Help! I’m not ready to retire

If you don’t feel prepared for retirement, you’re not alone.

Retirement preparedness doesn’t just mean having enough money to leave work but includes emotional challenges like your sense of self and what your future might look like.

Set yourself up for a rewarding retirement by meeting the following common challenges, head-on!

Financial stress

Regardless of how much you’ve saved, fear of outliving your super can lead to over-cautious spending and avoiding social activities.

A financial planner will help you set retirement goals and develop a savings strategy to achieve them – the earlier you begin planning, the better!

When the time is right, your planner will assist you in gently transitioning to retirement. This could involve moves like:

•   gradually reducing work hours, and
•   regularly reviewing lifestyle goals to meet your financial strategy.

Emotional challenges

Identity loss

It’s natural to wonder who you are when no longer defined by your job title. Employment creates a sense of identity and how we fit into society. Stepping away from work can result in confusion and feelings of loss.

Boredom/social isolation

For many, retirement means passing each day with nowhere to go and no-one to talk to. Loneliness, often stemming from a reduced income and narrowed social life, is a known cause of depression and anxiety.

Tackle emotional challenges through community involvement in:

• special interest groups,
• swimming/walking groups
• book clubs,volunteering,
• learning:
  – University of the third age (U3A)
  – Men’s sheds, etc

Organisations like Beyond Blue or Lifeline offer support and advice if you’re feeling overwhelmed.

Kick off your new lifestyle through:

• Lifestyle magazines and social media pages dedicated to retirees. There are loads out there;        a Google search will quickly find them.
• Creating a free Meetup account to locate groups and events in your area. Can’t find one you like? Start your own!

Retirement represents a significant, often daunting, lifestyle change.

When planning your retirement, consider not just what you’ll need financially, but also emotionally and socially, that way you can embark on the next chapter of your life optimistically and with confidence.

You’ve earnt it!

The information provided in this article is general in nature only and does not constitute personal financial advice.