Retirement Beyond Finances
The prospect of retirement seems so far away when you first begin your career. Yet decades later, here you are: ready to embark on that next, great stage of your life.
While retirement is in many ways all it’s cracked up to be, that’s not to say it doesn’t come with its fair share of unique challenges. Financial stress, for example, can potentially play a big role. Apart from that, many retirees are also often surprised to learn that in addition to finding themselves with much more time on their hands, they must also confront negative (and unanticipated!) psychological impacts during this new life chapter.
Recent retirees report a number of emotional changes in those first years after retirement. Many admit to feelings of inadequacy or a loss of identity. This is particularly true for people whose lives had revolved heavily around their careers—such as doctors, law enforcement officers, or craftsmen, to name a few. Feelings of loneliness may also crop up, given the popularity of workplace friendships. From guilt and anxiety to stress and boredom, the psychological effects of retirement are too often ignored. Confronting these feelings can go a long way in overcoming them.
In life, change is inevitable; but that’s not to say these experiences aren’t challenging. Entering retirement is likely one of the biggest transitions you’ll face in life, so it’s important to prepare for these changes as best as you can. Luckily, you can do plenty of things right now to ensure your retirement years are a cause for celebration rather than riddled with stress or worry. Let’s examine a few specific strategies to successfully navigate the ill effects of retirement.
Prepare for your emotions
The truth is that a “one-size-fits-all” approach to retirement doesn’t exist. Some retirees, once the initial excitement of retirement wanes, experience feelings of anxiety. Others have pangs of doubt and regret, perhaps wondering if they’ve jumped the gun too early or are truly ready for this new, unfettered lifestyle. Some studies show that one of the biggest regrets retirees report is a failure to plan for how they will fill their time during retirement.
Other retirees may endure bouts of boredom or even a sense of guilt: a feeling that they should be doing something or that they don’t deserve this new easier and more carefree life. Some emotions you’ll encounter are perhaps completely unexpected. For example, if your spouse is also retired, you may need some time to adjust to the reality of spending time with him or her all day, every day. Though the COVID-19 pandemic likely already provided a glimpse into this new lifestyle, it helps to discuss related matters with your partner prior to retirement. If you believe this may present an issue and anticipate needing some space, think about how you can do so without alienating your partner.
Above all else, it’s important to remember that however you are feeling is A-OK. After all, everyone reacts to retirement differently and your feelings are valid no matter what.
Set expectations
Retirement, while a big adjustment, need not be difficult. Rather than hide from any negative feelings associated with this new chapter, embrace them. Come to terms with the fact that life is about to change drastically and think clearly about how you plan to make these years the best of your life. An optimistic attitude can make all the difference in how well you navigate retirement.
Unfortunately, retirement also has the potential to disrupt otherwise solid relationships when both parties aren’t aligned on what this will look like. Sitting down with your partner to engage in insightful conversations about how you envision your retired life can summon a renewed sense of excitement and purpose. There are many factors to consider and a wide variety of topics to cover: ranging from where you’ll live to what type of budget you will adhere to. Expressing your expectations honestly and finding common ground are paramount to successfully navigate retirement with your spouse.
Establish a routine
Establishing a routine is a crucial component as you enter your retirement years, and the failure to do so can lead to a downward spiral. Your newfound freedom, though positive, can in fact trigger negative health consequences if you don’t know what you’re in for.
Staying up late, waking up late, and maintaining erratic eating schedules are just a few bad habits retirees can slip into if they’re not careful. How you start your day, for example, can set you up for success. One Ohio State University study found that your morning mood has the power to determine your productivity for the entire day. By establishing good morning habits and sticking to a routine, you’ll give yourself the structure you’ve become accustomed to over the years while still leaving time to do everything you want.
Find your purpose
You’ll hear it from so many retirees: retirement, in itself, is sometimes boring. Since exploring new hobbies can help in this regard, now is the time to challenge yourself and engage in fun activities you were previously too busy to bother with.
Maybe your purpose is volunteering, a great way to not only get out of the house and into the world during retirement but also enjoy heightened levels of happiness. Not only can volunteering help strengthen your sense of well-being, but the Mayo Clinic reports these activities lower rates of depression and anxiety.
Strengthen your relationships
Strong interpersonal relationships are chock full of numerous benefits. In fact, Harvard research has found that people who are more socially connected are happier, healthier, and live longer than their less-connected peers. Isolation, on the other hand, can yield devastating effects: such as a decline in brain function and a shorter life span. According to Dan Buettner, author of Blue Zones—a book dedicated to uncovering the secrets of longevity—loneliness has the potential to shave eight years off your life. This is reason enough to seek out strong bonds and connections with those closest to you.
Set new goals
Just because you’ve retired doesn’t mean all your goals should fly out the window. There is plenty more to strive for and keep you motivated. The sky is the limit!
Sitting down with pen and paper in hand and jotting down your goals can help you gain a clear picture of where you are and where you’re going. Apps are also a great resource to help keep track of your goals. For example, ClickUp, Strides, and Way of Life are just some of the tools you can use to clarify your goals and keep tabs on your progress.
Think outside the box
There’s no shame in taking on a small new role to improve your financial standing, save for a vacation, or even give yourself a greater sense of purpose. No matter your reason for pursuing additional income, this is a great way to put your time to good use.
For example, maybe you’d like to mentor or share your knowledge by tutoring online through sites such as Udemy and Skillshare. You might also consider performing freelance work on websites such as Upwork, Freelancer, or Fiverr, which collectively help millions of independent workers connect with clients from all over the world.
In sum: non-financial challenges in retirement
A large number of retirees acknowledge the retirement years represent some of the most exciting and rewarding of their lives. However, preparation is key. Arming yourself to successfully navigate the wide spectrum of emotions you may face—the good, the bad, and the unexpected—can help you thrive in the decades to come with a renewed sense of purpose.
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Vision Retirement is an independent registered advisor (RIA) firm headquartered in Ridgewood, New Jersey. Launched in 2006 to better help people prepare for retirement and feel more confident in their decision-making, our firm’s mission is to provide clients with clarity and guidance so they can enjoy a comfortable and stress-free retirement. To schedule a no-obligation consultation with one of our financial advisors, please click here.
Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.