Preparing for the Emotional Side of Retirement
When you think of retirement planning, you likely think about the financial aspect of it—whether you’ll have enough money, be able to pay for your healthcare expenses, and how much your housing will cost.
But retirement has a huge emotional aspect. And generally, thinking about retirement doesn’t elicit positive feelings. USA Today recently reported that 61 percent of those surveyed are more afraid of retirement than they are of dying. There are a myriad of reasons this is the case—including fear of running out of money, fear of losing identity, and fear of being lonely.1
Balanced retirement planning also includes planning for the emotional side of retirement. And in this article, we offer ways to do that.
The Loneliness Epidemic
Epidemics are oftentimes associated with physical maladies and contagious diseases—but according to the U.S. Surgeon General Dr. Vivek H. Murthy, we are currently in a loneliness epidemic.2
“Loneliness is far more than just a bad feeling,” Dr. Murthy said in a report. “It harms both individual and societal health.”
Dr. Murthy noted that loneliness—which can lead to an increased risk of cardiovascular disease, dementia, stroke, depression, anxiety and premature death—has been on an upward trajectory for 20 years, but has increased exponentially since the COVID-19 pandemic. And the impacts of loneliness can be as harmful to our health as smoking 15 cigarettes a day.2
Kiplinger recently reported that loneliness is a threat to a happy and healthy retirement and that it’s vital to plan for it.3
“Alongside our financial assets, nurturing and sustaining social connections should receive equal focus in retirement planning,” writes Jacob Schroeder in Kipinger.3
The Emotional Aspects of Retirement
Research has shown that for many people, work is more than just a means to pay bills—it's the thing that gives them an identity, a purpose, and a role in society.4
As such, retirees might feel like they’ve lost their identity and purpose. And Kiplinger reports that the loss of identity can also have negative health outcomes—like anxiety, depression, and feelings of hopelessness.5
Adding to that, the National Poll on Healthy Aging found that more than one-third of older adults feel lonely at least once a week.6 And we already discussed the implications of that on physical health.
There are going to be emotional challenges in retirement, and the first step in planning for them is to acknowledge they might be there. Don’t just focus on the financial aspects of retirement—plan for the emotional and social aspects of it also. This is something most people don’t even think to do. AARP found that 57 percent of retirees and 41 percent of pre-retirees have not considered planning for their emotional needs in retirement.7
Preparing for the Emotional Side of Retirement
Retirement is a significant life transition and things are going to change. You’re not going to be going to work regularly anymore. Your social interactions might decrease. So how can you prepare for the emotional aspects that come with all of that?
Let’s dive into the individual emotional aspects of retirement and offer ways to address them:
The emotional aspect: You feel you’ve lost your sense of purpose.
Ways to address: Continue working in some capacity. Kiplinger suggests. Whether it’s consulting, engaging in part-time work or trying out a new career, continuing to work in some way helps you keep that sense of purpose.5
If that doesn’t sound appealing to you, you can explore new hobbies and activities that offer a structured format. For example, you can volunteer with a non-profit that requires certain time commitments. Or you can shift your focus on hobbies and set goals to engage in them for an allotted time per day—like gardening, painting or writing.
The emotional aspect. You feel lonely.
Ways to address: Spend time with your friends and family. Make it a point to schedule coffee or meal dates. There are more tips on building your social network in the next section that you can use to battle feeling lonely.
You can also engage in clubs that promote physical health. For example, find a hiking, walking or running club in your neighborhood. This can help you make friends while also exercising, which can help you feel less stressed.
One solution that could be helpful for any of the emotional aspects is to seek therapeutic help.
If the thought of retirement—or the experience of it—is causing you significant stress or anxiety, consider talking to a therapist or a retirement coach who can help you navigate this transition.
Start Building Social Networks Now
Planning for the emotional side of retirement can start right now. And one of the best ways to start is to build or nurture your social networks now. Here are some practical steps you can take:
- Reconnect with old friends: Reach out to friends you may have lost touch with over the years. Social media platforms like Facebook and LinkedIn can make this easier.
- Join clubs and organizations: Whether it’s a book club, a hiking group or a community garden, joining clubs can help you meet like-minded individuals.
- Attend social events: Make it a point to attend social gatherings, community events and family functions. These events provide opportunities to meet new people and strengthen existing relationships.
- Volunteer: Volunteering is a great way to stay active and meet new people while giving back to the community. Look for local organizations that align with your interests and values. Maybe you want to mentor for an organization in your industry and pass on your knowledge and wisdom to the next generation, or maybe it’s giving back to an organization you’ve been part of for years.
- Meet regularly: Schedule regular coffee dates, lunches, or walks with friends. Consistency is key to maintaining strong relationships.
- Leverage technology: Use social media and messaging apps to stay in touch with loved ones who live far away and friends both near and far.
- Join online communities: Online forums and social media groups can be a great way to connect with others who share your interests, especially if you’re less mobile.
- Participate in community activities: Stay involved in local events and activities. Attend town hall meetings or join a local community board.
- Engage in learning: Taking classes or attending workshops can provide mental stimulation and opportunities to meet new people. Many universities offer courses specifically for retirees. You can find courses that excite you through the Osher Lifelong Learning Institute.8
Once you've built a strong social network, it's important to maintain and nurture those connections in retirement. Here are some ways to stay connected:
Let Us Help You
Retirement doesn’t have to be a time of battling isolation or loneliness. By preparing emotionally, building your social networks now and staying connected with your network, you can enjoy a fulfilling retirement. Remember, it’s never too early to start thinking about the social aspects of retirement.
And you don’t have to do it alone. We're here to help you make the most out of your golden years—financially and emotionally. Give us a call today.
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Sources
https://www.hhs.gov/sites/default/files/surgeon-general-social-connection-advisory.pdf
https://www.kiplinger.com/retirement/the-cost-of-loneliness-in-retirement
https://www.kiplinger.com/retirement/how-to-overcome-identity-loss-in-retirement
https://www.healthyagingpoll.org/reports-more/report/trends-loneliness-among-older-adults-2018-2023
https://www.aarp.org/retirement/planning-for-retirement/info-2023/emotional-well-being-plan.html
This material was prepared by Carson Coaching. Carson Coaching is not affiliated with the named broker/dealer or firm.
