Personally preparing for retirement
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When people ask me what excites me most about my upcoming retirement, I tell them I’ll finally have a chance to organize my sock drawer. The expressions I receive in return suggest I must not have understood the question.
But it’s true, both in reality and as an excellent metaphor. Soon after you read these words, I won’t be employed for the first time in more than four decades. I’ve worked from the time I was able to hold down a job. I was raised to believe my employers deserved my best, and my dedication led to rewards, promotions and tremendous satisfaction. The best part is the people I’ve met along the way. I’ve spent the last several years leading a bank I had admired for many years, and now I’m turning that job over to someone else.
Throughout my career, I’ve watched mentors and other colleagues end their careers. Many went on to enjoy their remaining years. Others were clearly perplexed. I’ve learned from both groups. Those who eagerly greeted retirement had done more than put in week after week of hard work. They made sure work was just one part of their lives. Most had put an equal focus on their families, their faith, and the communities they served.
Those who struggled usually had put all their time and energy into work, basing their entire identity in a job title. More than a few died far too soon after their retirement parties, in no small part because they no longer felt they had something to live for.
Let’s get back to that sock drawer. For years, I’ve wanted to take a half hour and restore some kind of order, but job and family kept me so busy, I never managed to prioritize it. That makes it the perfect metaphor for the long list of other things I’ve wanted to do. Now they’re going to start happening.
The peak and the end of my career are simultaneously coming to a close. It’s a satisfying place to be, even though it only lasts a moment. While my decision to retire was a recent one, I’ve been preparing for it for many years, both financially and emotionally. As the date crept closer, I devoted more daydreaming to what my life might look like. After my husband retired a few months ago, those visions have been getting clearer.
One of the most important things Roy and I shared was an understanding of the value of thrift. We both grew up in blue collar homes where our families lived very modestly. Contributing to church, paying bills and setting aside some funds for the future came before other wants.
We married while I was still in college and Roy was in an entry level position, and there were many months when we crossed our fingers our checking account balance would stay in positive territory. We began saving and investing for retirement right away, even though it meant driving older cars, and not dining out or traveling as much as we’d like.
When I knew I was ready to retire, I gave the bank’s board plenty of notice, so they had time to conduct a thorough search. From the time my decision became public, I devoted a growing share of my time to preparing for my successor. We were fortunate enough to work alongside each other for several months so he could better understand the unique aspects of our bank. That preparation has left me confident our team is in excellent hands, so I can step away with minimal apprehension.
I’m curious to see how a big part of my personality is going to handle this retirement thing. Anyone who knew me in school would call me achievement-oriented (if they were being polite). Throughout my career and my life, I’ve been motivated by goals. When I fulfill one, I instantly refocus on the next. It’s all about proving what you can do and getting better. My brain wakes me up and says it’s time to get to work on the latest challenge. How long before that wears off, and will I go stir-crazy in the meantime? More importantly will I drive my husband crazy?
My adult life has been dedicated to caring for my family, being actively involved in the community, and helping a series of banks grow stronger and healthier. There wasn’t much time left over for hobbies or even quiet reflection. I’ve seen some things that look like fun, and I want to give them a try. It also means more time for family and spiritual growth.
So not only will I be able to tend to my sock drawer, but I’ll finally be able to read more than just the front page of The Wall Street Journal every day. Once a banker …
Karen Gregerson retires in September as President & CEO of The Farmers Bank, a locally owned and operating bank with 11 banking offices in Central Indiana.