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The Importance of Preparing Both Emotionally & Financially for Your Retirement

Oct 22, 2021 | Finances, Retirement

Have you heard of the honeymoon phase of retirement? It’s those first few years after your retirement party when you celebrate your free time, your open schedule, and your ability just to be you. But after a while, the free time and lack of structure can begin to feel less exciting. Many new retirees can start to feel a lack of purpose in retirement, especially if their work was their passion.

In most cases, people have spent years or decades planning the financial aspects of retirement without realizing that there is a significant emotional shift that goes hand in hand with the transition. To make the most of your retirement years, it’s essential to plan for your emotional wellbeing, and after working with many retirees, we have five suggestions to help you create your plan.  

Be Social

One factor many pre-retirees fail to consider when thinking about retirement is the loss of their regular social circles. For many people, a workplace is the source of many friendships and social connections. Once they retire, they quickly lose touch with their former co-workers or find it difficult to get together due to different schedules and priorities. Retirement doesn’t have to mean the end of former friendships; it just means you might need to be more intentional with your social connections. You could set aside time to connect with your friends who are still working or are busy with families. You can also set an intention to find ways to make new friendships, such as with other retirees who share your interests.  

Create Goals

Your career may be wrapping up, but that doesn’t mean you can’t have goals or ambitions in your retirement. Goal setting helps individuals at all stages of life find meaning and purpose. Whether it’s a small goal such as going for a daily walk or adjusting your diet, or a significant goal, such as mastering a new skill or downsizing your home, reaching an achievement helps boost morale at any age.

Starting a Hobby

For some people, retirement is the perfect time to try something they’ve always wanted to try but never had the time for before. This activity could be a skill such as quilting, gardening, or cooking. For some, it’s the chance to try a new activity, such as golfing or fishing. Restarting an activity or hobby you pursued before can also help you stay connected, motivated, and active. Whatever it is you want to spend time doing, the point is to find activities that you find meaningful and enjoyable. 

Exercise

Regular physical activity is proven to have mental and emotional health benefits. It’s a great idea to incorporate regular exercise into your retirement lifestyle to stay healthy from both a body and mind perspective. Everyone has a different ability level when it comes to exercising—the most important thing is to find an activity you enjoy doing that fits your abilities and is easy to maintain. You can also look into recreational therapy or physical therapy if you have physical challenges that make it difficult to pursue an activity. 

Find Your Community

Humans thrive when they have friends, support, and a sense of community. Many retirees find enjoyment from volunteering for community organizations and causes that they support. Others join social clubs or skill-based associations. Best of all, finding the right community can mean that you are also pursuing a hobby, staying social, creating goals, and being physically active. Keep in mind that a community doesn’t need to be a large group—it could consist of just a few friends or neighbours meeting for coffee once a week. 

Enjoying Your Retirement

The best way to avoid the crash after the honeymoon period of retirement is to create a retirement plan that accounts for your financial wellbeing, while also ensuring you are emotionally prepared for your new lifestyle. Think about what you want to accomplish during your retirement and what activities will give you personal satisfaction. When you meet with the financial planners at Regan Schiller & Associates Private Wealth Management, we’ll help you create a financial retirement plan that supports your personal goals. We’re here to help you connect your lifestyle, wealth, and wellbeing.   

This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities.  Regan Schiller is solely responsible for its content. For more information on this topic or any other financial matter, please contact a Consultant from Regan Schiller & Associates Private Wealth Management.