The one thing you must do before retirement
When you think about planning for retirement, the standard advice is to take a thorough look at your superannuation and finances. Although money is undoubtedly an important aspect of retirement planning, making a plan for your emotion and physical wellbeing is just as crucial.
New research from the UK has found that retirement can have a negative impact on your mental and physical health. The study, published by the Institute of Economic Affairs, looked at the impact of retirement on 7,000 people aged 50 to 70, and found that while retirement gives most people a small health booth, over the medium to long-term it causes a “drastic decline in health”.
For both men and women, retirement decreases the likelihood of "very good” or "excellent" self-reported health by 40 per cent, increases risk for depression by 40 per cent, and diagnosis of a physical illness by 60 per cent. The study’s lead author, Gabriel Sahlgren, noted: "Work, especially paid work, gives many people a sense of purpose. Losing that may lead to declines in health."
The lesson: Make a plan for your emotional and physical health.
“Don't wait until you retire to decide how you're going to keep busy,” Dave Bernard, retirement blogger and author of Are You Just Existing and Calling it a Life?, told Prevention, adding, “And you need to look well beyond the first six months.”
Just as it’s necessary to make sure your finances are in order before retirement, it’s crucial to ask yourself: What will my new sense of purpose in retirement be?
“Many times, adults might not think about what it actually means to be retired, or they think about retirement in abstract terms,” says Angela Curl, an assistant professor in the University of Missouri School of Social Work.
She says you need to make concrete plans for retirement. “If you want to volunteer when you are retired, ask yourself where and how often. Having specific plans and steps to follow will help you enter retirement more easily,” says Curl.
Creating a plan of how you’ll spend your time when you retire will keep you mentally and physically strong, ensuring that you’ll be healthy enough to enjoy your well-deserved retirement.
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