Why do you think people are afraid of being in control of their life, waking up when you feel like it, no more daily commute? Retirement is that new chapter in your life which can sometimes lead to excitement, anxiety and fear of leaving the known for a world of the unknown. You begin to wonder what is next for you and whether you are really prepared for this new chapter. The key to not being worried is believing that these concerns are natural and that you can conquer them with your outlook.
Worry #1 – Strapped for Cash
According to a survey, about 44% of people are worried about running out of money during retirement. Statistics also indicate that living expenses are rising and that the average life expectancy is currently 83, with many individuals surviving well into their 90s, this concern is reasonable. The uncertainty around the direction of the world economy, changes in government regulations and unforeseen costs are other factors causing this concern. One of the biggest worries people tell me is the uncertainty of not knowing how much savings they require to maintain an ideal lifestyle in retirement.
You may consider developing a realistic budget that factors your daily expenses and income, reduce your risk and aim to increase returns by regularly reviewing your current portfolio to ensure adequate diversification of your assets including shares, stocks, ISAs and other tangible assets.
Worry #2 – Loss of recognition or status
The loss of identity becomes a significant challenge for many individuals, as their sense of self-worth and purpose is often closely tied to their professional roles. When work ends, retirees may feel a profound sense of loss and uncertainty about who they are without their job titles and daily responsibilities. It can be extremely upsetting for anyone to lose their identity, and you may find yourself wondering how to compensate or make up for the lack of a structured work life.
What are the hobbies you have put on the back burner for years or the things you have always wanted to do? Identify those hobbies or projects that can give you a sense of fulfilment and that you are passionate about. Setting personal goals to learn new skills, travelling or the pursuit of creative interests can help maintain or revive your sense of purpose and boost self-esteem. You may find pleasure in passing on the knowledge you have acquired over many decades by mentoring a young person.
Worry #3 – Leaving Debts for Loved Ones
It is always a good idea to pay off your biggest debts before taking retirement. However, some unforeseen events such as illness or redundancy can make it impossible to clear such debt or plan for after life. The thought of leaving the debt for your loved ones to clear can be a cause of worry and anxiety to many people.
You may consider taking a part-time job to clear debts and ensure you have adequate insurance to cover any unforeseen costs such as inheritance tax, funeral costs etc. while you put together a comprehensive legal plan to take care of your estate.
Worry #4 – Fear of alienation
After many years of enjoying friendships at work, research indicates that over a million retirees in the UK frequently experience loneliness after retirement. The fear of alienation from your familiar environment can negatively affect an individual. This feeling can increase the risk of fear, depression and anxiety in retirement.
If you are unable to locate an interest-based group in your area, consider creating a group of your own, this could be a great help to others in a similar position! If you are an animal lover, consider getting a pet for companionship. Arrange to meet with trusted friends and family to discuss your feelings and when it is physically not possible to meet, regularly schedule video or phone calls to catch up or play games.
Worry #5 – High Medical Expenses
People are more likely to have health challenges as they get older. Many retirees have serious concerns about rising medical expenses which increase with age and may also be further strained by the rising cost of dental care and other medical bills.
This worry can be minimized when you maintain a healthy lifestyle that includes forming a habit of eating a balanced diet and taking on less expensive exercises like walking. You may also consider private medical insurance and preventative measures by keeping up to date with your health screenings and vaccines.
Worry #6 – Loss of a Spouse
The thought of living life without one’s partner can be emotionally draining. Your retirement plans may have been centered around each other; the sense of loss may extend beyond the passing and loneliness that follows. It may also include feelings of vulnerability, abandonment, and an inability to face life’s obstacles on your own.
As inevitable as this may be, it is important to plan for this eventuality. Create a practical plan, including legal and financial documents. Consider updating your will from time to time and let your wishes be known to your family so there are no surprises. Establish a solid family support system and remain socially connected.
What to do to overcome your worries and look to the future?
Fear is a natural emotion that can be overwhelming and eventually hinder you from living your fulfilled life. Embracing this new chapter with a proactive and positive mindset can transform your fear into an opportunity for growth and enjoyment. The secret to finding joy in retirement and maintaining a sense of purpose is to plan, set new goals, build a strong support network while you stay engaged through hobbies, part-time work or volunteering.
Let’s start the conversation. Join our community group today, share your thoughts, find support, and gain valuable insights into making the most of your retirement years.
