Opening a new chapter - Keys to a Happy, Healthy Retirement

The transition into retirement can be very exciting, but it is also one of the biggest adjustments a person can make in their life. I have been blessed to help dozens of clients transition into retirement, and everybody, without exception, is a little nervous (or a lot). If you are approaching retirement and feel anxious, unsure, or fearful, you are not alone. This is completely normal! Over the years, I have noticed a few things about my clients who handle the transition into retirement really well. In this article, I would like to explore these observations with the purpose of helping you embrace retirement with confidence. 

An Attitude of Adventure:

Probably the most profound difference I see between those who handle the transition into retirement well and those who struggle is their attitude. Those who do well look at retirement as an opportunity to open a new chapter in their life. They have a sense of adventure about all the things they could be doing in retirement. Some of these clients have a lot of financial resources that allow them to travel the world and go on some adventures. Others have limited budgets but are able to get excited about their hobbies, volunteering, time with family and friends, etc. This brings me to my next observation. 

Have a plan for staying active and connected:

Those who have different ways of staying active and connected fare much better in retirement than those who do not. I have noticed that those who spend a lot of time alone at home tend to struggle more. I suggest that prior to retirement, you make a list of all the things you would like to do or do more of in retirement. If the top priority on your list is to relax at home and do nothing, or read a book, there is nothing wrong with that. It is important though, that your list includes some activities that keep you physically active and connected to others in a meaningful way. This looks different for everyone. Some join walking clubs or play golf more. Others volunteer at their local hospital or food pantry. Plenty of others plan on watching their grandkids a couple of times a week or spending more time at church. Most of these things cost very little or nothing at all.

Finding purpose:

I have had many clients who feared losing their sense of purpose as they approached retirement. Having a plan for maintaining a sense of purpose in retirement is super important for everyone. It is especially important for those of you who are passionate about your work or those who bury themselves in their work and don’t have much of a life outside of work. I suggest that everyone has a plan for finding or keeping a purpose in retirement. This is simple for some. If you are already involved and passionate about church and/or serving those in need, it will probably be easy for you to continue finding purpose in that. If you have buried yourself in work for the past 35 years and feel like you may be lost without the day to day grind, it might be a good idea to explore avenues that allow you to transition into retirement slowly. For example, taking up part time work, starting a business you have always considered opening, or becoming a consultant for your current employer are all good options. Wherever you stand on this spectrum, take some time to ponder how you will have a sense of purpose in retirement. I promise this will be time well spent.

Financial Confidence:

Last but not least, I have observed that those who have financial confidence do better with the transition into retirement. Notice that I did not say those who are in a better financial position, although that is very important as well. I have had clients who don’t spend much, have a lot saved, and as a result, are very prepared financially. But due to their cautious personalities, they find it difficult to really believe they won’t run out of money. I have also had other clients who don’t have as much, spend a little more, but are pretty well prepared for retirement and are ready and willing to believe they are going to be alright, but are not sure how to verify it. In either situation, building confidence in their financial situation will lead to peace of mind and a more enjoyable retirement. I believe the best way to do this is to work with a financial planner who can help you run retirement projections specific to your situation. When I take either of these clients through this exercise, they are able to build confidence in their financial future. If the projections are not as optimistic as they would like, at least they have a realistic picture of where they are and what they need to do to have a successful retirement. 

I sincerely hope this article has given you some insight that will help you transition into retirement with confidence and a sense of adventure. I wish you the best in this new chapter of your life!

At Financial Strategies Group, we specialize in helping individuals and families transition into retirement. If you are interested in working with a financial advisor or getting a second opinion, we would love to hear from you.

Written by: Brandon Carter

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