How to Transition Into Retirement

Key Takeaways

  • If you’re thinking about retiring in the next few years, we have a new course, Ready! Set! Reinvent!, to help you prepare.
  • There are five key items to consider when it comes to retirement.

Ready! Set! Reinvent! That’s the title of our new two-module, 12-lesson course on the topic of pre-retirement. Retirement is something that requires a lot of planning, and if you’re thinking you will be retiring in the next few years, there are five key things to consider to help you plan.

First, you’ll want to get started early. Give yourself at least two years in advance to prepare, and possibly move into a gradual retirement. You’ll want to consider all the things you want to spend your time doing: what do you want to do more of, and what do you want to do less of? It’s a shift in mindset from active working to active retirement.

Second, figure out your finances. This is critical. You currently have a certain spending plan. Chances are, you’ll want to keep that same spending plan. In order to do this, you’ll need to determine what your retirement income will be. Be clear on your Social Security, pension, investment income, and any other possible income you may have, so you’ll know whether your retirement spending plan is realistic.

Third, you’ll need to decide where to live. Will you move someplace warmer? Or perhaps you’ll move into a smaller home? Maybe a less expensive city? Maybe somewhere nearer to your children? Wherever you decide to move, it’s going to be an important factor in your overall spending, so make sure to give yourself time to research this.

Fourth, build a social network. If you’ve been actively working, you likely haven’t had as much time to do other things, and a key portion of your social network may come from your workplace. In retirement, you’ll presumably want to stay connected to people, but your social network will change. Figure out how to build that.

Fifth, take care of your health. Believe it or not, 120 is the new 80. More and more people are living well past 100, but most everyone would agree that living to 120 in poor health isn’t desirable. Science may be able to extend our years, but that doesn’t guarantee a good quality of life. By taking care of yourself, you have a much better chance of living longer AND healthier.

So if you’re thinking of retiring and are seeking a resource to help you plan for it, consider our Ready! Set! Reinvent! course. You may also want to take a look at a few of our past blog posts on the topic: 10 Things You Should Know Before Retiring and 4 Programs to Help with Financial Situations. Until next time, enjoy.


Gary Klaben is in our Glenview, IL office and serves our clients who are now located all over the country. He has over 30 years of experience and is the author of Changing the Conversation, Wealth of Everything and co-author of The Business BattlefieldWhether advising his clients, mentoring his team, or coaching entrepreneurs, he is always simplifying complexity and motivating others to take the next action that’s right for them.

Learn more about TransformingWealth™ , our proprietary approach designed to get your arms around the big picture, so you can make informed financial decisions. Ask Gary about Coyle’s TransformingWealth Preview Meeting and schedule a complimentary consultation and start living the Good Life Managed Well™.
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All information is from sources deemed reliable, but no warranty is made to its accuracy or completeness.   This material is being provided for informational or educational purposes only, and does not take into account the investment objectives or financial situation of any client or prospective client.  The information is not intended as investment advice, and is not a recommendation to buy, sell, or invest in any particular investment or market segment.  Those seeking information regarding their particular investment needs should contact a financial professional.  Coyle, our employees, or our clients, may or may not be invested in any individual securities or market segments discussed in this material.  The opinions expressed were current as of the date of posting, but are subject to change without notice due to market, political, or economic conditions.

Copyright © 2020 Coyle Financial Counsel.  All rights reserved.


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