So much preparation and attention for retirement is placed on the finances. Don’t get me wrong, it should. You can’t retire (in the traditional sense) without having saved and invested to accumulate the right resources to use when the income stops.
The challenge for many can be when they step over from career to post career.
According to the Employee Benefit Research Institute, on a scale of 1 to 10, retirees rate their overall satisfaction in retirement at 7.4. However, when retirees rated their alignment of life in retirement with their expectations, the average fell to 6.4 out of 10.
As I work with people to craft a retirement lifestyle strategy, we work map out what a future might look like to anticipate any alignment or life expectation short comings. Therefore, challenge yourself in these 10 areas now to bring clarity to what your retirement journey might look like.
- Loss of identity. Many people define themselves by their careers. When they retire, they may feel lost and unsure of who they are. Almost one-third of those who have taken the Retirement Time Analysis (RTA) fear their loss of identity when they retire.
- Lack of structure. Retirement can be a time of great freedom, but it can also be a time of great uncertainty. Without a regular work schedule, people may find it difficult to stay on track and motivated. Over 60% of RTA participants have no formal goals in life that they have established.
- Financial challenges. Retirement can be a time of financial strain, especially if people have not saved enough for their golden years. When using RTA data, 43% feel financially insecure.
- Health challenges. Retirement can be a time of increased health problems, both physical and mental. 24% of people on the RTA do not feel it is important to exercise in retirement.
- Loneliness. Retirement can be a time of social isolation, especially if people do not have strong social networks. Again, 38% of RTA contributors do not have a solid social network now, that will only get more pronounced in retirement.
- Boredom. Retirement can be a time of boredom, especially if people do not have hobbies or interests to keep them busy. Only 44% on the RTA even plan to have formal hobbies in retirement.
- Feeling useless. Some people may feel useless or unproductive in retirement. This can lead to feelings of depression and anxiety.
- Changes in relationships. Retirement can have a major impact on relationships, both with spouses, partners, and friends.
- Death of loved ones. Retirement can be a time when many loved ones pass away. This can be a difficult time for people who are already adjusting to a new life. According to the RTA data, on average one spouse is going to outlive the other by an average of 8 years!
- Coping with change. Retirement is a major life change, and it can be difficult to adjust to a new lifestyle. People who are able to cope with change effectively are more likely to have a successful retirement.
This does not have to be your destiny. You can take concrete steps to develop a flexible and adjustable lifestyle strategy that will minimize your frustration and increase your satisfaction well about a 7.4. But, you need to invest the time to make that happen.
The Post-Career Lifestyle Planning Audio Series
Join us as we talk about these 10 issues at our next LinkedIn Audio Event. Thursday June 8, 2023 at 12:00pm EDT.
Life Beyond Career Workshop
I will also be having my monthly BEYOND WORK Workshop on June 15, 2023 at 7:00 pm EDT. This month’s topic, “The 7 Keys of Retirement Life.”
Let a Healthier You Plan an Amazing Post-Career Lifestyle
One Hour Consultation
Let’s Get Your Post-Career Life Defined
Working together to help you craft a lifestyle strategy requires trust. That is why I want to get you started on post-career planning that provides value to you at a great value. Our goal for this session is to lay a foundation for you to build an amazing retirement life that aligns with your values and desires.