Read time: 5 to 6 minutes
Find out how to adjust to your new life with purpose and passion.
- The stages of retirement
How to recognize and navigate the emotions and challenges of retirement.
- Retirement pitfalls
Things retirees should avoid doing and why.
- You’re not alone
Resources for transitioning to and living in retirement.
“Are you ready for retirement?”
When most people hear this question, they’re likely to think about the answer in terms of dollars and cents. But being ready for retirement isn’t just about having enough money to live comfortably. Sure, money’s a big part of enjoying retirement. But even with a large nest egg, retirement can come with mixed emotions and uncertainty.
Like other big life events, retiring can affect your emotional well-being. And while 93% of retirees say their life is the same or better than before retirement,1 some experience a sense of loss of purpose, social connections, and fulfillment.
Because your retirement could last 20 or 30 years, it’s important to be emotionally—as well as financially—prepared. This article can help you adjust to retirement and embrace your new lifestyle.
The stages of retirement
Familiarizing yourself with the 5 stages of retirement can help you meet emotional challenges head on.
1. Planning. Imagine what a typical day of retirement would look like, from the time you wake up to when you go to bed. Will you visit friends, work on DIY projects, binge-watch TV all day? Then think about how your activities will make you feel. Will you feel relaxed and happy, or bored and unfulfilled?
Tip: A regular schedule filled with things you enjoy can go a long way toward avoiding restlessness and boredom.
2. Honeymoon. You finally made it! This is what you’ve been waiting for, and you can’t wait to get started. These feelings of excitement and anticipation may last months or even years. Just be aware that this stage will eventually run its course and you might be left wondering how to fill your days.
Tip: If you haven’t already, make some long-term goals. Doing this while you’re still working can get you thinking about your retirement plans and give you something to work toward.
3. Disenchantment. Once the honeymoon stage is over, you may have feelings of loneliness or boredom. And while these feelings are common among retirees, don’t let them prevent you from making the most of your retirement years. With the right outlook, resources, and support, you can achieve all your retirement goals—and more!
Tip: Social interaction is an important part of emotional well-being. Join a senior center or YMCA, travel with a group, and connect with family and friends regularly.
4. The new you. You’ve checked off your retirement “to do” list and accomplished your goals. So, what now? Maybe it’s time to reinvent yourself and start a new career. Take a look at some stories of people who turned retirement into their dream job.
Tip: Find your new purpose in life by exploring new places and learning new things. 97% of retirees with a strong sense of purpose are generally happy, compared with 76% without that sense.2
5. Stability. In this stage, you’ve settled into a retirement routine and are enjoying life. You have sense of purpose and identity. Continue to focus on things that make you happy and keep you active.
Tip: Keep up with preventative care, eat and drink healthily, and exercise3 every day.
Most retirees will experience these five stages on some level. And like other major life changes, retirement comes with its own set of emotions and challenges. Being able to recognize them will help you prepare for what’s ahead and successfully navigate your retirement journey.
Common pitfalls and how to avoid them
No matter how thoughtfully you may have planned your retirement, there’s bound to be something you didn’t expect. Here are some pitfalls to watch out for:
- Emotional spending is a way of distracting yourself from feeling stressed, isolated, or bored. Shopping when you’re feeling emotional isn’t necessarily a bad thing if it’s done occasionally and makes you feel better. But when it becomes a habit, it can negatively impact your retirement savings. If you find you’re emotionally shopping, stop and ask yourself why you’re doing it. Recognizing triggers can help you avoid spending money unnecessarily.
- Too much “togetherness” is something many retirees struggle with. Some find it stressful being around their spouse or partner 24/7. It’s important to create a balance between “me time” and togetherness. Talk about your shared retirement goals, set boundaries for personal time and time together, decide who will do what around the house, and be prepared to support each other emotionally while transitioning into your new routine.
- Downsizing your home may be part of your retirement plans. It can have significant advantages (less maintenance, a change of scenery, more money). Downsizing also involves a lot of time and energy. And there are emotions to deal with as well.
- Parting with cherished items and heirlooms can cause sadness and grief on top of an already stressful situation. Give yourself plenty of time to deal with these emotions and make a plan for donating and selling things you no longer need.
- If downsizing means leaving behind friends, familiar surroundings, and family, you’ll probably feel lonely and isolated. Commit to staying in touch with loved ones via social networks. Get involved in your community by volunteering, enrolling in a class, or joining a club.
- Parting with cherished items and heirlooms can cause sadness and grief on top of an already stressful situation. Give yourself plenty of time to deal with these emotions and make a plan for donating and selling things you no longer need.
- Neglecting your health during retirement can happen without your realizing it. You were on the go for years and now you just want to stop and take it easy. But spending too much time at home without any physical activity can affect your health and mood. Whatever your age or mobility limitations, you can still reap the benefits of regular exercise3. According to the Centers for Disease Control and Prevention, regular physical activity (about 2½ hours a week) can help prevent health problems and keep you in a good mood.
Resources
Whether you’re in the planning stage or already retired, these resources can guide you through the emotions and challenges of retirement, help you find ways to reduce stress and anxiety, and discover new meaning and purpose in your life.
Volunteering and its Surprising Benefits
10 Senior Clubs to Join
Americans, Exercise, and Inactivity: Sweating Together Helps
What are the secrets to a happy retirement?
3 behavioral factors that affect retirement spending
1Source: cbsnews.com. Retirement and Happiness: It’s Complicated, October 2017.
2Source: Inc.com. Surprise-Money Doesn't Guarantee a Happy Retirement. Here's What Does, March/April 2018.
3Consult your physician before starting any exercise routine.
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