Three common issues for retirees to watch out for
It can be hard to know what’s next around the bend of the road of life on a good day, and when it comes to retirement, uncertainty can rear its head faster than you can blink.
Thankfully, there’s plenty of time to brace yourself, and prepare for what might be waiting. Understanding the most common problems people face is half the battle, and with these three quick explainers, you can take your new intel into your next planning session, and give yourself the head start of a lifetime.
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New horizons
Change is hard, and the change of pace that comes with retirement can be a challenge to navigate. Many dream of holidaying during this time, buying that caravan they’ve talked about for years, doing those renovations to make home more comfortable or accessible, and spending more quality time with - as well as spoiling - loved ones.
According to Senior Wealth Manager Clint McCalla, who spoke to Forbes, one of the biggest problems people face is not saving enough money to maintain the retirement lifestyle they’ve always dreamed of. Put simply, they “can’t afford to do the things they want to do.”
“The other problem is boredom or a loss of purpose,” McCalla continued. “Also [we] see relationship issues emerge between significant others as you are now potentially spending more time together, which is an adjustment.
“For anyone going through this transition, you need to be realistic about how quickly you adapt to a new lifestyle. It isn’t going to happen overnight. Take time to figure it out, and don’t pressure yourself to meet the expectations you had going into retirement.”
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Money
Cash gets a mention in almost every discussion surrounding retirement, and this one is no different. Keeping your finances in order will not only give you peace of mind, but starting early will give you more opportunities moving forward, as you won’t be as limited when it comes to following your dreams.
“The two cornerstone questions faced by those anticipating retirement are ‘am I going to be okay?’ and ‘can I afford to financially support the lifestyle I have worked all my life toward?’” Retirement Navigator’s Doug Dahmer explained.
“People usually just don’t have enough to retire,” Bob Chitrathorn added, “they simply retire and will try to make do with what they have, without knowing how long the amount of money they have may or may not last.”
And as Investment Adviser Derek Miser put it, “many people rely on their pension income to survive, and if this income is reduced due to higher retirement age, it can cause financial hardship. Health issues often become more prevalent in older age, and these may only be compounded by working longer.”
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Thumb twiddling
Without a clear sense of purpose, many people spiral down the path of boredom. While having some disposable income to enjoy yourself can help, it doesn’t guarantee that you won’t one day find yourself sitting around and wondering what you want to do.
So, it’s crucial to know what it is that makes you happy, what inspires you, and how to ensure you can keep on coming back to it - hobbies are a great example, whether they’re with others and something you can keep busy with on your own terms.
“People need to contribute and have purpose in life,” explained Anna Rappaport, “if their main purpose was their job, they need to find a new passion and/or purpose.”
“One of the main problems people face when they retire is a lack of purpose and meaning in their lives,” agreed Dennis Shirshikov. “Many retirees struggle with feelings of boredom, loneliness, and isolation, which can lead to depression and other mental health issues.”
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