The closer you get to retirement, the more you need to be financially prepared. Having your savings in order, balancing your investment portfolio, finalizing your financial plan, and adjusting for what-if scenarios help bring peace of mind during the entire process. However, we rarely plan for the emotional side of the retirement process.
Your emotional and mental state determines the ease of your transition into retirement. Retired people go from having a sense of purpose each day and a reliable income to being vulnerable with a lot of time to do whatever they choose. Ideas that come to mind include exercise, reading, writing, or talking to others. Here are a few things to be aware of as you enter retirement:
Flipping the Spend/Save Switch
For some people, changing the way they spend money can be an obstacle ahead of retirement. Someone disciplined with the way they save their money throughout their career to allow themselves to change their spending habits during their retirement. Some are the opposite of those people. Working with a financial advisor helps you manage your spending behavior by making estimates as per your living expenses and lifestyle.
Having a Structure to Your Day
The way these activities are structured varies in terms of the person in question. People who are used to a structured way of living throughout the period they worked will benefit from the same structure when they retire. Routine activities, mealtimes, bedtimes, etc., help with such a transition. Whatever way you structure your schedule, it will require a planner to help you remember through formalized writing. The way they structure these activities varies in terms of the type of person in question.
Finding a Sense of Purpose
Retirement sometimes results in a loss of self. Viewing yourself for years through the lens of your profession is often hard to detach from. Exploring your interests during this time can help renew your sense of purpose. This can range from spending more time with family and friends to volunteering in the community, to also engaging in leisure activities, like golfing.
Social and Personal/Partner Relationships
Healthy relationships positively contribute to your emotional well-being. Whether within or without your household, staying connected is important. Time distributed between your family/parents, siblings, spouse, children, friends, etc., helps ease the transition into retirement. Having a social network outside of family and former workmates helps it even further. Having both spouses in the house during retirement can raise tensions that have never risen before, therefore it is wise to have conversations on these matters to bring ease to this process.
Related Article: The 6 Most Important Emotional Stages During Retirement
Conclusion
Emotional preparedness for retirement is an aspect often overlooked, yet it is undeniably important as you plan to retire.
