Ready For Retirement
Ready For Retirement
Unexpected Retirement: Finding Happiness and New Adventures
Elaine didn’t decide to retire at age 57, but changes in her company meant an early retirement for her. Being caught off guard, she didn’t feel emotionally prepared to make the shift, even though she knew that her family would be fine financially.
One year into her retirement, she found her groove by focusing on her family, building new relationships, trying new things, and staying physically active. Today she says she’s never been happier.
James and Elaine discuss how she found her footing in retirement, the advice she would give her younger self, and the plans she and her husband have for when they are both retired.
Questions answered:
How did Elaine find the activities and community she is now enjoying?
What advice would Elaine give to others on the verge of retirement?
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Timestamps:
0:00 - Meet Elaine
2:55 - The “decision” to retire
4:44 - The loss of income
6:05 - New social outlets and new routine
8:15 - A year to make shifts
11:19 - Advice for younger self
13:58 - Search for activities; don’t say no
16:21 - Challenges and advice
18:37 - What’s next
19:58 - Try new things; build relationships
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My guest on today's episode of Ready for Retirement is Elaine. Elaine opens up how, at the age of 57, she was unexpectedly let go from her company. She shares about the first 12 months and how it turned into an identity crisis, having poured so much time and effort and work into the workplace that it was difficult to transition into retirement. She then goes on to share what she's done since then to, in her own words, be the happiest she's ever been, and the guidance that she has for those of you looking to retire. It's all coming up next on today's episode of Ready for Retirement. This is another episode of Ready for Retirement. I'm your host, james Canole, and I'm here to teach you how to get the most out of life with your money. And now on to the episode. My guest on today's episode of Ready for Retirement is Elaine Magana. Elaine, thank you very much for being on the show.
Speaker 2:My pleasure.
Speaker 1:So this is the second episode of this new format that we're doing and really it's just a conversation of for those that have gone there before that there being retirement, what's it been like? What's on the other side of this, what to some maybe feels like a magical destination, for others maybe feels like this scary place. But what did that transition actually look like? And just hearing real, authentic stories of people that have gone there before. So, Elaine, we've obviously known each other for a few years now. Elaine is a full disclosure client of Root, one of my favorite people. So I want to back up a little bit. Tell us a little bit about what you did for work, a little bit about you and your family and when you made that decision to retire.
Speaker 2:Okay. So I didn't make a decision to retire per se. My company decided to move the business back to Europe in 2017, but they did offer me my full pension, which was part of my decision not to go back to work after I also had three teenagers at home who I felt really needed me there. So, as scary as it was to lose my job that I had for 25 years as a director of operations, the timing couldn't have been better, so it was kind of a blessing in disguise.
Speaker 1:Yeah, I'd love to know more about so 2017, that happened. When did they notify you that they were moving back and that that was being terminated?
Speaker 2:So they gave us one year notice and they offered me an enticing package to stay for the year and cut my employees kind of was like death by 10,000 cuts. We we had to let certain people go every couple of months, so it was very, very difficult, but they gave me one year notice. They also gave me a nice package, including the start of my pension. So it was nice. I mean, they did it in a very humane way.
Speaker 1:Yeah, so not the decision to retire, but in retrospect, a blessing in disguise. How old were you when they notified you? So they gave you your notice. How old were you when you were notified 57-ish.
Speaker 2:Yeah so younger than I wanted to. I wanted to stay with the company until I turned 62 and then start my pension. But yeah, we didn't quite make it that far.
Speaker 1:So let's go back there, because the decision to retire I and but yeah, we didn't quite make it that far. So let's go back there, because the transition, the decision to retire, I think is a difficult thing for a lot of people. Even when they know maybe financially they're ready and they run the numbers and rerun the numbers and rerun so many times, it's still a scary decision to do so. So 57, that decision was made for you when, when you were 55, 56, was retirement even something that was actively being planned for on your part, and now you said you wanted to go to 62. What was that retirement decision even like, and was it even top of mind a couple of years prior to the decision?
Speaker 2:Always in the forefront of my mind and Joe's mind, because we wanted to have a good retirement. We've saved from the very beginning. We always both of us took full advantage of the 401ks and the 401k matches and we started to do the makeup at 50 to save as much as we could in retirement. We paid off all our debt. We set ourselves up really well to be comfortable in retirement and I interviewed for a few jobs after I was let go. But I sat in traffic in Sereno Valley. I did a couple of shifts and I was like you know, this is not what I want to do anymore. I don't want to be in corporate America. I want to raise my family, make sure they get into college and, you know, be a mom for a change. I traveled a ton when I was working. My husband had to pull up all the doctor's appointments and all the you know trips and he was volunteering at the schools and I missed all that. So it was actually, like I said, a blessing.
