house.

Paying off a few bills before retiring and putting all our utilities on a fixed rate allows us to save money. Multiple money streams coming in, including royalties from my books and sales of my crafts also help us live comfortably. People hearing how I'm enjoying retirement tell me I am busy. Yes I am; however I'm busy doing what I love. 

What would I tell others about to retire? That having something that gets you up in the morning or doing something you love will ensure a happy retirement."

Jan Stewart, former business leader — Advocates for mental health

"Throughout my career advising CEOs and senior executives, I observed many of them transitioning into retirement, both successfully and with difficulty. From their experiences, I learned the importance of developing a retirement plan well before the day you retire. Suddenly finding yourself no longer needed and "relevant" on a daily basis can come as quite a shock.  

I initially sought a part-time role to ease the transition, which allowed me to move into retirement gradually. Over the next five years, I enjoyed advising MBA and other graduate students, and the role involved far less pressure than my career had.

During this period, I found a new purpose in life. Having raised two children with multiple, complex mental health and neurodevelopmental disorders, I felt it was time to pay it forward to help parents persevere, have hope and know they are not alone. This has become my raison d'etre. As a retiree, it's both fulfilling and so beneficial to help others. I was involved in mental health governance and advocacy throughout my career, but since I retired, I have stepped it up and become chair of Kerry's Place Autism Services, Canada's largest autism services provider.

To keep my brain stimulated, I took up duplicate bridge before I retired. As a by-product, bridge has introduced me to a whole new world and new social circle. To keep fit, I work out in the gym, take Aquafit classes and enjoy line dancing. The key here is to ensure you enjoy the activities in which you participate.

My top piece of retirement advice for younger generations: before you retire, prepare yourself for the next stage of your life and develop a multi-tiered plan to keep your mind and body stimulated and active. Pursue your passions, give back to your community and have fun!"
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