Retirement is often seen as a distant milestone—one that promises relaxation, freedom, and the chance to pursue long-held dreams and hobbies. But, so often, people wait until the day they retire to begin enjoying all the things they’ve held in anticipatory esteem. As a result, they are blindsided by the abrupt shift in lifestyle, struggling to reinvent themselves and channel the intensity they once devoted to the practice of veterinary medicine into something new.
Studies suggest that the lack of transition is due to an overwhelming fear of retirement itself. In fact, 40% of Americans say they fear retirement more than death. Among veterinarians, 47% of practicing doctors express concern over the potential loss of professional identity.
If you are someone who fears the idea of retirement, then the best time to start preparing for the change is now. Taking steps early to gradually ease into retirement will help ensure the transition is as fulfilling as possible and allow you to test and refine your strategies before the “countdown clock” is up.
Consider these three strategies for entering the phase of work dubbed “pre-tirement,” when veterinarians—and other professionals—can sample the activities of retirement while still working.
1. Create a clear vision of what retirement should look like
Define goals.
When you envision your post-retirement life, what does it look like? Is it a shift to part-time work? Will you “stop being an owner” but continue to work full time until you physically cannot? Defining the parameters of your retirement structure will lay the groundwork for building out its content.
Decide how you want to spend your time.
Do you want to travel to new and exotic places? Spend more time with family? Increase volunteer work? Pursue new activities, challenges and passions? Keep in mind that if you plan to completely stop working, you’ll need to fill more than 50 hours per week for (hopefully) many years to come. That’s a lot of reading, travel, volunteering, time with grandkids and learning to play an instrument.
Identify your interests and hobbies.
Before you start sampling retirement activities, it’s important to identify what truly interests you. Think about activities you enjoyed in the past but may have put aside due to work or other commitments. These could be hobbies from your youth or interests you developed later in life.
2. Dip your toes into the retirement lifestyle
Slowly scale back your hours.
Once you’ve identified your interests, start incorporating them into your daily or weekly routine. This may be a challenge for many doctors. Ideally, you should take time out of your work schedule to do this for one simple reason: It allows you to begin a slow transition away from “work” into making “retirement” a reality that you are comfortable with and confident in. The point is to slowly decrease “work” hours while adding pre-tirement activities in their place.
Commit dedicated time to post-retirement activities.
Block out time in your schedule for these activities, just as you would for work or other responsibilities. Take back a one-hour block two to three times a week by going in an hour later or leave an hour earlier. Or, take a day each month (like the second Tuesday) for a chance to devote a bigger block of time to an activity such as volunteering.
Sampling your desired post-retirement activities during pre-tirement is essential, as you may find that something you once loved to do is no longer feasible, or your interest in it has diminished over the intervening years. You do not want to place all your aspirations in getting back into playing the banjo, for example, only to discover arthritis makes it near impossible. Or, perhaps, you’ve always wanted to try your hand at painting but soon learn you don’t like it as much as you thought you would.
Build healthy habits.
This is crucial for enjoying your retirement years. Start building healthy habits now with regular exercise, healthy eating, and the practice of mindfulness, meditation, or other stress-reducing techniques to maintain your mental health.
Reinforce your support network.
This includes professionally and personally. Be sure to include your spouse/partner/significant other as you make retirement plans. While you may believe that you are “on the same page,” they might have insights that you may not have realized or considered. Engage with friends, family, and community members who share your interests. A supportive network can provide encouragement and opportunities for collaboration. Fostering meaningful relationships also helps to combat feelings of isolation.
From the practice perspective, consider your current staff. Do you have the right people in the right roles to ensure a successful transition? Is there an associate who might want to purchase or take on an expanded leadership role? Start mentoring them now.
8 Tips for Adding Pre-retirement Activities to Your Routine
- Create a retirement “guidebook.” Keep track of important details, goals, ideas, activities, etc. in a journal or notetaking app. Reference it regularly and tweak your plan based on your experiences.
- Start small. Begin with short, manageable commitments. For example, if you’re interested in gardening, plant a small window box.
- Join a group or club. Many hobbies are more enjoyable when shared with others. Look for local clubs or online communities related to your interests.
- Take an online or in-person class. This can be a new language, painting, cooking, woodworking—anything that sparks joy.
- Join a gym and attend group fitness classes, or work with a personal trainer on a regular basis.
- Research and join an ex-pat group in foreign countries that you want to visit. Read up on local or national locations you want to travel to and follow them on social media.
- Look up classmates, old friends, extended family and re-connect with them.
- Take a long weekend to care for grandchildren while their parents enjoy a few days for themselves.
3. Begin planning your exit early
Identify your retirement trigger(s).
Is it a certain dollar figure in your investment account? A date on the calendar (a significant birthday or anniversary)? Is it a specific event (last child graduates from college) or a certain milestone? Hopefully, it will not be determined by a life event that is out of your control. While the trigger can change, it’s good to have a mile-marker from which to backtrack.
Work with a financial planner.
For veterinarians who own their practice, succession planning is a critical aspect of retirement preparation. Developing a strategy to transition the practice to a new owner or partner can provide significant financial benefits and ensure the continuity of care for patients. The peace of mind derived from having an ownership transition plan is also vital for your emotional wellbeing.
Valuate your practice early and often.
When it comes to exit planning, it’s important as an owner to know the value of your practice—and the potential roadmap for maintaining or increasing it. Ideally every three to five years, a valuation by a qualified veterinary practice appraiser and broker will help identify areas for improvement to boost salability, growth potential and eventual sale price. By proactively addressing potential hurdles to your succession plan, you can combat the stress that often plagues underprepared owners who are ready to sell their practices and retire.
Starting to sample retirement activities while still working is a proactive approach that can enhance your current life and better prepare you for the future. By identifying your interests, incorporating them into your routine, and planning for your goals, you can ensure a smooth and enjoyable transition into retirement.
