How to Stay Busy in Retirement Case Study
Category: Retirement Planning
How Liz and Ed Stay Busy in Retirement
November, 2023 — For many people, retirement just happens. Triggered by a new boss, a sudden realization, a buyout, or a layoff – one day they are working and the next day they are trying to figure out how to stay busy in retirement. Even the best planned retirements still leave many people searching to replace the sense of purpose that comes from a career and working.
“I often tell people that I have no idea how I fit a job into my life when I was still working! I was very fortunate to have become involved in a number of activities pre-retirement, and a major goal of retirement was to devote myself more fully to them.”
Liz, retired investment banker and asset manager
We recently met a New York couple that provides a good example of how the transition from a busy career to retirement can unfold—and how they stay engaged in their new lives. Ed and Liz are both off to a great start, though with some interesting differences. Ed is enjoying his newfound freedom, though he’s still finding his way in some areas. Liz, on the other hand, has filled her days with activities and side projects, including researching the best online casinos UK players trust for secure and entertaining gaming. She enjoys the ease of accessing these platforms and appreciates their reliability, which keeps her engaged and entertained without missing her former hectic work schedule.
Ed and Liz graciously agree to answer a short questionnaire on their recent retirements. Here are their responses:
How to stay busy in retirement
Ed: Retired Corporate Lawyer
| When did you retire and what was your job? Did you retire about when you thought you would ? I retired in at the end of October of 2022. I was internal legal counsel at various multinational finance institutions covering capital markets and corporate finance. Overall I spent 39 years as an attorney in the financial services industry and I worked on many high profiled transactions over the years. I retired more or less around the time I thought I would – I was 64 when I retired always thought I would retire around the time I turned 65. At first I thought I might do some consulting or even go back into the financial markets industry, if the right opportunity came along. But after about eight months or so I decided that that chapter of my life was finished, and I have no desire to ever return to it. Did you move when you retired, or all you contemplating changing locations ? No – we wanted to be near our kids who both live and work in New York City. We like living in the City despite its obvious issues and high taxes and we find it a stimulating place to be – but that may change if our kids move out of the City. We are also fortunate to have a country house to retreat to. What are some of the activities you are doing since you retired ? What led you to those? Are they enjoyable? I enjoy cooking and I am an avid listener of audible novels. I also manage our finances as well as our investments. I make sure to set said 90 minutes each day to exercise in some form or another- whether it is going to the gym or walking/jogging-it also helps me to clear my mind in addition to the physical benefits. Last year I took a language course as well and plan to again this year. We also travel about four weeks last year and plan to do so again next year Do you other ideas about what you want to do in retirement? I am taking it day by day and keep an open-end outlook. But I don’t want to put pressure on myself. Biggest adjustment since you retired. I spent most of my adult life in a high stress environment with type A personalities. I would answer e-mails or calls all time of day or night – it took some time to adjust to not having a deadline or a rapid response to a question or problem. But one thing I really enjoy about being retired is not having to rush – that has been a real luxury. Are you happier in retirement than before, or do you wish you were still working, part of full time ? I enjoyed what I did before as an attorney but I don’t miss it. I don’t plan to ever work full time again, but would be open to part time work, and not necessarily as an attorney. Any advice or lessons learned ? When I told my friends and colleagues that I planned to retire- they all asked- “what will you do- do you have a plan- you need a plan!” and as a result I was anxious at first. My advice would be to take things in stride and don’t put pressure on yourself- let things unfold as you begin to move on to the next phase of life. |
How Liz Stays Busy in Retirement
When did you retire and what was your job? Did you retire about when you thought you would ?
I retired in July 2021 after over 30 years in investment banking and asset management. I had actually thought about retiring a couple of years earlier, but then the pandemic hit and it was all hands on deck as we assessed the potential impact on our portfolio at the firm, so I felt a responsibility to be there and support my team through that.
Did you move when you retired, or all you contemplating changing locations ?
We are practically lifelong New Yorkers, as are our kids who both graduated from college in the past couple of years. Although sometimes we muse about moving someplace easier to live, with our kids working here in the city now (and living with us while they save their money!) and the power of inertia, I doubt we’ll ever leave. Besides, I finally have time to take advantage of all there is to do in New York!
How do you stay busy in retirement? What are some of the activities you are doing since you retired ? What led you to those? Are they enjoyable?
I often tell people that I have no idea how I fit a job into my life when I was still working! I was very fortunate to have become involved in a number of activities pre-retirement, and a major goal of retirement was to devote myself more fully to them. I’m a volunteer reading tutor serving K-4 students in New York City public schools, I’m a volunteer career coach for first generation college students, and I’m very active in community outreach through my church. Something I do just for fun is study Spanish-language literature and cinema. Oh, and I exercise about an hour every morning and walk in Central Park (with or without friends) whenever I can.