Speaker 1:Yeah, absolutely With that. It was still scary. A blessing, you know it's a blessing, but still be scared to death. What was it that was most scary to you? Was it the financial side of things, or was it more of the? What am I going to do? I never really worried about what I was going to do.
Speaker 2:I never really worried about what I was going to do, although at the beginning I was a little bit bored um till I found other branches um in my life, but mostly the salary. I made a good salary. I you know I was proud of that and I was you know um. It just scared me to think that we're going to go without my salary.
Speaker 1:Did you leading up to 2017, did you have a good sense? Were you and Joe the type to have a really strict budget? Have you know exactly how much you spend and how much comes in? Or is it more? We have a comfortable income and we get by and we don't have to focus too much on the actual numbers.
Speaker 2:I think a little bit of both. I mean, we, we we're very careful with our spending, but we also like to have a good time and enjoy, you know, vacations and and and having fun with our friends and things like that. So but we always were mindful of our, of our, of our money.
Speaker 1:Yeah. So with that, uh, you were terminated in 2017. You thought about do I go get something else? I've got the skillset, I've got years of doing this, I've got a lot to offer, but I also have a family at home and I also want to be a mom. In this phase, how long was it that you felt bored and what was it that clicked for you to feel like, oh, I'm starting to enjoy this and kind of redefine myself in retirement for you to feel like, oh, I'm starting to enjoy this and kind of redefine myself in retirement.
Speaker 2:Oh so, as you know, I started to play pickleball. Sounds crazy, but some friends of mine joined San Diego Racquet Tennis Club and I kind of hesitantly joined because I was like, why am I spending money to do something I can do for free? But I met an amazing group of people. I play pickleball at least once a day now and socially with the folks at the club we do tons of stuff together. We're going to Barcelona in September with some folks from the club. We're going to a meat-eating festival next week up in Napa with some of the girls from the club, where we eat without utensils and it sounds kind of fun. I mean, I really I rarely say no to doing anything anymore, which is quite the opposite of how I used to be.
Speaker 1:Let's talk more about your daily routine. Obviously, when you're working, your daily routine is defined for you. You wake up at a certain time, you may be sitting in traffic, you go to work, you do your stuff, you come home, it's just, that's the routine. Was that difficult to? Would you say? You have a new daily routine, I guess? My first question, and if so, did it take a while to find it or did it kind of find you?
Speaker 2:So right now I do have pretty much a daily routine. I get up, have breakfast, go to the club, play pickleball. I do some volunteer work with a local rescue dog rescue. I just foster failed with a golden doodle puppy, which she's lying right by my side. I'm hoping she's going to be good. I volunteer with them. I did a fundraiser for them. You know I do things with the kids and then usually I go back to the club in the afternoon and play again or, um, go for some social time. Um, it's only a couple of miles away from the house so it's easy to get to and fun. Um, yeah, I, I, I work out. I have a friend that from the club, uh, who's um a weight lifter and she's training me on how to do weights and so I do that. I'm never bored.
Speaker 1:And what do you chalk that up to? Because I know, in preparing for this, you said that what surprised you most, maybe, was just you're busier than ever. Mm-hmm, how did that come to be? Were you actively seeking things? Obviously Pickleball's won or was there just this backlog of things that you now had a chance to get to, that previously were unavailable?
Speaker 2:but it wasn't super fun and you know, at this point in my life I wanted to focus on, you know, more fun things than than serious. So that's when I started playing pickleball and um it, just it just has evolved into this whole new great world and great people and very fulfilling Did. Did you feel that?
Speaker 1:immediately. So I guess you know when you're working your focus is on work and you have to be. Was it pretty easy to flip the switch and say, ok, now it's funneling, or did it take some time for that to come to me?
Speaker 2:It took about a year. It really took about a year for me to to really have it sink in that I lost my job of 25 years, which I was super proud of and really loved the company that I worked for, and it just was kind of a slap in the face that it ended so quickly. But so it took about a year to just realize that it was going to be OK and that, you know, it's probably for the best. I did do some part time work for a couple of companies, some some consulting, but now I don't even want to do that much. I just want to focus on the family and I have three in college now also.
Speaker 1:So there's a lot going on, or the adjustment period between work and just getting over and adjusting to this new life. For those people who are listening that aren't retired yet, is there something that helped you get from that point of retirement and it's scary and it's this new thing to feeling like, okay, this is really fun and I'm enjoying it, or is it just a matter of time and being with it.
Speaker 2:Well, I guess it depends on your financials as well. You know we were like I said. We set ourselves up, you know, to have a nice retirement. You know we had savings for the kids and for their college, so we were pretty comfortable financially. For me, I think it was more the value like do I still have value? I'm not working? That was pretty much my, you know. I mean, that was I. Like I said, I was 25 years with the company and I ran two facilities, one in San Diego, one in Fort Collins. So I was, you know, I had a lot of responsibility and I felt like I was really valued, and then all of a sudden they pulled the rug out from under us and that was. That was difficult, I think. So the mental part for me was harder than the financial part and feeling valued.
