Welcome to Rethink Retirement. A monthly blog series where I explore different topics related to all things retirement. Each month I answer questions and provide insight into this exciting and sometimes challenging time in your life.
For this month’s Rethink Retirement blog, I sat down with Mike Drak and asked him a few questions about his journey into retirement.
I first heard of Mike through the Retirement Coaches Association and later met him virtually at the RCA’s annual conference last September. He was one of the keynote speakers and he spoke about his own “retirement shock” and what he did to overcome it and move forward. I was intrigued and wanted to learn more about him. I bought his book, Retirement Heaven or Hell which is excellent. It provides valuable information for anyone starting to think about, plan and transition into retirement.
Mike is a 38-year veteran of the financial services industry. He lives in Toronto and is the author of “Retirement Heaven or Hell,” published in 2021, as well as an earlier book, “Victory Lap Retirement.” Mike works with his wife, an investment advisor, to help clients design a fulfilling retirement.
Here is what he had to say.
Q1. Tell us about your transition into retirement. What were some of your challenges and successes?
I suffered from retirement shock for a long time, and it took me seven years to figure things out and design a lifestyle that worked for me. Part of that lifestyle contains a component of both paid and volunteer work.
Q2. What was happening if your life when you wrote your first book, “Victory Lap Retirement”? And what prompted you to write your second book, “Retirement Heaven or Hell”?
I started to work on VLR when I was suffering from retirement shock. Although I was fine financially, I was struggling with the non-financial aspects of retirement, not having a good source of purpose, not having enough friends as they were still all working including my wife, and not having an identity. Being labeled retired bothered me. I knew a lot of people would go through what I did, and I figured I could help them by writing a book.
VLR did well but readers wanted more so I wrote the second book to show them a step-by-step process on how to design a lifestyle that would work for them. I also included the nine principles for a long and happy retirement something every retiree should be aware about.
Q3. What, in your opinion are the three most important elements for designing a fulfilling retirement?
You need to start the process 3-5 years before retiring because doing it right takes time. You need to re-connect with who you really are. Understand what drives you and makes you happy. Then you need to figure out who you want to be and what you want to do and start putting those pieces into place.
Q4. What have you learned about yourself and life in general since your retirement?
I have learned that I need to keep working at something. I need to set goals to gain a sense of achievement and significance. Also, I have a strong need to help others and I accomplish that by helping people transition to a successful retirement. I do a lot of free talks to groups of individuals which always makes me feel good.
Q5. If you could, would you have done anything different to get you to where you are today?
I would have started planning for my second life in my mid-fifties, but I did not have anyone to guide me. There were no books on retirement lifestyle design at the time.
Q6. What advice would you offer people who are starting to think about and plan for their retirement?
- Start planning early.
- Understand what drives you and figure out how you can satisfy these needs after retiring.
- Keep working part-time paid or volunteer for as long as you can.
- Get and stay healthy.
There is always a lot to think about for your retirement. As Mike said, start planning early. It will make the transition easier, and you will have more control over your time, something that you may not have had during your working years.
If you find planning overwhelming and not sure where to start, remember you do not have to do this alone. Reach out to me anytime if you need a little help or simply have a question. My purpose is to see you live your best retirement life!
Jennifer Rovet, CPRC
Retirement Coach
Retire Ready Canada
retirereadycanada@gmail.com
www.retirereadycanada.com
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