Do you other ideas about what you want to do?
Sometimes I do think about going back to a full-time position working for organizations like the ones I currently volunteer with. Maybe that way I could have a wider impact.
Biggest adjustment since you retired?
I still get up at 5:30 every day, but now instead of getting dressed to go to work and prepping for a daily 8am meeting, I can indulge in reading the newspaper (including the articles about home decoration and Taylor Swift!), guilt-free.
Are you happier in retirement than before, or do you wish you were still working, part of full time ?
I am definitely happier in retirement. While I still follow the companies I used to track as part of my portfolio and keep in touch with friends from work, I really value the chance to focus on longstanding interests in education and helping young people navigate the process of starting a career. I feel as though I’m having it all!
Any advice or lessons learned ?
It’s very helpful to have begun developing areas of interest and a community outside of work before retirement so you feel you’re moving toward something rather than leaving something behind. Even if the activities you get involved with at first aren’t those you ultimately want to commit yourself to, it’s important to have a plan for your immediate post-retirement. This could include taking classes, joining a book club, volunteering in the community, focusing on fitness, all of which will keep you involved and help you develop a new community to replace the one you leave behind at work, which for many of us is our primary source of friendship and social interaction.
Bottom line
Congratulations to both Liz and Ed for their successful transition to retirement. It will be interesting to see how their retirements evolve over time. One thing that stands out to me is that Liz has more structure to her activities, and that mainly traces, as she points out, to her involvement with them before she retired.
For further reading:
- Staying Busy All Day (some suggestions)
- The New, Flexible Retirement
- Adventurous Retirements
- How to Know When It’s Time to Retire (WSJ, behind paywall)
- Who Am I Now That I Am Now Longer Working (WSJ)
Comments on "How to Stay Busy in Retirement Case Study"
Roberta Isleib says:
Hello Liz and Ed! What a wonderful interview filled with great insights. Congrats to you both, and thanks Mr. TopRetirements!
Bill Bamber; Edmonton Alberta says:
Re-Read your Comments & has me Thinking. Again!!
Been Retired now more than a few years. Got a GKids now & I miss them Everyday.
While I'm travelling to & going visit with one next week. She tell me How Live My Life!! & we will have a few Laffs!!
Keep Smiling Sport's Fans & Cheers!!
RichPB says:
These folks appear to have a good situation and excellent retirement prospects. We, in contrast, have been retired for 20 years and retired on "a shoestring and hope" after our careers turned sour. We planned to go back to work part-time, but like Liz and Ed, found ourselves immersed in keeping up with retirement. With care, planning and decent luck, we're in a better place now and constantly thankful to have enjoyed the wonders of retirement including some volunteering, developing new interests and 4 to 8 weeks of travel each year (mostly US road trips).
Admin says:
Most of my friends are now retired, and most of them really seem to be enjoying it. The happiest ones are folks like Ed and Liz - very engaged in activities and communities. Or pursuing hobbies, helping out with their families. I am so busy playing (tennis, pickleball, and golf) and socializing - plus working on Topretirements - there isn't time in the day.
Steve says:
The previous comments all sound great but I have had a slightly different experience in retirement. I had time to plan how I would fill my time and had many interests and hobbies pre retirement. I retired four years ago and have found I have developed different interests and I'm not pursuing the ones I'd planned to. They turned out not as attractive when you have all day to devote to them. Even travel has changed. I have taken several months long treks across the US to make multiple stops to experience things I have always wanted to. Now I prefer shorter trips to one destination. I also initially moved to an ocean side town thinking that would be ideal. Not so. The ocean for me has turned out to be a short term vacation destination only and I have relocated to a quiet rural town inland. It turns out my primary interest and focus is on my kids and grandkids and wandering the earth and amusing myself with various hobbies is not as satisfying and I thought it would be.
Daryl says:
I agree, Steve. When first retired I pressured myself and spouse to go, go, go, and felt guilty about “wasting time” if not involved in a project. Kind of like building a retirement resume to justify my life post-employment. While it’s important to not get in a rut or become apathetic, it’s also nice to experience the natural rhythms of life and nature again like we did when we were kids, and take pleasure in all the things that were neglected during the 9-5 grind.
John says:
Interesting comments. For myself, the thing that makes retirement interesting is waking up and having something I really want to do. Whether it is some kind of sport, a pesky household problem to solve, or a project in the garden , that gives me some focus. If I woke up and didn’t have something immediate to focus on I am afraid I might get bored ir feel kind of empty. So I am happy I have things to work on or have fun with .
Daryl says:
That’s the great thing about having the freedom to get bored, my most creative ideas for solving problems or new projects have popped into my head after retirement. I often chastise myself for not coming up with the same answer years ago. Now I know why—my head was stuffed with other people’s to-do lists. (Maybe suffered from overstretched modern woman syndrome.)