Speaker 1:Yeah, absolutely. How does that change? If you could go back and talk to 55-year-old Elaine, who was proud of her work probably a lot of her identity in her work valued at work Would you advise her to do things differently in terms of commitment to the company or sacrifices for the company, or would you do it all the same?
Speaker 2:So that's a funny question because Joe is in the process of retiring slowly. Their company offers the. You know you go from full-time to 30 hours to 20 hours and then you retire. So he's taking part in that and I listen to him sometimes because he works upstairs here and I think things like this don't matter. They won't remember you in five years what you did and what you know. So sometimes when I hear him getting kind of worked up over issues, I think in the long run it's really not worth getting your knickers in a wad over you know. So I guess if I could go back and tell myself something, it would be certain things were just not worth getting all worked up over you know, things always seem to work out.
Speaker 1:Yeah, and for Joe, your husband, he is in the process of retiring, as you talked about. If you could speak for him, because I mean he's not here. What are his biggest concerns? High level, are they financial? Are they more the psychological side, like we're talking about, of what does that mean to not be a worker anymore?
Speaker 2:Yeah, I think he's more worried about things to do than financial. So he's already talking about, you know, helping his cousin out with the ice cream shop. You know maybe doing weekend events and you know go to different events like Bates Nut Farm and they bring their ice cream with them, and he was thinking of doing helping her out with some of those remote shop things and gardening. And you know sports and pickleball and you know I think he worries more about that, but I know he'll get in the groove as soon as and maybe it'll take him a year, like it did for me, but he'll be in the groove. We'll start traveling and, and you know, doing things, we have a goal of going to all the ballparks in the U S baseball park.
Speaker 1:So plenty of things to keep us busy and occupied in the U S baseball park, so plenty of things to keep us busy and occupied. Yeah, and I, I love that example, Cause I think for some people it's like I know I need to do something. I know I want to do something, but I don't even know what I want anymore, because my life is my work and that's the sense of maybe fun or creativity or spontaneity. It starts to get diminished over time. For you, Elaine, Did, did you? I did you. I know that you joined the Pickleball Club and you met almost like that decision alone, but there's so many other opportunities because of relationships you formed and other things that have come from that. But were you actively searching for things to do or did you already have a sense in 2017 of, okay, here's what I like and what I'm going to start doing?
Speaker 2:No, I had to search. I really I don't didn't have that many hobbies because, like I said, my work was all consuming and when I wasn't working I was taking care of the house, taking care of the kids. I really didn't have that much. You know, I was always athletic. I played softball in the company league, but again, once the kids came, I stopped that and it was just. It was, um, yeah, mostly just focused on family and and work, so I didn't really know what I wanted to do. So I was seeking things to keep me busy and you know, at first Joe would come home at like five in the afternoon from his job and I'd be watching Judge Judy on the in the living room and'd be like, is that all you were doing today? Which it wasn't, but it just happened. He always came home during that, yeah. So I had to go out and seek things to do to keep me busy and to meet good people and yeah, what was your experience like with that?
Speaker 1:So the people that are listening, they say, yeah, Elaine, that's what I want. I'm about to retire. I want to find that thing I don't know what it is yet. Any advice for those people in terms of how or where to get started?
Speaker 2:So for me I would say don't say no to anything that anybody you know offers to do with you. You know, of course, we had the whole COVID thing too, that that hit us. But that also was a good excuse because you know the pickleball is an outdoor sport predominantly, so I could do that during COVID and so that helped. Yeah, I think you just have to seek things out, try different things. Don't be afraid to take chances. It's kind of fun.
Speaker 1:Yeah, I'm curious, were there things you did? Try that. Looking back you say, oh, that's not for me, or did you pretty quickly find what you enjoyed?
Speaker 2:to keep me sharp and in shape, and so I didn't know it was going to be a pickleball, but I knew there was going to be something that I had to do to, to, to keep me busy and, and physically, um, I want to always be physically active for as long as I can.
Speaker 1:Absolutely. If you know, knowing you and in this conversation I would say your retirement has gone very well.
Speaker 2:I've never been happier.
Speaker 1:You've never been happier, which is amazing what, if any, has been the biggest challenge, with retirement going back to 2017, until now.
Speaker 2:Well, right now is kind of a tough not tough time, but it's challenging because the three kids are going to college. We're going to be empty nesters as of September 1st. I know we're financially fine. We're just a little cash tight right now because of the college tuition and things like that. So that kind of makes me a little anxious, but I'm still really happy. So yeah. And I know it's going to be fine. I guess that's just the way I am. It was raised to always worry about money and things.
