For many retirees, retirement is taking much longer than it used to. After a few years, you might be wondering what happens when the retirement honeymoon is over.
Why is retirement the entire focus of my business? We hear about retirement almost all the time for the same reason. Because every day around 12,000 people retire and that will be for the next 15 years. Not only is this a tremendous number of people retiring, but these retirees will live into retirement far longer than any previous generation.
Gone are the days of retiring at 65 just to live to 70. For some people, retirement could last more than 30% of their lives. A nice long retirement? It’s like your honeymoon phase. Days filled with travel, dining out, more free time to do whatever you want, or nothing at all if you prefer. For me, I envision lots of traveling and maybe surfing around the world. What’s the problem with that?
We love the honeymoon phase
Unfortunately, they don’t call the honeymoon phase a phase for nothing. The reason is that it doesn’t last long. We love the honeymoon phase. It’s filled with new and exciting adventures. We tend not to see problems because we are so in love with our new life. However, over time we realize that not everything is perfect.
The end of the honeymoon period comes for some retirees with the realization that they may have lost as much as they gained in their new retirement life. Loss of identity is the number one reason retirees are dissatisfied with their retirement. If I’m not “insert your occupation here”, then who am I?
With retirement comes a decline in social interactions and a loss of routine. That same freedom to do whatever you want or don’t want leaves many retirees yearning for routine. After all, you’ve followed a routine for decades, and suddenly quitting can be a difficult transition. A loss of identity through retirement can also lead to higher levels of anxiety and depression.
So how do we deal with the end of the honeymoon phase? For starters, it can be helpful to figure out your new identity. Ask yourself: What do I still want to achieve in life? What am I most excited about?
Volunteering helps create new social interactions
You’ve spent a lifetime building skills and knowledge that others desperately need to learn. Are there organizations you would like to support? voluntary work Your time can help create a new routine, create new social interactions, and most importantly, give you a greater sense of purpose.
A sense of purpose in retirement has been shown to be one of the most important factors in happiness in retirement. A sense of purpose can make retirees feel “normal” again. As a result, the feelings of the honeymoon phase extend well into retirement, if not for the rest of your life.
Retirement is a lot more mental than financial. Retirees have been shown to be able to adjust their lifestyles to accommodate most income levels, but happiness in retirement has been shown to be more difficult to achieve.
To have a plan before When you retire, you can increase the odds that you’ll be self-satisfied with your retirement and, as we say in the surfing community, just enjoy the ride.
Securities offered by Kestra Investment Services LLC (Kestra IS), member of FINRA/SIPC. Investment advisory services provided by Kestra Advisory Services LLC (Kestra AS), a subsidiary of Kestra IS. Reich Asset Management LLC is not affiliated with Kestra IS or Kestra AS. The opinions expressed in this comment are those of the author and do not necessarily reflect those of Kestra Investment Services or Kestra Advisory Services. This is for general information only and is not intended to constitute specific investment advice or a recommendation for any individual. It is recommended that you consult your financial professional, solicitor or accountant regarding your individual situation. To view the CRS form, visit https://bit.ly/KF-Disclosures (opens in new tab).