When someone brings up the topic of retirement, the first thing that comes to our minds is usually money. It’s drilled into us that we need to save, save, save, and that we have to work tirelessly right up until our retirement date just to maintain our current standard of living throughout these later years. But in all the hustling around to set your retirement finances in order, have you neglected the emotional and psychological transitions that occur as well?
Retirement isn’t just about having enough money in the bank to quit work. It’s a time to go on adventures, learn more about yourself, and begin a new chapter in life (a chapter that could last 20-30 years). What do you need in retirement to be fulfilled?
1. A Schedule & Routine
Most of your life you’ve stuck to some type of schedule. You planned your days out in grade school, in college, and then throughout your working years. Retirement is arguably the only time in your life when you have no structure at all. The calendar is completely blank and you’re free to plan out your days how you wish.
All that newfound freedom is fun at first, but a lack of structure can lead to restlessness. The days turn into weeks, weeks turn into months, and before you know it, you don’t know where the time has gone. To combat this aimlessness, keep some type of schedule when you retire. You don’t have to plan out every second of every day, but implement some routines to keep yourself from getting bored.
For example, do you want to stay healthy in retirement? Sign up for workout classes a few times a week. Do you want to keep in touch with friends? Schedule a weekly lunch date. Would you like to pick up a new hobby? Dedicate a specific block of time to it. Create a schedule full of activities you can look forward to.
2. Purpose & Intentionality
Many of us find our purpose in our careers. Our work is ingrained into our identity and it’s hard to find new passions once we retire. So, what will your purpose be in retirement? How will you stay engaged and content?
According to a recent retirement survey, 76% of retirees who engage in 10 or more activities are very satisfied in retirement, compared to only 52% for those engaged in 1-4 activities. (1) Some activities that give retirees a new sense of purpose include:
- Spending time with family
- Socializing with friends regularly
- Gardening and improving the home
- Joining a club or organization
And don’t think it’s too late to find your life’s passion. A recent study found that people with a sense of purpose have a 15 percent lower risk of death compared to those who are aimless. (2) The study also found that it doesn’t matter when you find your direction. Even if you’re in your 70s, it still leads to a longer life.
3. A Strong Community
Last but not least, surround yourself with people you love. Studies show that 62% of women miss their daily interactions with colleagues after they retire. (3) If you stop and think about it, this makes sense. Women spend the better part of their lives connecting and building relationships in the workplace. Once retired, it can be difficult to replace this type of connection.
The good news is, engaging in the activities listed in #2 above (spending time with family, volunteering, joining a club, and so on) is a great way to stay connected and add meaning to your life.
Let Us Help You
At Sirius Wealth Management, we want to help you live a worry-free and satisfying retirement. We believe this starts with taking steps today to make sure you’re financially, emotionally, and psychologically prepared. If you have any questions about whether your retirement plan is on track or if you just want our help in planning for every aspect of retirement, give us a call at 636-449-4890 or email email@example.com to schedule an appointment.
David Domian has been working in the financial services industry since 1980 and specializes in financial planning with a focus on retirement planning. His planning concentrates on four specific goals: the accumulation of wealth, the reduction of taxes and volatility in retirement, the necessary strategies to deal with the risks of longevity, and the passing of an estate in a private, tax-efficient, and protected manner. David holds designations as a CFP® CERTIFIED FINANCIAL PLANNER™, ChFC® Chartered Financial Consultant, CLU® Chartered Life Underwriter, and AEP® Accredited Estate Planner®.
David has been married to his wife, Sue, for over 41 years, and together they have four children and eight grandchildren. Dave is a big believer in family and still has family dinners almost every Sunday with most of his kids, grandchildren, and even his 97-year-old mother. Dave and Sue have lived in St. Louis all their lives. He enjoys spending time outdoors, especially fishing with his grandchildren; he knows they will only be young for so long and you have to live in the moment. This year will be Dave’s 18th annual cross-country motorcycle trip with three college friends; together they have traveled through over 40 states on these memorable road trips.
Dave and Sue support many charitable organizations, including the MS-Society, Cystic Fibrosis, the Lupus Foundation, St. Louis Men’s Group Against Cancer, and the Mary Culver Home for vision-impaired women, where his mother lives. Their support comes in an unusual way: Dave and Sue donate a BBQ (including a pig roast, cooked, carved, and served on site), which is auctioned off at one of their live events. This popular auction item is a great way for Dave and Sue to have fun and do some good in the community. Dave also serves as a board member on the Estate Planning Council of St. Louis.