Retirement represents one of biggest shifts that will ever occur in a person’s life. With retirement comes a new lifestyle, a new financial reality and a drastic change in norms. It's an exciting, yet frightening time for many and can lead to feeling stressed.
Here are four tips to help you ease into the transition period and rock the golden years.
Add a Psychological Plan to Your Financial Plan
Along with knowing how much to save and what to invest in, equally important is understanding the various emotional stages of retirement. When you establish a plan of action and understand what you’ve prepared for yourself, retirement won’t come as such a shock. It’s never too early to plan, I recommend beginning your mental preparation 15 years in advance. As with any important event in your life, give retirement some thought and careful planning.
The happiest and most fulfilled retirees are those that put TIME and THOUGHT into preparing for their next chapter in life. Not just in terms of money but actually ENVISIONING what they will be doing to stay happy, active and healthy in their retirement years. That includes finding new outlets to replace the contribution that work has made to your life.
Be careful of who you take advice from. Remember that not everyone is going to have firsthand retirement experience, which means most advice should be taken with a grain of salt. If you’re accepting the opinions of your friends and family as the ultimate truth, you may want to reevaluate your options. Don’t be afraid to add to your advice catalogue, by reaching out to experts in the field. My specialty is providing guidance on change management and reducing stress associated with retirement; feel free to contact me if you're needing assistance in this regard.
Expect the Unexpected
If you’ve reached the point of retirement, you have probably learned that life doesn’t always go as planned. Regardless of how well you have designed your strategy for life after retirement, unforeseen challenges will likely be thrown at you. Expect the unexpected and always prepare for the worst-case scenario. You never know when your furnace might break, or how expensive keeping busy can become. Always set aside some of your money for life’s unexpected costs, and be prepared to face some emotional challenges when it comes to dealing with the changes retirement brings.
Develop Self-Awareness About Change
The process of change involves three steps: ending, transition and new beginnings. Knowing how you respond to change from a behavioural, emotional and physical standpoint is going to help you greatly in easing into retirement.
Wherever you are in your pre-retirement journey, planning is the key and once you have all the pieces in place get ready to set sail on the adventure of your lifetime. Check out my blog about anti-aging strategies to keep you youthful and less stressed (BONUS: they're all free!).