Are you Prepared for Retirement?

It is important to plan properly for a sustainable retirement.  Research shows that those who start planning at least five years before retirement have a happier and healthier retirement.

Here are some experts in their fields who share their insights into important topics that members need to understand before they retire.

It is true that you thought and dreamt about the day you will retire, to enjoy your golden years. But there’s a good chance you never thought much about the psychological effect it might have on you. Retirement often means a loss of identity. Whether you worked as a banker, cook, or teacher, retirement can cause you to question who you are and how you will navigate this new phase of your life.

Other issues that accompany retirement—such as more time and less money—can also make for a difficult adjustment. Some retirees experience mental health issues, such as depression and anxiety. If you’re in the early stages of retirement and feeling somehow lost, you’re not alone. Many retirees find the transition to be stressful. Following these eight tips might help you adjust so you can feel fulfilled and happy during this well-deserved chapter of your life.

1. EXPECT TO GO THROUGH STAGES OF EMOTIONS

There’s an emotional process that most people go through when adjusting to retirement. At first, there’s a feeling of freedom. It’s like you’re on a vacation that will last forever. That sense of novelty wears off, however, and you will settle into a slower lifestyle. There might be a stage that involves a lot of,“Oh, no! What did I do?” thoughts, followed by anxiety and boredom. You might even feel guilty for not enjoying retirement as much as you thought you would.

Suppressing your emotions or denying your feelings can lead to unhealthy coping strategies—like relying on alcohol or food. Allow yourself to experience a wide range of emotions, whatever those emotions may be. Look for healthy ways to deal with those feelings. You might find walking, reading, writing, talking to others, or yoga helps you deal with your emotions.

2. STRUCTURE YOUR DAYS

If you enjoy structure, you might establish a routine that helps you plan your days. Experiment with various activities and time slots to see how it makes you feel. Pencil in time for lingering over the newspaper and enjoying a cup of coffee, but add in regular time for exercise, social activities, volunteer opportunities, and family meals. While your days don’t need to be rigid, having a set wake-up time and routine will help you feel more in control of your days.

3. SET SMALL GOALS

Your pre-retirement life was measured in meeting deadlines, finishing projects, or getting a promotion. You can still focus on goals after you retire, though they might be a little different than they were before. Working on goals can give you a sense of purpose. And accomplishing new things can give you a sense of achievement. Think about what milestones you might want to reach in the first month, six months, or one year after your retirement and write them down. Do you want to become more active, lose weight, eat healthy foods or start reading more books? Setting goals can be fun.

4.  INCREASE YOUR CIRCLE OF FRIENDS

There’s a significant risk of becoming isolated during retirement. After 30 years of mingling with colleagues and a certain circle of friends, it might not be as easy to keep up with those you hold dear or to make new acquaintances. This can play into the restructuring of your daily routine—ask a certain friend to meet you for lunch every Monday, another to go walking in the neighbourhood on Wednesday and a third to go for a coffee date on Friday afternoons.

If you and your spouse are friends with other couples, aim to invite them over for dinner or board games at least once a month. Do some research on any programs/classes offered at your church or a local community centre, or find a group of like-minded individuals who share an interest in your favourite hobby, whether it’s golf, crafts, painting or cooking.

5.  CONSIDER A SECONDARY JOB

When you retire it does not mean you have to leave the workplace completely. A number of retirees opt for a less stressful, secondary career, either part-time, full-time or even doing something from home. Research finds that these individuals are often in better health, both mentally and physically, and report higher levels of contentment. Look around your community or search the internet for work opportunities that may be of interest to you.

6.  CREATE A NEW BUDGET

Even the savviest of investors might have to make some spending adjustments after retirement. In an ideal world, you should have saved enough to last 20 to 30 years, but if you are the average Joe, there’s a good chance you might not be able to maintain the lifestyle you were accustomed to before retiring. Prioritize what is really important to you and what you can do without and then draw-up your budget accordingly. For example, money you previously spent on business clothing can now be cut in half. You might need to add a category for membership fees and/or activity classes and supplies needed for hobbies.

7. SCHEDULE VOLUNTEER SHIFTS

Whether you choose to help out at your local library or you decide you’d like to volunteer at a school children’s home, look for ways to get involved in your community. You might find that volunteering your time can be rewarding in so many ways.

The perks might be related to the expanded social ties that volunteering provides or the sense of purpose you feel when committing your time to charitable causes. It’s not only going to boost your psychological well-being, but it could improve your cardiovascular health and lower the risk of hypertension.

Studies show that seniors who incorporate a low to medium level of volunteering in their life report more satisfaction with life in general and fewer symptoms of depression than those who do not volunteer.

8. ALLOW YOURSELF THE TIME TO ADJUST You might think that you want to spend your retirement painting, cooking, and reading, but then realise that all the time spent at home doesn’t fulfil the lifestyle you dreamed about. After 30 years in the workplace, you finally have time to experiment with what you really feel passionate about.

There are many different ways you can spend your time. Fortunately, there’s no need to figure it all out right away. It will likely take a fair amount of experimenting to help you find just the right balance. You can always increase social activities later or develop new hobbies if you want to stay occupied.

The joy of retirement is that you’ll have plenty of opportunities and the time to experiment. You may choose and create the type of lifestyle that is perfect for you. The added luxury is that you may change your mind at any given time.

Article by: Amy Morin, LCSW, is the Editor-in-Chief of Verywell Mind. Author of the bestselling book “13 Things Mentally Strong People Don’t Do,” and the

host of the Mentally Strong People podcast.