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Strategies & Market Trends : Retirement - Now what?

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From: Neil H10/2/2010 7:07:36 AM
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Article from Vanguard

The man who flunked retirement

After 20 years as director of the Free Library of Philadelphia, Elliot Shelkrot happily walked out the door and into retirement.

But after spending a few months building the 10-foot mahogany-and-fiberglass kayak he had always dreamed about, he realized he was bored and had no idea what to do next.

Mr. Shelkrot had, according to his wife, "flunked retirement." It's not uncommon for some retired workers to feel at sea when they start retirement. They lack the structure—and the camaraderie—that come with a job.

What would you do if you were feeling blue about the supposedly golden years? There's no right answer for everyone, of course. But you might be surprised at what Mr. Shelkrot, 67, did next, as he told us in this interview.

How did you prepare for retirement?

I knew retirement would be a big change for me because I am one of those people whose self-concept is very much tied with work.

I tried to get ready and read a lot of books and articles about the transition to retirement.

I knew that you have to make sure you know what you will do right after you retire. You don't want to wake up one morning and ask, "What do I do now? Where do I go?"

What were some of things you had planned?

I was going to build a wood kayak. Three or four months later I had a brand new beautiful kayak.

But building a kayak was not a long-term project. I took it to a local creek a few times, but then I asked myself "Now what do I do?"

Going around the world in a kayak didn't seem like a good idea.

I like to read, but not sit and read all day. I've been too active and interactive all my life.

I realized I had a short-term plan but not a long-term plan.

That is when my wife said that I had flunked retirement.

How will you spend your time?
Use our Envision your retirement tool to help you get a clearer view of what your life in retirement could look like.
So what did you do?

I looked to do some consulting for libraries or other nonprofits.

Then a friend of mine who was associated with the William Jeanes Memorial Library, a small community library in a nearby township [to Philadelphia], told me it needed an interim director for a few months.

Are you happy you went back to work?

It's nice to have a place where people depend on you, where you are expected to help solve problems, improve operations. I like working with people and having those kinds of responsibilities.

Financially, It makes a difference as well. It is helpful to have a few extra dollars.

My income as a retiree is not what it was before, so working has helped me to deal with that transition as well.

You are still working on an interim basis. What will happen if the library does find someone to replace you as interim director?

I have to work to stay involved and active.

So I'm looking around to see if there are any opportunities for consulting in the library field, because it is a realm I am comfortable with.

I'm also considering volunteering.

Have you found it hard to work at a less-exalted level than you once did?

When I was director of the Free Library of Philadelphia, I had 40 buildings and a staff of 700 to do things. My work was more at the strategic level.

I am now at a small one-building library so there are more things I have to do myself.

When I was at the Free Library and we had to move a branch into temporary quarters during some renovation, I made sure the right people were handling it.

Here, when we had to move into temporary quarters for a renovation I hired the movers, worked with the staff on weeding the book collection, labeling those things that were going to go into storage and those that would go into the temporary space.

I like working with people and in some ways I am closer to the community we serve. I see the people the library serves. I learn directly their likes and dislikes.

What else did you learn about preparing for retirement?

Even if you think you are prepared for retirement, the change may still surprise you.

For example, you find out that your whole social network is different.

I was aware of that but thought I could deal with it. But it is a major change because in retirement there are few opportunities to talk about what is going on in your professional or family life.

Now, I have a group of people who are interesting to work with. And I can say, ‘Guess what happened to me last night?’ if there is something special to talk about.

And now I also have a place to bring in the extra cucumbers and tomatoes from my garden.

What would you advise people who are contemplating retirement?

Read everything that is out there about retirement and try to get a handle on what you are going to be facing.

I found "Don’t Retire, Rewire," by Jeri Sedlar and Rick Miners, interesting and helpful.

Prepare for what you will do immediately upon retirement.

Then prepare for what you will do next.

Don't be surprised if there are glitches in your planning.

What would you like to ask us about the markets and about saving and investing in your retirement plan? Click "Tell us what you think," below.
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