What is a pre-retirement lifestyle trial?

A pre-retirement lifestyle trial is a temporary period, usually one to three months, where you live as if you are retired. You follow your planned retirement routine and live on your projected retirement budget to test the practical and emotional realities of your future life.

How long should a pre-retirement lifestyle trial last?

Most experts recommend a trial period of one to three months. This duration is typically long enough to establish a routine and gain meaningful insights into the daily realities of retirement, but not so long that it becomes impractical to implement.

What are the main benefits of doing a pre-retirement trial?

The main benefits include getting a financial reality check on your retirement budget, preparing emotionally and psychologically for the transition, understanding how retirement impacts relationship dynamics, and testing the suitability of a potential new retirement location.

How do I simulate my retirement finances during the trial?

To simulate your retirement finances, you should live strictly on your projected retirement income, not your current working salary. Consider setting up a separate bank account with only your projected monthly retirement funds to ensure you adhere to your future budget.

What if I discover I don't like my planned retirement lifestyle during the trial?

That's the whole point of the trial! If you discover your planned lifestyle isn't a good fit, you can use these insights to make adjustments to your retirement vision, financial plan, or even your retirement date, preventing costly and unhappy mistakes later on.

Can I do a pre-retirement trial if I can't take an extended leave from work?

Yes, you can adapt the concept. You could try a "mini-trial" by taking several long weekends or a few weeks of vacation time, focusing on specific aspects of your retirement vision. Alternatively, you might consider a phased retirement where you gradually reduce your work hours, which acts as a longer-term trial.

What should I track during my pre-retirement lifestyle trial?

You should track your daily activities, how you spend your time, your social interactions, your emotional well-being, and meticulously track all your expenses. This data will provide concrete insights into what's working and what needs adjustment in your retirement plan.

Pre-Retirement Lifestyle Trial: Test Drive Your Retirement…