Retirement is one of the biggest milestones we go through in life. While everyone experiences retirement differently, it’s usually considered a time to enjoy a break from years of working. Still, that doesn’t mean it’s an easy change. Here are some pitfalls to avoid once you finally retire.
Don’t lose your sense of discipline.
At some point you’re probably going to wake up feeling existential dread or anxiety. This may come once you’ve passed the initial “vacation” days of retirement. Even though you’re happy to be retired, you might be missing the more structured days you used to have. When this happens, make lists of things you want to try or do. Developing a new routine can help you regain a sense of purpose.
Don’t squander your savings.
One of the biggest adjustments you’ll probably have to make in retirement is living on a fixed income. If that amount is significantly less than your working income, you’ll have to be mindful of your spending. Don’t blow it all on a big vacation. Instead, save where you can, keep your credit in check, and stick to a budget.
Don’t forget about estate planning.
It’s something no one wants to think about, yet it’s essential. End-of-life planning is important, even if it’s something you don’t want to do. Plus, it makes the process easier on your family, instead of weighing them down with decisions.
Don’t fear trying something new.
Just because you’ve entered a new stage of your life doesn’t mean you have to sit around and stare at the walls to pass time. Instead, try something new! Though the pandemic might make that harder, there are still tons of forums, Facebook groups, and even YouTube channels that can help you learn a new hobby or skill. Plus, you might even meet a new group of friends!
Don’t give up on relationships.
It can be easy to fall into isolation during retirement. According to the AARP, 45% of Americans over age 65 are divorced, separated, or widowed. If you’re in this group, you might start to feel lonely without the daily interactions you had at work. If you’re ready to date again, there are plenty of dating apps specifically for seniors. Regardless of whether you want to date or not, try connecting with other retirees and get involved in activities to meet new friends. And don’t forget to stay in touch with old friends!
The bottom line is that this is a major life change, and it will be important to give yourself time to adjust. Knowing what to expect may help you have a smoother transition, though. So keep these things in mind, and enjoy your hard-earned retirement!