Five Ways to Prepare for 365 Days in Retirement

Prepare for Retirement Financial Planning

Retirement is more than weddings, vacations and sail boats. How will you fill all the days of your year in retirement? Many new retirees find themselves with a lot of extra time on their hands. And while you may feel gung-ho at first, the sudden shift in lifestyle can be overwhelming. Some experts say a steady transition is likely to be more successful. One psychologist suggests focusing on the following key areas to help round out the life you’re looking for as you ease into your next chapter.

1) Focus on areas that enhance your existing relationships and make room for new ones. Establish weekly game nights with friends or Sunday dinners with family, for example. Be sure to maintain or expand your social life. Studies show having friends and family for entertainment and support significantly enhances a retiree’s quality of life.
2) Keep your mental and physical health a priority.
Set up and keep wellness appointments and exercise daily. And don’t forget to relax! You’ve earned it! Take time for yourself when you need to, and don’t forget to take a nap or two.
3) Make sure you feel as financially secure as possible.
Ideally, you’ve been working toward this goal throughout your career. If you need to clarify your retirement income stream, do that now with the help of your professional advisor.
4) Stay young at heart.
Take up an old hobby or find a new one, learn welding or Spanish, play a new instrument. Or if you really want to dive in, consider that Harvard and Stanford have established learning programs for leaders who have already distinguished themselves during their careers. The point is to plan and embark on a new adventure every week, even if that’s tutoring an elementary student in math or trying a new restaurant. Find something that keeps your brain firing.
5) Be kind.
Acts of kindness make everyone feel good. Volunteer, donate time or money, or contribute to your community in another way.

Source: Yvette Guerrero, Ph.D., University of California, San Francisco; “Psychological and Emotional Aspects of Retirement: Planning for a Successful Transition.


Material prepared by Raymond James for use by its advisors

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