Are You Mentally Prepared for Retirement?

Being financially prepared for retirement is one thing, but are you mentally prepared?

As you prepare for retirement, you’re probably concerned with whether or not you saved enough money. This is only natural as its the biggest concern that people have throughout their working years. And it increases as you approach retirement.

Did you know that there are other ways in which you need to prepare for retirement?
One of the other topics that good financial planners discuss with their clients is being mentally prepared for retirement. Going from working to either not working at all or working part time is a big adjustment in everyone’s life. This adjustment can be difficult to deal with for some people.

Here are a few key points to keep in mind:

• Just because you’re no longer working doesn’t mean you’ve changed into a different person. Those who retire often feel a void in their lives, but it’s important to remember that you’re still the same person.
• Everyone has a different vision of what their retirement should be – focus on what you want to be doing, not what other retirees around you are doing. It’s your retirement and you should go through it as you wish.
• You will have a lot more free time now that you’re not working so it’s important to know that you’re going to have this time. Start thinking about how you want to spend it so that you’re not left feeling overwhelmed.
• Watch out for spending habits during retirement. During your working years, you’re busy saving up money. Once you have extra free time, you may realise that you’re spending more money.

Other tips to ensure that you transfer into retirement mentally prepared is to build up friendships with those who are also going to be retired so that you have adult social interaction. If you’re married or with a partner, it’s also important to have a retirement discussion with them on what their expectations may or may not be.

Yes, money is still a large part of your retirement, but don’t forget about happiness and being content as well. A good financial planner can help you prepare for both.

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