You may worry about managing financially on a fixed income, coping with declining health, or adapting to a different relationship with your spouse now that you're at home all day. The loss of identity, routine, and goals can impact your sense of self-worth, leave you feeling rudderless, or even lead to depression.
#1 Do Things You (Used To) Enjoy
Even if you don't feel like it, getting out and doing things you enjoy is important. Whether it's going for walks, volunteering, or visiting friends and family, getting out of the house is a key part of staving off retirement blues.
It's estimated that almost one-third of retirees in the United States develop symptoms of depression at this stage of life. Managing depression is possible, though, and self-care and support can make a difference.
Happy retirees often spend much of their careers actively laying the financial groundwork for their retirements. Careful deliberation about investment strategies, diligent and regular savings and other planning helped position them for a relaxing and financially independent life.
These tips can help. As saving for retirement has become more of an individual obligation, many workers and retirees wonder if they have enough money saved. New research shows the biggest concern among those cohorts is outliving their assets.
“The main issues for retirees are replacing income in an inflationary environment, preparing for unknown future healthcare costs and long-term care costs, and feeling confident to spend money when they have been good savers,” says Emily C.
Many factors can affect someone's ability to acclimate to retirement, including financial status, health status, personality, and proximity to loved ones.
Another study, this one from the Employee Benefit Research Institute, finds that while most seniors are indeed happy, a higher percentage are feeling more dissatisfied than before.
Retirement is a huge life transition, and it can take a while to adjust – as in, weeks to years. And of course, every situation is unique and there is no set time frame for how long it takes to feel settled into retirement. For some people, it takes a few months. For others, it can take a year or more.
You may feel lonely because many of your friends are at work. You may be bored. The activities you try may not challenge or engage you. Many retirees feel they have lost their sense of purpose.
The Retirement Syndrome is a term coined by clinical professor of Leadership Development at INSEAD, and author, Manfred F.R Kets de Vries, to describe the difficulties faced by individuals in positions of authority, specifically Chief Executive Officer's (CEO's) as they attempt to "let go" at the end of a full career.
Finding meaning in retirement often involves going beyond yourself, contributing to the broader community, servicing society, or taking care of others. Getting a pet, volunteering at a hospital, or babysitting grandchildren are all ways to fulfill that basic human need to connect with and show compassion toward others.
This is surprisingly common and I've seen it manifest itself in two ways. The first is guilt if you're not doing much or making the most of your time. You finally have some free time and you struggle with how to use it. You feel guilty because watching T.V.
As a general rule, early retirement leads to a longer and happier life. The optimal age is your mid 50's, when you're still young and healthy enough to enjoy everything. The only caveat is ensuring sufficient savings to support your desired lifestyle.
Take a Normal Retirement to Balance Personal and Financial Needs. Retiring in your mid-60s still makes sense for many people. At this point, you are old enough to have hopefully amassed sizable savings, but you are still young enough to enjoy active pursuits such as travel.
Among those looking ahead to retirement, many expect to step away from work at age 65, according to the 2023 Retirement Confidence Survey. Although 65 is the anticipated median retirement age, workers report retiring at a median age of 62, the survey found.
In the research on retirement and depression, a number of studies have found patterns related to the “loss” of the work experience itself. As much as you may look forward to the day you no longer need to go to work, many will end up missing it when it's gone. This isn't surprising.
Common challenges of retirement include:
Struggling to “switch off” from work mode and relax, especially in the early weeks or months of retirement. Feeling anxious at having more time on your hands, but less money to spend. Finding it difficult to fill the extra hours you now have with meaningful activity.
Some common retirement mistakes are not creating a financial plan and not contributing to your 401(k) or another retirement plan. In addition, many people take their Social Security distributions too early, don't rebalance their portfolios to match risk tolerance, and spend beyond their means.
Some retirees struggle with the loss of structure and identity they had while working. Others are bored. People who retire for health reasons, face financial difficulties or leave their jobs involuntarily find the adjustment especially challenging.
Retirement anxiety is an emotion of concern or worry, experienced by people yet to retire, about the prospect of retirement. Examples include concerns about how they'll fill their time, financial worries and feeling a loss of identity.