When planning for retirement it is important to consider non-financial factors and how they will impact your quality of life. The three biggest non-financial mistakes are failing to plan for how you will find meaning, being unprepared for how retirement will affect your relationships and underestimating the emotional impact of this transition.
Retiring is a huge adjustment for successful people who are accustom to working over 40 hours a week and have forged a sense of identity through their profession. Start to reduce the time spent at work and explore possible activities and interests outside of the workplace. Make time to research hobbies, sports, volunteer work or part-time work before you retire so that you will have a plan in place to engage in activities that are meaningful to you. Facing too many empty hours can be an emotional shock and shake your equilibrium
Since you will have more “free” time, reassess your priorities as an individual and as a couple. Do you want to carve out some alone time? Do you need to communicate with your adult children about how much time you spend with them and your grandchildren? How will retirement affect your work relationships? Will you need to seek opportunities to meet new people and make new friends?
Some successful professionals go into retirement with great enthusiasm, unaware that when the newness wears off, they may be at risk for depression. Working with a non-financial retirement coach or counselor before and during the retirement transition can help you customize a plan and navigate the emotions that arise during this important time of life.
Retirement is a major life event. It can be one of the hardest times in adult life. Careful planning for the non-financial and emotional aspects can help ease this transition and set the stage for an amazing and fulfilling retirement lifestyle.
I specialize in helping people transition into self-employment, semi-retirement and full retirement.
Call me for a complimentary consultation. I’d love to help you!
MarGO!
Blog post written by Margo Geller and Debra Livingston
