Credit: Shutterstock photoRetirement is a major life change. Financially, you have it all planned out. But did you take the time to prepare yourself psychologically for this transition?
Most major life-changing events involve an ongoing process of emotional adjustment, and retirement is no exception. You have all the free time with no schedule or commitment. This transition may be more difficult than you think as you were disciplined with a routine for most of your life. Too much freedom may not be a good thing.
Many retirees feel that the amount of free time is overwhelming, and that they don't contribute meaningfully to society. True, you can sleep late or golf all day. This is fun for a while, but eventually, you need something more purposeful to fill your days. Otherwise, the void leads to boredom, loneliness or even depression.
Before you actually retire, think about what you want to do with your life in retirement.
Are you interested in working part-time? Many retirees take part-time jobs related to their previous careers or in an entirely different field. This can bolster your financial situation if you think you need more savings. Even if you don't, having a regular schedule and interacting with people are good for your physical and mental health.
Are there goals you always want to achieve? After retirement, you need other challenges to give you a sense of accomplishment you no longer get from work. Writing a book, learning an instrument and getting a degree are probably some of the life-long dreams you didn't have time for.
Do you believe in giving back to the society? Many volunteering opportunities exist to keep you engaged with your community. Plus, helping people makes you feel good. Your local church, shelters or museums may need volunteers. Teach a class at the local college, or share knowledge of your profession at career centers and workshops.
After you have a few things on your to-do list, do several test runs. Try them out before you retire to determine if they are all you envision them to be. For example, you can start volunteering on the weekends. Don't despair if one activity doesn't work out. There are many more. Keep trying. Just as importantly, if your new venture costs money, better to plan for this additional expenditure while you are still working.
Transitioning from working to retirement takes adjustment. Besides a good financial base, you have a better chance of a fulfilling retirement if you are mentally ready, and have a well-tested plan.
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Maureen Crimmins is the co-founder of Crimmins Wealth Management LLC in Woodcliff Lake, N.J.Her websites are www.CrimminsWM.com and www.RootsofWealth.com .
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
