Planning the Retired Life

"As a retiree, you really need to have a plan," he said. "A lot of people say they're just going to sit around and relax, but after six months that gets old. And you spend a lot of time doing nothing and become depressed. I know people like that." Kandi Catalano, 61, is familiar with those doldrums. The Williamsville resident initially didn't have a plan because she retired prematurely due to a disability caused by an accident. A pet lover, she now spends her time volunteering with the SPCA, nurturing ill and abused animals back to health. "Life is unfulfilling and you feel unproductive when you sit around doing nothing," she said. "You really have a lot of time on your hands when you retire. It's best to use your talent skills, experience you've earned over the years and apply it to something you enjoy or share with others." But with Social Security on shaky ground, and many employer-paid pensions a thing of the past, retirement is increasingly viewed as a time of austerity, not a golden period to explore and indulge in your interests. The fear of not being financially ready can incite panic and a rush to save. "They are talking about the ceasing of the income that came in from a job," said Alan Mollot, a certified financial planner and president of Mollot & Hardy in Amherst. "People don't say what I'm going to do with the time. Most people in general are afraid they're not going to have enough money to pay their mortgage, buy food."

While achieving financial security is paramount, retirees should not ignore the mental side of retiring. Developing a plan for how to spend the saved money can bring fulfillment and meaning in retirement, experts say. "We've discovered that people who do the money side really well also do the life-planning side well," said Jean Setzfand, AARP's vice president for financial security. "For the best retirement outlook, you have to pair practical financial planning with life planning." Jeffrey M. Goldfarb, a certified financial planner and president of Jeffrey M. Goldfarb & Associates in Buffalo, said the approach to retirement planning should first be "factual," for the financial side, and then "feeling," for the more personal plans for how you will actually live, he said. "People who are not successful tend to be more focused on reaching a magical number but don't know how they are going to spend it," Goldfarb said. Aligning your interests with your finances can make the often traumatic transition from full-time worker to retiree seamless. "There's a sense of loss when you retire. You can lose your sense of purpose," said Pamela M. Krawczyk, director of Amherst Center for Senior Services. "Having a plan is critical if you're used to a 9-to-5. There's structure and a social aspect to when you have a job. When people find their niche, their purpose, they age more successfully. They seem energized. It's like steam in their engine."

Karman retired in 2008 after working 27 years as a Spanish professor at D'Youville College. Her retirement has become a successful marriage of financial stability and her varied interests. She writes short stories, shares her work at public readings, stumps for politicians, mentors youngsters and is actively involved in the Latino community. "I love retirement," said Karman, now 70. "I love life, and retirement gives you more of it." As Americans live longer, retirements are also lengthening, increasing the importance of retirement life planning. "People really have to start thinking about this," Krawczyk said. "You may have another 25 years to live after you retire. It's like the next half of your life." Experts suggest doing a self-assessment to narrow your interests. "I think it is important to sit down and think through what your interests are, the things you can't take advantage now of because you don't have time," Setzfand said. "You look for what brings you happiness, your hobbies, your passion. What you feel you could spend a lot of time doing." As a native of Cuba, Karman is interested in Latino culture and politics, so she's immersed in the local Latino community and can be found at voter registration drives.

Setzfand said life planning should be compatible with financial planning. She recommends an exercise called "practice retirement," trying out the plan before actually retiring. So if your passion is sailing and you plan to sail all of your retirement days, start sailing now. The exercise will determine interest level, dispel any romanticism and help you understand the actual costs, she said. "You'll know what elements are realizable and if you actually like it," Setzfand said. "On the financial side, you'll be able to find your resources and have a better sense of what your budget should look like." If retirees do work out of financial need, they can find jobs in fields in line with their passions, Goldfarb said, which also enriches retirement. Amherst Center for Senior Services runs one of the county's largest volunteer programs, which pairs retirees looking to fill their time with organizations and causes they're passionate about. "When they first walk in the door, they are very unhappy," Krawczyk said. "But after they become a volunteer, they come to life, smiling more, and they look 10 years younger." Catalano and Prudden are both volunteers with the program. "The satisfaction is that, at 80, I'm able to help someone else," Prudden said. "It's a privilege to work with Meals on Wheels."