Decoding Retirement podcast explores the transition to retirement for corporate executives. Planning Center of Excellence’s Amy Permenter advises thorough review of assets and benefits, recalibration of spending expectations, and strategic planning for deferred compensation. Executives should diversify company stock holdings and carefully assess health coverage options post-retirement. Medicare costs can surprise retirees, so comparison of traditional Medicare vs. Medigap and Medicare Advantage is crucial. Envisioning retirement well in advance can help executives adjust to the loss of identity post-career. Retirees are encouraged to find purpose in paid board service, volunteering, or mentoring after retirement. It’s important to have a plan for meaning and engagement to avoid feeling unfulfilled. The identity shift shouldn’t start on day one of retirement, but as an ongoing process of reflection and reinvention.

Retirees are advised to stay open to evolution in this next phase, remaining flexible in their approach to finding fulfillment. Planning for retirement can include envisioning how talents can be transitioned into a new role, whether big or small, to make an impact in the world.

Have questions about retirement? Email Robert Powell at [email protected] for answers in a future episode of Decoding Retirement. Follow retirement expert Robert Powell for tools to plan for your future on Decoding Retirement, available on the video hub or your preferred streaming service. Sign up for the Mind Your Money newsletter for more tips and insights. Click here for the latest personal finance news to help with investing, debt, home buying, retirement, and more. Stay informed with the latest financial and business news from Yahoo Finance.

Read more at Yahoo Finance: So you’re an executive nearing retirement. Now what?