Retirement planning means more than saving in your 401(k)

New retirees who neglect to plan can flounder without career structure, not knowing how to fill their days, some retirees and advisers say. Their social ties can suddenly dwindle, and those endless rounds of golf or hours spent babysitting the grandkids turn out not to be as relaxing or fulfilling as expected.

According to research, it takes about two years to settle into retirement. Among those who have been retired for less than two years, 46% have struggled to find their new purpose, according to a study this year by retirement think tank Age Wave and brokerage Edward Jones. Among the challenges they face, 36% said they mentioned difficulty learning how to organize their time, while 27% said they felt out of step with their partner or non-retired friends.

The uncertainty and anxiety surrounding this life transition has led some to turn to retirement coaches to help them adjust to changing schedules and priorities. These coaches, who typically charge between $150 and $300 per hour, sometimes have a background in social work or human resources, although others have no formal training.

“People spend more time planning a two-week vacation than a retirement life. You need a thoughtful plan,” said Jaye Smith, retirement coach and co-founder of Reboot Partners LLC.

Here are three suggestions from coaches about where retirees tend to struggle in this transition and what helps people get the most out of this next chapter:

Take the time to experiment

Think of the first year of retirement as a gap year, said Nancy Collamer, retirement coach in Langhorne, Pennsylvania. Use the time to explore new interests, take classes, and experiment with your schedule.

“Don’t expect to have a full plan from day one,” Ms. Collamer said.

Use the first few months to have conversations with former colleagues about counseling opportunities, conduct informational interviews with nonprofits to learn more about their volunteering needs, reconnect with old friends, or take that long-awaited vacation.

One of Ms. Collamer’s clients tested several volunteer and consultancy gigs that utilized her operations experience. The client eventually decided that volunteering to do a job she was paid to do wasn’t rewarding. Instead, she found a volunteer role at a hospital, a new setting that allowed her to exercise her more spiritual side.

What you find fulfilling in this new stage of your life may surprise you. Ms Collamer’s husband, Joel Collamer, 66, a former information technology consultant, has signed up for courses to become a master naturalist. He now offers volunteer tours at the local wildlife sanctuary and writes nature articles for a community newsletter.

Be patient, give yourself wiggle room to experiment, and know that not every hobby needs to be expanded, Ms. Collamer said.

“It will take longer than you think to create the right mix of activities,” she said.

Set limits

A few clients that retired coach Jaye Smith works with have been asked to stay in their jobs to help their team adjust to their departure. It’s often a good way to retire, said Ms. Smith, co-founder of Reboot Partners.

Set clear boundaries around your time with your employer. If your company pays you to work two days a week, work two days a week. Doing more than originally agreed will lead to a delayed retirement and frustration.

Boundaries can also become blurred with families.

Another client of Mrs. Smith retired, sold her house and went back to school for a second master’s degree.

His son and his family had recently purchased a new home which had a separate cottage where this client could comfortably live. The client’s son and daughter-in-law assumed she would be available to care for their two young children while they were at work.

She took on the responsibilities for a while, but regretted it as it left little time for her other interests. She then negotiated a babysitting schedule around her class schedule and found a balance that satisfied everyone.

“Don’t let other people’s needs take precedence over your own unless it’s satisfying and in line with what you want,” Ms Smith said.

Fight boredom

People assume they’ll be happier when they stop working, but that’s not always the case, said Robert Laura, retirement coach and founder of the Retirement Coaches Association.

As people gain time and freedom, they can lose routine, identity and mental stimulation, which are not easily replaced, he said.

Without a plan, some end up spending most of their day watching TV or online.

Others think they should do nothing but play golf in retirement, said retired St. Louis coach Joanne Waldman. Golf then basically becomes their job for a while, but then they often start to get bored.

To help clarify what will make them more fulfilled, she asks clients to think about what would make them not regret the way they spend their precious time.

Some retirees are turning to heavy drinking to fill time or ease feelings of isolation that have been heightened during the pandemic, Laura said.

Being aware of these risks and asking for help before they go away can be the difference between a peaceful and healthy retirement or a difficult one, he said.

Work on building what you consider an ideal life before you retire to make the adjustment easier, Laura said. For example, start a healthy eating routine today, have friends to socialize with outside of the workplace, and stay involved in the community by attending events before giving your opinion, he said.

“Retire from work, not from life,” he said.

Write to Veronica Dagher at [email protected]