4 common oversights of people who are retired
Retirement is undoubtedly one of the most exciting – and sometimes most stressful – stages of life, but it doesn’t have to be. To ensure your transition into retirement is a smooth one, avoid making these 4 crucial mistakes.
1. Not planning for the worst
A good course of action in all aspects of life – but particularly in retirement – is to expect the unexpected. Make sure you have contingency plans in place should you need to downsize, divorce, require full-time care or even become a carer yourself. And, although it’s not pleasant to think about, preparing for your death will give you peace of mind knowing you won’t be leaving behind a mountain of legal and financial woes to your loved ones.
2. Not preparing financially
Don’t underestimate your longevity! With life expectancy in this country reaching well into the 80s, it’s more important than ever to ensure your finances are sufficient and secure for the entirety of your retirement. Where in the past many people had only 10 or so years of retirement to prepare for, today’s over-60s have almost double (even triple) that. For expert advice on maintaining and even growing your wealth in retirement, visit the retirement income section of our website.
3. Not preparing emotionally
Financial preparation is certainly important, but it’s just as essential to prepare yourself emotionally when it comes to retirement. Understand that after the initial burst of elation at having all this free time, it’s perfectly natural to fall into a bit of a post-retirement lull. Successful retirement is all about finding your passion and trying new things. Click here to learn how you can make the most of your newfound freedom.
4. Not getting help
Remember, it’s not a sign of weakness to admit you need help – whether professional or not. As with any period of adjustment, you’ll always come out better if you have a strong support system. Your friends and family only want the best for you and will be happy to help you adapt to post-retirement life – after all, what’s the point of having all this free time if you can’t spend it with the people you love?
Tell us in the comments below, what advice would you give to new retirees?
Related links:
New research proves life is better in retirement
Why everyone should break out of their comfort zone in retirement
8 perks of getting older you might not know about