Now, as usually happens when you get older, nobody really cares about your experience or opinions. But even so, I have seen enough of what happens in retirement to think that my advice could be useful to some who haven't yet retired. But, then again, it probably isn't. But because it is my blog, I'm going to share it anyway.
First, consider the cost of medical care. You may have been healthy all of your life but then suddenly it hits you. All sorts of physical problems develop as you age and care is very expensive. You may see more doctors than you ever knew existed. So make sure that you have good medical insurance and the funds to afford it. In the first five months of 2017, 21% of our income has gone to medical insurance, doctor visits, tests and medicine. Now I realize that this might be somewhat excessive, but it happens. Medicare is good but it only pays 80% and doesn't include dental or vision coverage. You will probably need to purchase a supplement plan to cover the remaining 20% as well as your medicine. Make sure that you plan for this before you retire. Maybe you'll be lucky enough to be covered by a company plan after you retire, but that now is unusual and something that we don't have.
Second, make sure your finances are in shape. Make sure you pay off all of your debts before you quit work. Prepare a retirement budget and try living on it a few months to see if it is realistic. Hire a good financial advisor to handle your investments - not one who profits on selling and investing your money, but one who charges a set fee. Now as long as you remain healthy, you can always get another job to provide income, but that might not be your vision for retirement. And remember, taxes, gas, food, repairs and all those necessary things will continue to rise in price after you retire. If your money is invested, remember investments can rise ... and fall. If you are on a fixed pension, as I am, prepare to live the remainder of your life without a raise. I will never get one. And if you depend on social security, remember that the few dollars it might increase annually is usually lost in the increase costs of medicare coverages.
Third, make sure you have hobbies and other interests to fill your days. As much as you may want to quit working, life can become very boring and depressing if you don't have other things to do. Too many people go into depression or even die right after retiring because they have nothing fulfilling to do. Some love to travel, and that is great if you can afford it. Many of our close friends are constantly on the go and I am glad for them. But our budget doesn't permit that, so instead we stay at home and involve ourselves as volunteers in ministry. There are so many things you can volunteer for and help others as you now have the time. Our service at church and at Pinebrook are things that we enjoy and look forward to.
Fourth, make sure that you are emotionally ready to retire. We all think we are ready to do so, but sometimes our identity is tied to our work and it becomes very hard to separate ourselves from it. My boss once told me that you will know when you are really ready to retire and he was right. But it was still very hard for me after being there for 39 years and often going in to work on weekends and during vacations. I loved the classroom and my students, but I didn't enjoy the increased requirements being imposed by the state and the district. I did struggle for several months after I left, until the Lord provided me with two classes to teach at Millersville for a semester. That was the interlude I needed. Then those 39 years really became "another lifetime" for me.
Fifth and most important, trust the Lord with your decision. Proverbs 3:5,6 is vital for any believer in Christ. Trust Him to lead you and guide you. A year before I finally retired, I was being offered another job in ministry that I really felt I wanted. But at what I thought was my final interview, I was shocked to find that the job was no longer being offered to me. It was an adjustment, but I accepted it as the Lord's Will. And what I didn't know at that time was that in order to get themselves a big pay raise, the PA House and Senate were approving a bill to not only raise their salaries but also the pensions of future retiring teachers. By staying instead for my 39th year in teaching, I received a major and very unexpected increase in my pension. God knew all about that when I didn't. Looking back I can see how he was guiding all that was happening in my decision. And He will do that for you, too, as you trust Him.
I have enjoyed retirement despite numerous physical challenges. We have not been able to travel as we expected, but we have had many ministry opportunities to continue to serve the Lord and that has been very special and rewarding. Yesterday we again led a hymn sing at Pinebrook. And the Lord has provided all that we need and we know that He will continue to do so. Psalm 37:25, " I have been young, and now am old; Yet I have not seen the righteous forsaken, nor his descendants begging bread."
Second, make sure your finances are in shape. Make sure you pay off all of your debts before you quit work. Prepare a retirement budget and try living on it a few months to see if it is realistic. Hire a good financial advisor to handle your investments - not one who profits on selling and investing your money, but one who charges a set fee. Now as long as you remain healthy, you can always get another job to provide income, but that might not be your vision for retirement. And remember, taxes, gas, food, repairs and all those necessary things will continue to rise in price after you retire. If your money is invested, remember investments can rise ... and fall. If you are on a fixed pension, as I am, prepare to live the remainder of your life without a raise. I will never get one. And if you depend on social security, remember that the few dollars it might increase annually is usually lost in the increase costs of medicare coverages.
Third, make sure you have hobbies and other interests to fill your days. As much as you may want to quit working, life can become very boring and depressing if you don't have other things to do. Too many people go into depression or even die right after retiring because they have nothing fulfilling to do. Some love to travel, and that is great if you can afford it. Many of our close friends are constantly on the go and I am glad for them. But our budget doesn't permit that, so instead we stay at home and involve ourselves as volunteers in ministry. There are so many things you can volunteer for and help others as you now have the time. Our service at church and at Pinebrook are things that we enjoy and look forward to.
Fourth, make sure that you are emotionally ready to retire. We all think we are ready to do so, but sometimes our identity is tied to our work and it becomes very hard to separate ourselves from it. My boss once told me that you will know when you are really ready to retire and he was right. But it was still very hard for me after being there for 39 years and often going in to work on weekends and during vacations. I loved the classroom and my students, but I didn't enjoy the increased requirements being imposed by the state and the district. I did struggle for several months after I left, until the Lord provided me with two classes to teach at Millersville for a semester. That was the interlude I needed. Then those 39 years really became "another lifetime" for me.
Fifth and most important, trust the Lord with your decision. Proverbs 3:5,6 is vital for any believer in Christ. Trust Him to lead you and guide you. A year before I finally retired, I was being offered another job in ministry that I really felt I wanted. But at what I thought was my final interview, I was shocked to find that the job was no longer being offered to me. It was an adjustment, but I accepted it as the Lord's Will. And what I didn't know at that time was that in order to get themselves a big pay raise, the PA House and Senate were approving a bill to not only raise their salaries but also the pensions of future retiring teachers. By staying instead for my 39th year in teaching, I received a major and very unexpected increase in my pension. God knew all about that when I didn't. Looking back I can see how he was guiding all that was happening in my decision. And He will do that for you, too, as you trust Him.
I have enjoyed retirement despite numerous physical challenges. We have not been able to travel as we expected, but we have had many ministry opportunities to continue to serve the Lord and that has been very special and rewarding. Yesterday we again led a hymn sing at Pinebrook. And the Lord has provided all that we need and we know that He will continue to do so. Psalm 37:25, " I have been young, and now am old; Yet I have not seen the righteous forsaken, nor his descendants begging bread."
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