By: Nanette Fairley
March 17, 2021

 

If you are not sure if you are ready to retire or not, one strategy to help you make that decision is to do a test drive!  This can also help you get a sense of what retirement might look or feel like for you before you quit your job. It’s kind of a reality check of your retirement plan!

A test drive can help you validate your assumptions, help you determine if your ideas can be reality, and trigger new ideas to explore. It could lead you to do further research, or even to go back to the drawing board.  But the good thing is you’ll be ahead of the game and will have time to course correct if necessary.

While it is not possible for the test drive experience to be exactly like the real thing, it can be pretty close.  Here are some ideas that might help your test drive be as close as possible to the reality of your what’s next.

1. Try to take as much time as possible away from your job/s.

That might mean 3-4 weeks or 3-4 months depending on what is possible.  If you are married or in a serious relationship, this would mean both people taking the same amount of time to ensure the experience is as realistic as possible.

2. Try to take as much time as possible away from your job/s.

That might mean 3-4 weeks or 3-4 months depending on what is possible.  If you are married or in a serious relationship, this would mean both people taking the same amount of time to ensure the experience is as realistic as possible.

You’re probably not going to get your schedule right the first time as it will involve some trial and error. Learn from things you don’t like and make a point to spend more time doing the things you do like.

3. Try out any geographical move you are considering.

If you picture living somewhere warmer or quieter, perhaps stay in that area for your test drive —perhaps in an Airbnb or other short-term rental.  Experience the weather, community, lifestyle and facilities before you completely pull up roots.  A friend of mine learnt this the tough way moving five times before finally finding her ‘forever’ home.  And in those moves she purchased and sold a couple of homes! Stay temporary until you are comfortable.

4. Think about what you might like to get involved with.

Read the local newspapers, Google search and find out about the events going on in the community. Can you connect with an informal leader who can give you an introduction to what’s going on?  Is there a cause you want to support? Do you want to spend time grandparenting? Whatever it is, try to do some of these activities during your test drive.

5. Live within your post retirement budget.

Practice living on the amount of money you have planned as income for your retirement. Figure out what you’re realistically going to have coming in and going out and aim to live on that for the entire period of your test drive, or longer.  Analyse if it worked for you or do you need to review your finances at this point.

6. Take some action to work on your good health.

Practice living on the amount of money you have planned as income for your retirement. Figure out what you’re realistically going to have coming in and going out and aim to live on that for the entire period of your test drive, or longer.  Analyse if it worked for you or do you need to review your finances at this point.

7. Consider the critical people in your life.

If you have a partner, this test drive is an ideal time to get used to the idea that once you’re both retired you’ll spend significantly more time together.  That can be a challenge for even the strongest relationships.  Think about what time in your week you will do things together, and also when you will follow your own interests.  Discuss what worked and what didn’t.

What else could you do to test drive your retirement?

During and following your test drive think about what you learnt about yourself and your significant other and both views on retirement.  Use these learnings to review your retirement plan and make any necessary tweaks.

Test driving your retirement will help you move from fear to anticipation of what’s next after years of hard work.  Don’t you deserve that???