Be Prepared: More Than Just a Boy Scout Slogan.
Just when you think you have it all figured out—your career, your retirement plans, your next adventures—life throws you a curveball. It’s a scenario that can happen to anyone: You’re happily counting down the days to retirement when suddenly you receive the dreaded notice, “Your position has been eliminated.” The shock is real, and it’s often accompanied by fear and uncertainty.
For the past two years, I had everything mapped-out. With just 12 months to go until I could start enjoying my golden years, I was ready to dive into Medicare options, maximize my retirement savings choices, and plan travels with my wife. Then, without warning, my plans unraveled, forcing me into a world of uncertainty.
The Unexpected Reality Check
It wasn’t just losing a job; it was the feeling of being completely unprepared for what comes next. Sure, I was still healthy and capable, but now, the control I thought I had slipped away. Whether it’s a sudden job loss, a medical emergency, or a family crisis, life can change in an instant.
Fortunately, my wife and I had already made one crucial decision: We moved to Tucson, Arizona, far from the harsh winters and humid summers of Wisconsin. It was a significant shift, downsizing from our spacious home to a more manageable one, shedding years of accumulated belongings in the process. While liberating, the move was not without its challenges.
The Downsize Dilemma
Transitioning from a 3,200-square-foot home with a three-car garage to a cozy 2,100-square-foot space meant saying goodbye to not only possessions but also memories and close friends. We spent days sorting through our lives, selling, donating, and figuring-out what we could fit in our new home. It was emotionally taxing, but looking back, I’m grateful we made the leap when we did.
However, our timing was not ideal. The housing market in Appleton was soft, and we still find ourselves juggling two mortgages as we await the sale of our Wisconsin home. While it’s financially challenging, we’re making it work, finding solace in our backyard pool and the beautiful Arizona landscape.
Lessons Learned
This unexpected journey taught me several vital lessons:
- Enroll in Medicare Part A at 65: It’s free, and even if you’re still employed, waiting can complicate your healthcare options down the line.
- Expect the unexpected: Your final years before retirement may not unfold as planned. Stay flexible and adaptable.
- Have a financial contingency plan: Consider potential adjustments to your retirement savings strategy, including earlier withdrawals from your accounts if necessary.
- Downsize and declutter proactively: Don’t wait until you must. If you haven’t opened boxes in over a year, it’s time to let them go.
- Think about early retirement options: Have a plan for what you’d like to do if retirement comes sooner than expected. Before it becomes necessary, explore hobbies, volunteering, or part-time work that excites you.
Conclusion
The key takeaway? Always have a Plan B. Life is unpredictable, and being prepared can make all the difference. Embrace the lessons learned and remember that while you may not have control over everything, you can still create a roadmap for whatever comes next.
