Shifting Gears to Retirement: The Joys and the Challenges

By Richard Eisenberg

Shifting Gears to Retirement: The Joys and the Challenges

In his new book, "Shifting Gears: 50 Baby Boomers Share Their Meaningful Journeys in Retirement," Richard Haiduck drills down by asking retirees about the joys and challenges they've faced — and are facing.

Haiduck, a semi-retired boomer based near Palo Alto, Calif., has now shared some of their fascinating responses on the "Friends Talk Money" podcast I cohost with personal finance writer Terry Savage and Wealthramp founder Pam Krueger.

When I asked Haiduck, 72, how boomers tend to approach retirement, he said: "I think the general direction is a highly activist retirement, testing boundaries and exploring them."

As I note on the podcast, one group of women in their seventies Haiduck interviewed have learned how to play the ukulele. A couple now teach anger management in a maximum-security prison using Buddhist meditation principles. And one woman in her seventies climbed Mount Kilimanjaro in Africa — after she had hip and knee replacements.

Who Has an Easier or Harder Time With the Switch?

Haiduck told "Friends Talk Money" that he found there's a certain type of person who has had a harder time shifting gears to retirement than others."Those people who had an abrupt stop," Haiduck said. "In other words, on Friday they worked at the bank and on Monday they were retired, and they went from full-time working to full-time retirement." Most of the retirees he spoke with were unprepared financially, Haiduck said.

The boomers who found the transition to retirement easiest were the ones who did it gradually, as Haiduck did. He spent much of his career as an executive for biotech companies and startups and then shifted, bit by bit, to being a consultant. "It took me five years to retire," he said, saying retirement has turned out beautifully for him.

These days, Haiduck said, he's "retired with new interests." They include book writing (a lifelong dream), mentoring young social entrepreneurs ("the most rewarding work I've ever done"), reading voraciously and biking more than 3,000 miles a year. He's toying with idea of starting a podcast interviewing people about their retirement.

Savage, who has no plans to retire, said "finding purpose is the name of the game" for retirement, whether through work or volunteerism. "I think the sense of purpose and that sense of meaning is something that money cannot buy."

Her retirement role model: Tony Bennett, who paints and continues to perform at 94. "I think he's the world's best role model for retirement, continuing to do what you love to do, giving yourself the opportunity to do creative things that you might not have done before and enjoying life and giving back," Savage said.

Sometimes, Haiduck said, finding meaning takes a few tries. One retired man he interviewed described his experience finding a right volunteering fit: "I went through four different organizations until I found the one that made the most sense for me." Another man who had intended to do a lot of traveling has instead turned to genealogy. "He said, 'You know, I never would have done this except for COVID. This may be more fun than what my original plan was. I'm having a ball and learning things about my family."

Savage and Krueger shared their top tips on how to prepare yourself financially for retirement. "You're gonna need more money than you think; work longer, save as much as you can for as long as you possibly can," said Savage. Krueger, who hopes to work into her seventies, had two recommendations: hiring a financial adviser and "close your eyes for just a second and imagine a day in retirement and see what that looks like to you and what that feels like. If it's going to require more money, plan for that vision."

Author of "Shifting Gears," Richard Haiduck | Credit: courtesy of Richard Haiduck

Source: www.nextavenue.org

Richard Eisenberg is the Senior Web Editor of the Money & Security and Work & Purpose channels of Next Avenue and Managing Editor for the site.