Retirement places a large emphasis on financial planning and financial security. This is important, as without money we cannot have a comfortable retirement free of financial stress. But often, the psychological aspect, which is equally important, is forgotten about. Once you have achieved retirement and are reaping the rewards of your savvy commitment to saving, what then?
It’s not all moonshine, roses and an extended honeymoon. It is just as important to do psychological planning and preparation.
For many, strong emotions accompany retirement. These include:
- Loss of identity
- Isolation and loneliness
- Lack of purpose
- Feelings of loss
These feelings could have a serious effect on quality of life if not kept in check or dealt with.
How can you navigate this roller coaster called retirement?
It is important to identify and be aware of these emotions and feelings and to work on them. We look at several habits that could be adopted to prevent this detachment.
- Stay optimistic and focus on health – You need to be healthy to enjoy your retirement. Stay healthy and eat right. This doesn’t necessarily mean 5 gym sessions a week. Going for regular walks and doing activities like gardening, cycling or even cleaning your own house keeps the blood pumping and gives you a bit of cardio.
- Social connections are very important for mental health – isolation leads to loneliness and depression. Stay in contact with friends and family and develop new relationships with other retirees in your area e.g. join activities at the community centre, start a book club or even volunteer.
- A sense of purpose – This is probably the biggest challenge when you retire. You no longer work and contribute to society and might feel a bit useless. Although you are no longer working, you can still develop a new sense of purpose e.g. looking after grand kids, volunteering for a cause, getting involved in clubs that share your hobbies, teaching and mentoring others, turning your hobby into a business. Anything that will get you out of bed in the morning.
- Keep the brain active and never stop learning – take art classes, learn a new language or skill, do crosswords. Exercising the brain could reduce the risk of dementia.
- Never underestimate your furry/feathered companion – having a pet around could boost mental health and even get you exercising more.
Your mental health is just as important as your financial health during retirement. Start preparing for your new mindset change before you retire
*www.kiplinger.com
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.