Some Things You May Wish You Knew Before You Retired

Remember, you aren’t just retiring from something – you are retiring to something. Many of the surprises faced in the early stages of retirement have nothing to do with money. Many new retirees are often faced with lifestyle changes they aren’t completely prepared for. Uncertainty about how to deal with these changes can lead to financial and emotional anxiety.

For example, during the first few months of retirement, you may feel unsettled due to the transition from a regimented schedule to one characterized by less structure and more time for leisure. You have earned the right to more time for yourself, but even so we all want our days to feel rewarding. This is a good opportunity to put new routines in place along with a shift in mindset from saving to spending – whether it requires money, time or both.

Many of your relationships with others will change after retirement. Some, such as your professional relationships, will lessen or go away altogether. This allows you to invest in your most important personal relationships or make new acquaintances.

If you become less active and engaged professionally, then you may become bored. Again, this is an opportunity – to find or rediscover a passion or activity. Whether it’s a hobby, new business idea, part-time job, corporate or charitable board participation, or a leisure activity, you can take full advantage of your newly established personal time.

There are good reasons why remaining positive in your retirement is important. Depression, whether it is temporary or clinical, is real for retirees. If you are anxious or stressed about your finances, revisit your retirement income and budget with your advisor. According to a Nationwide Peak Retirement report, almost a third (32%) of respondents admitted they didn’t feel financially comfortable¹.

Even though you have a retirement plan in place, there are still a number of issues that remain fluid in retirement. Here are a few:

• Is healthcare going to be more expensive than I expected before retirement?
• How will continued high-levels of inflation impact my savings?
• Have I factored in an increase in the expense of my home (upkeep, repairs, appliances, property tax increases, homeowners insurance, etc.)
• Have I kept up with long-term care cost increases?

Remaining committed to a healthy mindset will help put you on your way to a happier retirement. Focus on what you are gaining, rather than the things you may have lost. There is some encouraging news regarding happiness in retirement. According to a study by researcher Dr. Hannes Schwandt, life satisfaction peaks at age 23 and again at age 69². This is another great thing to know before you retire!

Remain focused on what matters most to you in retirement and work to eliminate the issues that may be adding to your anxiety. If you surround yourself with people and things that motivate you, then you will enjoy living your retirement as a journey rather than a destination. If you are planning to retire or have done so recently and would like to discuss your situation, please feel free to contact us directly.

Thanks for reading.

¹ https://news.nationwide.com/new-report-economic-fears-driving-retirees-back-to-work/#:~:text=Survey%20respondents%20say%20the%20biggest,spend%2053%25%20on%20those%20expenses.

² https://laist.com/shows/airtalk/whats-your-number-research-shows-happiness-peaks-at-ages-23-and-69