Speaker 1:Three kids in college at one time, plus everything else, is everyone listening knows that's no joke, no joke what's been. You know, looking at the last seven years of your retirement, if you could give advice to everyone listening of, hey, here's what's gone well, or here's one piece of advice I have for everyone, or two pieces, or three pieces, what are the top things you would recommend to someone who came to you saying, hey, elaine, how can I retire? Well, outside of the financial aspect, what do I need to do to best prepare for that?
Speaker 2:I think that you need to be emotionally ready. You have to, you know, be sure that you have a plan. For me, to be comfortable was always to have getting back to the finances, to have the finances in shape so we could be comfortable and not have to worry about things all the time. So, um, I I actually followed the dave ramsey school of finance and then that's how I found you and that's how I had that. We ended up paying the house off. We were debt free going into when I lost my job, um, we were debt-free. So that also just was huge for us. And just having somebody who we can ask questions like you, james and Brandon and the team, it makes a huge difference. Just peace of mind and that quick call hey, should I do this, what do you think of this? And to get quick answers and know that it's solid advice has been huge for Joe and I.
Speaker 1:Yeah, I love that. What's next for you and Joe? So you've had seven years to experiment and find out what's working. Joe's in the process of slowly transitioning with this phase out plan for the company. What's next for you guys? What are you excited about?
Speaker 2:So well, this September we're going to Barcelona to believe it or not, a pickleball camp, shocking. And then we're already planning next September and going to Ireland and Scotland. So for us, I think a lot of it's going to be travel, and Joe's never been really he's not a big traveler, he's never been out of, he's never been to Europe a big traveler he's never been out of, he's never been to Europe. So I think just travel and you know the freedom of of, you know being able to do things now it's just something we're really looking forward to going to all the ballparks, going to, you know, different places We've never been to Montana, we've never been to Alaska, things like that.
Speaker 1:Yeah, Off topic a little bit, but the ballparks. How long is it? Are you going to go to every ballpark in one season or is that going to be over the course of a few seasons?
Speaker 2:I think that's TBD, but um, I think my goal would be to do it all in one season. Why not?
Speaker 1:Why not?
Speaker 2:Hey, I love the attitude. Yeah, yeah, yeah, it's just something to do.
Speaker 1:It's something to do, something fun to do. I've had that thought before. I think that'd be very cool. Anything else, Elaine, this has been really helpful. Like I said, just people don't know what's on the other side, and I'm glad that this has been just a wonderful seven years. I know the first 12 months were not maybe the most wonderful of those seven, but you've never been happier. You've got amazing relationships. You've been able to be with family, been able to do the things that you love. If you could leave people with one thing as they're thinking about that transition whether it be the timing of when to do it or how to find that fun or purpose in retirement or anything else what piece of advice would you leave people with?
Speaker 2:I would say just make sure you're not afraid to try new things, make sure you you're not afraid to try new things. And for me, um, building relationships with people. I have, like I said, met the most amazing people and that is because I ask people questions. I love talking to people, I love being around people. So for me, it was just, you know, being around really good people who had you know similar you know interests and things really good. People who had you know similar you know interests and things, and just taking some chances, you know, sticking your neck out there and having fun. We've earned it.
Speaker 1:You earned it and taking some chances. I think that's a great place to wrap is take some chances. Look where you are now, all because of some great chances you took.
Speaker 2:Exactly.
Speaker 1:Yep, well, very good. Well, lane, thank you so much for joining you really enjoyed it and again, thank you. I think a lot of people just enjoy hearing your perspective.
Speaker 2:Well, thank you, james, and thanks for everything you've done for us.
Speaker 1:Absolutely. Thanks, lane. Root Financial has not provided any compensation for and has not influenced the content of, any testimonials and endorsements shown. Any testimonials and endorsements shown have been invited, have been shared with each individual's permission and are not necessarily representative of the experience of other clients. To our knowledge, no other conflicts of interest exist regarding these testimonials and endorsements.
Speaker 1:Hey everyone, it's me again for the disclaimer. Please be smart about this. Before doing anything, please be sure to consult with your tax planner or financial planner. Nothing in this podcast should be construed as investment, tax, legal or other financial advice. It is for informational purposes only. Thank you for listening to another episode of the Ready for Retirement podcast. If you want to see how Root Financial can help you implement the techniques I discussed in this podcast, then go to rootfinancialpartnerscom and click start here, where you can schedule a call with one of our advisors. We work with clients all over the country and we love the opportunity to speak with you about your goals and how we might be able to help. And please remember, nothing we discuss in this podcast is intended to serve as advice. You should always consult a financial, legal or tax professional who's familiar with your unique circumstances before making any financial decisions.
