Many of us spend years picturing our ideal retirement. We dream about not having to get up early, spending more time with family and friends, enjoying hobbies, or simply having the freedom to relax. We know we must plan our finances for retirement, but often ignore the emotional challenges. Preparing for your retirement can help you embrace this new life stage bravely and with excitement.
Common challenges of retirement include:
- Losing your identity. If you’re no longer an employee, who are you?
- Feeling anxious at having more time on your hands, but less money to spend.
- Finding it difficult to fill the extra hours with meaningful activity.
- Feeling isolated without your co-workers.
- Feeling less useful, important, or self-confident.
- Feeling lost and unsure how to adjust your routine
Tips to help you prepare
- Plan what you’re going to do with your extra time and how you’re going to structure your days. When you’ve been working very hard, you’ve probably not had any time for hobbies. Start thinking about a hobby or interest for your retirement. It’s important to keep routines so decide in advance what time you’d like to rise, have meals etc.
- Set new exciting goals so that you are not just retiring from something, but to something as well. Consider volunteering or studying. Donating your time and effort means that you can pass on some of the skills you’ve learnt. You may even consider doing a part-time job to bring in extra income and meet new people.
- Many of us define ourselves by what we do for a living. How can you define yourself in a new way? If you were once a bookkeeper, for example, you could now be a mentor, grandparent, student, artist, or chef.
- Start strengthening your social network because your social circle gets smaller when you leave work. Research clubs, evening classes, or list people you’ll invite for coffee.
- Make sure your family is on the same page with your retirement. For example, agree in advance how many times a week you get to see your grandchildren, ask your spouse about their expectations for time alone etc.
- Keep your brain sharp by doing the daily wordle (www.nytimes.com), learning how to play bridge, chess, or a musical instrument. Try new things with the activities you enjoy. For example, experiment with new plants or growing methods if you like to garden.
- Caring for a pet can also help you to maintain a sense of purpose and make you feel less alone.
Chat with a counsellor at LifeAssist to help you map out the transition into your golden years. There are legal advisors that can give you advice on your will and estate.