Retirement is a major life transition that takes thought and preparation in more areas of your life than just your finances. This is a time in your life where roles and relationships change. In the past, you may have gotten up every day to go to work. Now you have to find a new purpose and reason to move successfully and with satisfaction throughout your days.
It starts with attitude.
A lot in life boils down to how you look at and react to it. Retirement can be a difficult time for some because of the many adjustments and changes. If you can adopt a “roll with the punches” attitude you will be more likely to find that these transitions aren’t as scary and difficult as you thought they might be.
Have a clear vision.
You’ve been planning for retirement for most of your working life. Now what? You need to know what retirement looks like for you and understand that it doesn’t look the same for everyone. Some want to travel, some change careers and continue to work, some move to a dream home and begin spending more time with family. There is no right answer for everyone, but you must know what your vision looks like and make a plan to get there.
Redefine “work.”
If you’re the type of person that found your life purpose in your work every day you are going to have to redefine that purpose and possibly your definition of work. Take a look back at your work history. What jobs gave you the greatest pleasure? Where were you the most fulfilled? Not only can you find a renewed purpose, but you may also be able to find an alternate source of supplemental income for your retirement years.
Build relationships.
One study found that it was the size of a retiree’s social network—and not the size of his or her portfolio—that had the strongest influence on life satisfaction. Just because you are not working every day and interacting with people does not mean that you have to be lonely or isolated. Make it a point to get out and meet people. Find a common hobby or passion and build a network of positive individuals around you to help you through this transition.
Find financial comfort.
Most people expect their income and expenses to change once they retire. There are a few things you can do to make sure that you are prepared and don’t feel drastic impacts from these changes. First, get back to the basics of budgeting. Know how much is coming in and how much is going out. Second, don’t forget about those alternative income sources. Use them to your full advantage. Third, this is not a time to just let your investments sit stagnate. While it is wise to shift some investments to safer choices you don’t want to be too conservative. It’s about being wise, tax savvy, and aware.
The transition into retirement is a big one with many life changes. If you keep a positive outlook and stay prepared it can be some of your most satisfying and successful years.