What do you do if you're struggling with the challenges of transitioning from a late career to retirement?

1 Assess your financial situation

One of the most important aspects of retirement planning is to have a clear and realistic picture of your current and future financial needs and resources. You should review your income, expenses, savings, investments, debts, taxes, and insurance, and calculate how much you will need to maintain your desired standard of living in retirement. You should also consider the impact of inflation, health care costs, and market fluctuations on your finances. If you have a gap between your income and expenses, you should look for ways to reduce your spending, increase your savings, or generate additional income from other sources.

3 Explore your options for income

Retirement does not mean that you have to stop working completely. You may still want to earn some income from your skills, experience, or hobbies, or pursue new opportunities that interest you. You have many options for income in retirement, such as consulting, freelancing, part-time work, teaching, coaching, or starting a new business. You should evaluate your strengths, passions, goals, and availability, and look for opportunities that match your criteria. You should also consider the impact of your income on your taxes, benefits, and retirement accounts, and plan accordingly.

4 Maintain your health and wellness

Your health and wellness are essential for enjoying your retirement years. You should take care of your physical, mental, and emotional well-being by adopting a healthy lifestyle that includes regular exercise, balanced nutrition, adequate sleep, and stress management. You should also visit your doctor regularly, follow their recommendations, and take advantage of preventive care and screenings. You should also have a plan for covering your health care costs in retirement, such as Medicare, supplemental insurance, or long-term care insurance.

5 Stay connected and engaged

Retirement can be a lonely and isolating experience for some people, especially if they lose their sense of purpose, identity, or community after leaving their small business. You should stay connected and engaged with your family, friends, and former colleagues, and seek out new social and professional networks that share your interests, values, or goals. You should also find ways to use your time, talents, and resources to contribute to causes that matter to you, such as volunteering, mentoring, or donating. You should also explore new hobbies, activities, or learning opportunities that challenge and enrich you.

6 Seek support and guidance

Transitioning from a late career to retirement can be a complex and overwhelming process that requires careful planning, preparation, and adjustment. You do not have to do it alone. You should seek support and guidance from your spouse, partner, family, friends, or peers who have gone through or are going through a similar transition. You should also consider working with a professional coach, counselor, or advisor who can help you navigate the emotional, financial, and practical aspects of retirement. You should also be open to feedback, advice, and suggestions from others who can help you achieve your retirement goals.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?