Retirement should be a time of great joy, but the transition from a working life to a new way of being is not easy. There are a number of traps that can ruin your retirement if you are not aware of them.
One – Being overly cautious with spending
Many people have a fear of running out of money before they run out of life, and the fear is real. The cost of living in retirement has been going up by more than the rate of inflation. NZ Superannuation is not enough to live on, so it’s important to have an investment fund that can provide income to top it up. However, there is a balance to be had between too much caution and not enough when it comes to how quickly you allow your savings and investments to run down. When you’ve spent your lifetime building up your savings for retirement, its not easy to watch them disappear. To get the balance right, decide how much wealth you want to have left by the time you are in your mid-90s, then set a spending target for each decade of retirement to work towards that amount. Reassess your targets each year.
Two – Filling your day with busyness rather than joy
Leaving a working life creates a massive void which feels very strange to people who have been in busy roles for many years. One way in which people respond to this void is to find things to fill the hours – joining committees and social groups, renovating the house, sorting out paperwork and so on. However, sometimes this busyness is just a way of avoiding having to think about the really important questions around finding your life purpose in retirement and identifying the things that bring you the greatest joy. The result is that retirement is less fulfilling than it could be.
Three – Reluctance to try new things
Hobbies are fun when you are working because they provide a contrast to the things that take up most of your time. However, when you try and spend all day every day doing your hobbies, boredom can soon set in. Trying new things prevents boredom and keeps your brain active. You are never too old to learn something new. Learn to say yes to new opportunities rather than no.
Four – Letting go of social connections
As you get older, your social circles can gradually shrink as friends move away or health issues reduce your ability to get out and about. Social isolation is one of the biggest threats to older people. There is a proven link between social isolation and faster mental and physical deterioration in older people, caused by low cognitive stimulation. Brains need to be stimulated to stay healthy. Sometimes it takes a bit of effort to find ways to maintain social contact.
Five – Not having enough routine
When you first retire, the lack of routine can be very unsettling. After a lifetime of daily schedules, suddenly having no schedule at all is disconcerting. People are creatures of habit and a certain amount of routine provides a sense of structure and predictability that is important for mental wellbeing. While it’s nice not to have to get up to an alarm clock every day, having a morning routine is helpful – whether it is doing the morning crossword or taking the dog for a walk, a regular habit helps start the day. There might also be certain days set aside for particular activities or social arrangements. Of course, retirement is not about having rigid schedules so keep a balance between structure and freedom.
Six – Failing to set long term goals and ambitions
It’s easy to give up and feel as though you there is no point in having aspirations for the future. Being in a career is all about moving forward and setting goals but once the career is over, there is no reason to stop planning ahead. Retirement is not about winding down it is about opening yourself up to new ways of being. There is no knowing when life may end, so plan to live a long time. Go out on a high rather than grinding down to a low ebb. Without goals to work towards, the days simply pass by rather than being lived to the full. Plan a trip, start a project, learn a new language – set goals to be achieved in areas that bring you fulfilment.
Seven – Not letting go of stress
Working is stressful and for some people, stress becomes so much part of daily life that when work stops, they find something else to stress about. They might stress about their partner, their health, the state of the world, or finances. A certain level of stress is healthy but some people find they can’t live without the adrenaline rush that comes with high stress. Meditation, mindfulness, exercise and diet all help to reduce stress and bring greater health and vitality.
Eight – Allowing the grandparent role to take over your life
Life for young families is super busy with both parents working and its natural for grandparents to want to step in and help. Spending time with grandchildren brings great joy but it’s easy to slip into the role of being a full or part time caregiver on a permanent basis. That may mean letting go of other activities such as travel, interest groups and friendships. Grandparents can feel quite conflicted and reluctant to claim their own lives back to avoid guilt. There is a balance between meeting your own needs and the needs of others. No grandparent should feel pressured into spending more time with their grandchildren than they wish to.
