Michael Hulse: What I Learned During my Retirement Rehearsal

I have provided retirement advice to clients for over 20 years, but while between jobs recently, I had the opportunity to experience what I’ll call a retirement rehearsal, or a lived experience, as others might say. To be clear, I haven’t retired, I have no plans to retire, and I will be working for the foreseeable future. However, six months of being left to my own devices without a day job allowed me to consider some of the practical and personal aspects of retirement. So, what was it like for me, and what did I learn?

Firstly, there was the sudden impact of going from working approximately 50-hour weeks to absolutely nothing – an unmistakable cliff edge. That alone was a huge shock to the system. When you are working, you are constantly on the go. There’s always an email to write, a call to return, a client to speak to, internal reporting, mentoring, training and personal development. You become a tightly honed machine, moving from one job to the next, always doing, looking ahead and planning. Then, literally overnight, it stops. The first few days of ‘retirement’ were a genuine shock, and I think my body reacted both physically and emotionally. It felt as though I had an internal energy with no home, outlet or focus, and no way of using or exhausting it as I had previously. Lesson 1, expect to feel different, both physically and emotionally.

With nothing in my diary, but with a wife who works from home and two teenage children, I couldn’t simply jet off across the world or go interrailing around Europe, as I wish I had done as a teenager. This time, however, I would have had a budget for hotels and restaurants rather than hostels and handouts! I still had responsibilities at home, and these became more of a focus. My daughters needed lifts to the gym, after-school clubs and gymnastics. Then there were the appointments, going to the dentist, optician, physio and so on. Lesson 2, not all of your time will be your own.

I decided quite early on to follow advice that I have both given to and gained from retirees, I kept a consistent morning and bedtime routine. I knew I was going back to work and would eventually have to readjust to getting up at a ‘work’ time, so I chose to retain that part of my old routine. It worked for me and meant that, when I returned to work, I didn’t have to retrain my body clock. If you are not planning to work again, you might not feel inclined to keep the same hours, but I do think having a set time helps. I generally went to bed at the same time, although the timing of some World Cup games meant that I built in a little flexibility! Lesson 3: recognise the importance of a routine.

On that first morning, my diary was empty. The kids were preparing for school, my wife was getting ready for her day, and I was sitting around like a spare part with no real purpose. Having a dog came into its own here because he gave me a reason to leave the house. I love being outside, and the opportunity to walk him was a daily pleasure. Well, mostly, as he can be a pain in the arse – he’s a cocker spaniel. I don’t think he could believe his luck, heading out at about 7.30 each morning and enjoying a good hour in the countryside and alongside the canal. As well as enjoying the walk itself, I met other dog walkers and early risers along the way. Those encounters gave me opportunities to interact, make new acquaintances and share a very British quip about the weather. Don’t get me wrong, these people haven’t become lifelong friends, but a friendly word or smile matters. When my wife was away with work, I might otherwise have had very little adult interaction during the day; at work, of course, that contact was built in. Lesson 4, consider the importance of social interaction and who you will spend time with.

The first few weeks of my retirement rehearsal passed quite quickly. Conscious that I had only a finite amount of time available, I began to draw up a list (was read and handed a list by my wife) of jobs that needed doing around the house. I’m not really one for DIY, but it was surprisingly rewarding to tick off some of the jobs that had been sitting there for far too long. In my case, they weren’t significant, it was touching up paintwork, fixing a squeaky door, cleaning the patio and so on. Even so, the satisfaction outweighed the work itself. It felt so much better to be at home once those annoying little jobs, the ones that never get done when you’re working, were finally completed. Lesson 5 during retirement, you are likely to spend more time at home, so tackle those jobs before they are staring at you all day, every day.

I am very comfortable in my own company, although I know that isn’t true for everyone. However, most of my peer group still works. While I might have had time for a pub lunch or a day trip, the people I would have shared those experiences with were not necessarily available. If you enjoy sharing experiences, consider who you will spend your time with. Lesson 6, if you retire early, who will you spend time with, and will they be available?

What will you do each day? Once the urgent jobs are finished, how will you use all that time? I knew I only had six months, but if you are retiring with no plans to return to the workplace, what are you going to do? Your options might feel limitless at first, but once you have ticked off a dream holiday or life experience, how will you spend your time day to day? Lesson 7 is to plan beyond the first few months, or perhaps the first couple of years, of retirement. Hopefully, you will enjoy a long and fulfilling retirement, so you need enough to occupy you, whether that involves learning a new language, volunteering or improving your fitness. What will give you a sense of purpose?

I was fortunate that, during my retirement rehearsal, I had a steady income stream and no concerns about my income. However, if I had been relying on savings, investments or a pension, would that have changed my outlook or behaviour? During my time away from work, events in the Middle East had a considerable impact on markets. Portfolios fell in value, while longer-term concerns remain over inflation, interest rates, energy prices and oil. If my income had depended on investment markets, would I have avoided that meal out, day trip or weekend away? I honestly can’t say, but the experience highlighted the importance of planning for retirement. Arriving unprepared is unlikely to lead to a positive outcome. Lesson 8 – plan your retirement finances.

Colmore Partners is an Appointed Representative of Best Practice IFA Group Limited which is authorised and regulated by the Financial Conduct Authority, the registration number is 223112.

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