Lifestyle in Retirement

Retiring from full-time employment is considered one of the major events in an individual’s life. As much as people may complain about their jobs, they are an important part of life, for social, economic, and personal identity purposes. After having worked 40-plus years, an individual may feel a significant loss once she retires. All of a sudden the individual is left with lots of time on her hands, less money in her pocket, and sometimes even a feeling of worthlessness.

Of course, how individuals cope with retirement depends on numerous factors, including family life, how prepared they are for retirement, how active they are socially, and their physical health. Those who have supportive families, have saved up enough money as to not have to worry about financial hardship, have social structures outside the workplace, and are in good physical condition are more likely to deal well with retirement and view it as a freedom that can be enjoyed.

However, those without families, with limited funds, with no social groups outside the workplace, and in poor health are more likely to view retirement as a loss that cannot possibly be replaced. These individuals may experience symptoms of depression and have a more difficult time making the switch from employment to retirement.

If you find yourself facing retirement, take a few moments to write down a list of activities you enjoy, projects you would like to complete, or new hobbies you would like to try out. Those who are able to find productive ways to employ their time after retirement are more likely to make a smooth and positive transition.

Stress accompanies any type of life-altering event and making the transition from employment to retirement may be a struggle for many. However, you can help combat this struggle and any psychological disturbances you may face by being as prepared as you can be for the event. Understanding the loss and having a plan of action in place will ease your mind a bit when the time comes. Of course, you will have to go through an adjustment period, but if you are able to look at the event in a positive light, your years spent in retirement will likely be more enjoyable and productive.

Lifestyle Considerations

Focusing exclusively on the monetary aspects of retirement could be problematic. Some other important considerations of retirement include:

An Ideal Retirement Includes Hobbies

How are you going to spend your time? For decades, you’ve spent the lion’s share of your waking hours at work. In an instant (more or less), that enormous time commitment will evaporate. How will you fill your days? Is it the golf course? Tennis? Volunteer work? Taking care of your grandchildren? Again, the vision you have for your retirement is an individual one, not one to be criticized.

An Ideal Retirement Includes Friends

Relationships are an incredibly important part of an enjoyable retirement, especially since you can’t count on running into people at the water cooler for a chat about the last big football game or political contest. Make sure you know who you’re going to spend your time with – besides your partner.

An Ideal Retirement Includes Good Health

The importance of good health can’t be overstated. It’s both a financial and lifestyle issue since significant medical expenses can dent an otherwise solid financial plan. Not to mention, constant hospital and doctor visits aren’t exactly the same as being at the beach or hitting the golf course. Be sure to take care of yourself – now and in retirement. Then hope to get lucky too.

An Ideal Retirement Includes the Right Geography for You

Where will you live? You may desire to stay put. After all, it’s probably where most of your friends are. Or you may choose to move to some place warm or to a location closer to your grandchildren. While there are no right answers, your choices could significantly impact your retirement lifestyle. Not only are certain areas of the country far more expensive (or less expensive) than others, but your chosen location may affect how much time you’re spending traveling to visit those you care about most.

Nonetheless, be it your friends, health, geography, or hobbies, it is far better for you to plan these key lifestyle considerations with at least as much emphasis as you have making sure you can afford to shelve the job. You want to be happy with what’s left – a full and enticing retirement!

This information is of general nature only and is not intended as a personal advice. It does not take into account your particular investment objectives, financial situation and needs. Before making a financial decision you should assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. We recommend you consult a professional financial adviser who will assist you.