“Prepare your mind, not just your finances.”
Financial planning is but one element of retirement. Today we focus on the psychological element. In the past, most retirement preparation has leaned towards financial planning, mainly because most of the workshops are planned by financial institutions. But recently there has been an emphasis on the quality of retirement.
Retirement like any other major life transition may be filled with a myriad of emotions and concerns. The emotional challenges may include Grief, boredom, loneliness, confusion, and lack of structure.
Studies show that retirees do not adjust all at once, instead, they go through emotional stages. For some, who over the years have been defined by their careers the transition is not easy.
Being aware of the stages helps with the transition. The stages include:
1. Pre-Retirement
The pre-retirement stage involves purposefully thinking about your retirement and slowly disengaging from your workplace. This happens approximately 5-15 years before the actual retirement happens. It involves planning and thinking about your imminent retirement.
2. Retirement Event
This stage marks the actual retirement. It is mainly marked with celebration for most retirees.
3. Honeymoon Phase (I’m free!)
Lasts for a few months or a year. At this point, you will feel relaxed and carefree.
4. Disenchantment (is that all?)
For some, this stage comes right after the honeymoon phase. As the retirement excitement wears off, you begin to wonder if that’s all retirement entails. Some experience disappointment and depression as they adjust.
5. Reorientation (New identity)
At this point questions like “what do I want to do? How do I want to spend the rest of my life?” cloud your mind. This ideally would happen if you don’t plan for your retirement in advance. However, not all hope is lost, you can pick up the planning and get to enjoy your retirement.
6. Retirement Routine
This is where you are getting into a comfortable and rewarding routine. This stage lasts longer with some adjustments along the way because of the new opportunities, challenges, or interests that may arise.
Read more: Ready for Retirement: 5 Signs to Know
Summary
The retirement journey calls for us to be flexible and resilient. As your identity changes, talk to those who have gone ahead of you and get to learn their challenges and successes, maintain social contacts, travel, volunteer, develop a vision for your retirement and walk with people who support your vision, learn a new hobby or skill, create structure, and stay physically active.
“Retire from work, but not from life.”
