RETIREMENT...ARE YOU READY?

 by Clara Galvano Rivera

If you are nearing retirement age, what have you put in place that will allow you to enjoy what comes after you have finally worked your last day on the job?

Can you afford to retire?
Most Latinas accept that caring for aging family members is part of their culture, and many also come from households where having enough money was always a problem. If you were able to put that scarcity mindset aside once you started working, it will help you.  If you weren’t, there are still things you can do to help your situation.  

Not to scare you, but whatever your age is right now you need to ask yourself some really important questions. Are you saving enough? Can you afford to stop working when the time comes? According to the National Council of Aging, “a 65-year-old will likely live twenty more years. Between rising healthcare costs, debt, and inflation it’s more expensive to grow older now.”

Comadres, where will you live? Will your elderly parents live with you? Do you have children that need to continue their education and could call on you for financial help?  Will you consider retiring abroad to the land of your ancestors where the cost of living may be less? Will that reduced cost of living still be true when you retire? As Dylan sang, “times are ‘a changing” and no one knows what the future holds.

More questions: When will you claim your Social Security retirement payments?  For good solid info, contact the Social Security Administration. A regular Social Security deposit in your bank account can be a beautiful thing, but remember, the amount of your benefit will depend on your average income over your working years, your spouse’s average income (if married) and the age at which you claim benefits. Social Security can be an important part of your retirement.

Even more difficult questions will come up and most will deal with -- you guessed it – money and how to manage it. What to do? You are in luck. Las Comadres has members who are professional financial planners and who can help you create a plan individualized for you to help you keep feeling secure and in charge. Check in with Las Comadres’ online directory or with your local network members to find professional financial planners. Having a pro show you the way can be life-changing! Start planning now however old you are, because that retirement day will come.  Here are some links with useful information: www.ssa.gov; https://dol.gov; https://www.aarp.org/retirement/; www.ncoa.org.

 

Ahhh, Retired!
No need to get out of bed on a cold, snowy day to trek to the office. What luxury! But how will you spend your time now that you are retired? Well, if you are living alone, you have the luxury of scheduling your days as you want. However, many of you have pets that need care, and they will let you know that their schedule is important too. So, take that into consideration.

If you live with others, spouses, children, grandchildren, elder parents, or siblings, then you may need to design a loose daily schedule until you can figure what works best for all of you in the household.  Kindness and consideration are the key words here when figuring out what’s best for you and all concerned.

Stress? Oh yes, it happens in retirement, especially when your identity has been connected to what you did before retirement. Teacher?  Social worker? Attorney? Super? Doctor? MTA bus driver? Who are you now? Not being around your ex-colleagues can be sad and leave you feeling isolated. “Easy” fix is to stay connected to those you were friends with; someday they will retire too! And follow your interests to connect with new people who enjoy the same things you do.

Retirement is a great time to dust off a hobby or find a new one.  For instance, are you a “fiber artist”? Take a look at what the The Knitting Guild Association and the Crochet Guild of America have to offer. Have you tried to grow orchids?  The New York Botanical Garden has a program that teaches how to grow and conserve those beautiful but finicky orchids. For that matter, contact any botanical garden in your state for info. Looking for something else? There are tons of listings on the internet that list associations and resources that will lead you to delve deeper into an old or new, exciting hobby and form new friendships in the process.

Volunteering is also worthwhile, AARP’s Create the Good program is amazing and can connect you with volunteer opportunities (in-person or virtual) in your local community or in the State where you live. Helping others is totally worthwhile on its own, but there are medical results that support that it is also beneficial for your well-being. For starters, it helps keep you from becoming a statistic of the increasing loneliness epidemic. A report from the Cleveland Clinic Newsroom quotes psychologist Susan Albers as saying, “Studies have indicated that volunteering is great for your mental health. . .It has been shown to decrease stress levels, depression, anxiety and boost your overall health and satisfaction with life.” The article states that “when you help other people, it activates the reward center in your brain and releases serotonin, dopamine, and endorphins.” No wonder many people often feel better after volunteering!

Some other benefits mentioned in these medical studies about the benefits of volunteering include “meeting new people, getting in some physical activity and developing a deeper sense of purpose and meaning.”  

Maybe part of your retirement plan is a gig that provides you with extra income, as well as provides an avenue to pursue something you love doing and would do even if you couldn’t make money doing it! This endeavor may be something new or perhaps you had already developed a side-hustle before you retired from your day job – either way, now you have the time to devote yourself to something you may have dreamed of for a long time. It’s never too late!

Having time on our hands is great – taking daily naps is what makes my older sister, Mary, happy, but that may not be for you. Stay active, take daily walks. Keep reading, doing puzzles, and watching webinars that interest you. Check out local museums during less busy weekday hours. Go to a theater production or to the movies. Visit your local library! Try new exercises – there are many online classes! Reconnect with your college or university alumni community to make new connections and partake in interesting social and educational programs. Explore if there is a senior center near you that offers classes or day trips that would be of interest to you. Often these centers offer lunch and a way to socialize as well. Stay healthy and get regular medical exams. Meditate, do yoga, dance in your living room to music you love! Life has so much to offer that you don’t ever need to be lonely, sad or feel isolated. Get out there and live. And remember there is always the Comadres community to support you! 

This article is part of the Fall 2023 issue of the Comadres Connect Newsletter.

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