Retirement is a huge life event and one that practically every member of the working population will eventually experience – whether reaching the state pension age and deciding to retire or electing to retire early for a longer life of luxury.
However, retirement can also be a major source of anxiety for those approaching retirement age. There are numerous factors that can impact this – but what can you do to reduce your own retirement anxiety?
Sort Out Your Finances
Often, the biggest hurdle to enjoying a comfortable retirement is money. Many are anxious to leave full-time employment in case they haven’t saved enough to continue living their current lifestyle; others might be scared about being unable to financially support family members in times of crisis. These fears have undoubtedly been exacerbated for many by the ongoing cost-of-living crisis that has significantly inflated the cost of goods and services.
But there are numerous ways in which you can futureproof your finances for a more secure and comfortable retirement. Estate planning is a popular option for ensuring loved ones are cared for in the long term, through structuring your assets for maximum tax efficiency. Active engagement with stocks, shares and mutual funds can help mitigate the impact of inflation on your retirement savings.
Health and Healthcare
Retirement is often a bellwether moment for people, as they transition from a life of full-time work to a life of leisure. For many, it is seen as a transition from middle age to old age and consequently treated with a concern or even fear.
While it is true that retirement age is more often than not a later time in one’s life, this doesn’t mean that old age has to be an issue for you. Establishing a routine of regular health check-ups can keep you in tune with your body and needs. This can also be an excellent opportunity to re-align your health goals and adopt healthier practices to remain fit.
Redefine Your Goals
Many people’s lives are defined by their work and their contributions to a given field or discipline. With retirement, this fundamental aspect of your life can seem suddenly wicked away, leaving you feeling as if you are without purpose. As concerning as this feeling can be, it is also an opportunity for you to undergo a process of ‘redefinition’.
Now that your life is no longer centred around providing a function or providing for your family, you can seek a new purpose on your own terms. This new purpose could relate to a hobby you have always wanted to indulge in or a cause that has been close to your heart. You could give your time to local volunteer programmes, or get stuck into learning a new discipline altogether. This time is yours to use as you see fit.