For most of us if we think about retirement planning we think about the finances needed and getting a pension plan organised. But we don’t think about the lifestyle, mental or physical health implications that also occur. Long-term studies indicate that retirement is more about making a mental health adjustment than anything else.

Retirement Is More Than Your Pension. 

Retirement is ranked as the 10th most stressful event we will encounter in life. So you can understand that the way we think about retirement has to change also. Studies about retirement do show a decline in physical and mental health. These changes can in particularly occur around areas such as heart, cancer, strokes, diabetes, social isolation, financial worries and housing concerns. Men in particular have a higher risk of developing psychiatric problems.

Our identity can become so caught up in our work role that we view retirement as a negative. We see it as a lack of a challenge. Plus we won’t have the same work structure and we think we are no longer contributing to society. These are all linked to a lowering of our self-esteem. Studies have even shown that addictions (alcohol, drugs, gambling) can become problematic during retirement.

But it’s not all doom and gloom. Yes, replacing structures we had at work can be a problem but not an insurmountable one. The benefits of reduced levels of work related stress does aid sleep and a better work/life balance may be gained. There are many ways in which we can mitigate the problems associated with retirement also with a little pre-retirement planning. It will all really come down to how you view your retirement.

First off, lets understand the 5 emotional stages of retirement so we can plan ahead.

5 Emotional Stages Of Retirement.

1. Imagination stage: (about 6-15 years before retirement day) The focus will all be on planning for retirement. Not just your pension but fantasizing about what your retirement will look like. People in this stage usually have high expectations of adventure and are feeling empowered.
2. Anticipation stage: (up to 5 years prior to retirement day) This can be an exciting time but can also include anxiety and doubts. It’s a great time to explore retirement hobbies or interests and do some further planning. Concerns do arise about health and covering cost of any medical conditions that might arise. It is also a time when people who are very work focused ask themselves who will they be if not the job they currently occupy. “If I’m not a doctor/plumber/etc., who will I be?” People like this have their identity and self-esteem tied into their work role and earning capacity. They should seek therapy long before retirement to help them adjust.
3. Liberation stage: (up to 1 year after day of retirement) Also known as the honeymoon stage. Most people are enjoying retirement, not setting the alarm clock, etc. During this stage people make adjustments. Maybe thinking of downsizing and are generally still keeping busy. There is a sense of euphoria in this stage and it lasts about 1 year. But after a year people wake up and begin to ask now what?
4. Reorientation stage: (2-15 years after retirement) This period is all about adjusting to new routines, activities, relationships, etc. The enthusiasm has waned and for most people it can a time of dejection or purposelessness. This can stem from a sense of not knowing what to do with your time plus if any financial loss has occurred.
5. Reconciliation stage: (16+ years after retirement) At this stage most people have reached a level of contentment, hopefulness and acceptance. People have made the adjustments they needed.

No matter what stage you are at, remember, that no matter what path you are on you can and probably will change. We all evolve, change and grow throughout our lives. We can make the necessary adjustments we have to with a little planning and soul-searching.

Finding out what you want is crucial. 

Most people have unrealistic expectations of retirement. So evaluating your current life to find out what you want for retirement is the first key to success. Being proactive helps us to try and avoid unnecessary mistakes is the best way forward. Studies have shown that the most successful retirees plan out their life.

Deciding on where you are now and where you want to be in retirement is crucial. Then take the necessary steps to close the gap. The one question to keep in mind while asking the following questions is: “What action steps do I need to start taking now to move me closer to where I want to be?”. Make an action plan to move you closer to your goal and stick with it.

Some areas and questions you might like to explore: 

1 Review your current priorities.

1.  Do you have a good basic self-care plan in place? If not get one!
2.  Have you good healthy boundaries?

2 Do you want to continue working?

Or continuing to work, even part-time, or volunteering has been shown to be crucial to long-term happy retirement for most people.

1. Work full-time or part-time.
2. Stay in the same job if possible or as a consultant/trainer.
3.  Learn a new skill, take up a new hobby/interest that could become a part-time source of income.
4.  Become an entrepreneur.

3 Where do you want to live?

Take professional advice before making big decisions like these.

1. Stay in the family home.
2. Downsize.
3. Move to another area.
4. Buy a second property for rental income?

4 Will you still have dependents?

1. Your own children. What will happen to any dependent child if you die?
2. Your grandchildren.

5 Your health:

1. Do you have health needs?
2. How are you looking after your health and fitness.

6 You pension:

1. Is it adequate to meet your needs? You need to take professional advice here.

Plan/manage ahead is key to mitigate some of the physical and mental health problems.

1.  Staying active is important. Especially if you want to have good health in, and during, retirement. So building flexibility and strength plus walking, swimming, etc., are all shown to benefit your mental health also.
2. Getting involved is also important, groups, activities, volunteer or work part-time. Again isolation, financial concerns, are all problems for retirees. So getting involved will help reduce these.
3. Self-care is vital: basic self-care; healthy boundaries; reviewing your priorities at regular intervals.
4. Make time for your relationships: partners, family and friends are especially important to help reduce isolation and loneliness.
5. Have regular medical check ups. Not just before retirement, but during retirement is crucial.
6. Eat right. For some your appetite may change. So take professional advice on how to eat right for you.
7. Meditation is important to reduce stress. Remember retirement can be 10th biggest life stressor.
8. Continue to set new goals, aims and plans. Never stop planning, dreaming and taking steps forward. Remember you will continue to evolve and change during your life-time.
9. Nurture a positive attitude: This has been shown as one of the best practises you can have for retirement. As retirement is as much about your mental state as your physical or financial ones. 
10. If you’re struggling ask for professional help, you are not alone. If you are struggling financially, seek advice to make sure you are getting all that you are entitled to. MABS can help.

Making the mental adjustment to retirement is as equally important as planning your pension. So please be proactive and have a plan. It will help elevate so many problems for you physical and mental health if you do.

Work With Me.

Remember you are allowed to ask for support. No one is an island. If you need extra support then you can also work with me. We all struggle with stress and overwhelm from time to time. If you find this has become a problem for you and you’d like some support then schedule an appointment with me.