Most of us look forward to retirement for a lifetime. Finally, after decades of being on someone else’s time, it’s an opportunity for true and total freedom. But according to the latest Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI), the majority of workers haven’t even started thinking about what they’ll do when they clock out for the last time. Only 46 percent of workers have thought about how they’ll occupy their time in retirement and only 33 percent have estimated how much income they’d need in retirement.
If you’re struggling to put together a realistic retirement plan, consider asking yourself the following questions to help you get a better idea of how you want to spend your post-retirement years.
How Social do I want to be?
One of the most fundamental lifestyle factors retirees need to consider is socialization. How much of it do you want each day? Consider that older adults can reap measurable physical and mental health benefits from socializing with others, including reduced stress, reduced risk of depression, less anxiety and a longer lifespan. It’s for these reasons that many retirees opt for community living, whether that be within a retirement complex or a retreat community that gives residents greater access to the hobbies they love in a social setting.
Do I want to be Near Family?
Retirees often leave behind the place where they’ve established (sometimes very deep) roots in order to soak up sunshine and enjoy a more relaxing lifestyle in a place where there’s less stress. Know that, with stress being a major contributor to serious age-related health concerns, relocating to someplace that offers easier living may help improve your health.
However, being far from kids, grandkids, siblings, friends and neighbors can also contribute undue emotional distress, so make sure you’re able to maintain close (either physical or through phone and web) relationships with family if you decide to relocate and if family is particularly important to you.
What Will our Budget Look Like?
The biggest concern among soon-to-be retirees is, unsurprisingly, the finances. In fact, about half of non-retirees say they will not have enough money in their retirement. But even if you’re well-prepared for your twilight years and have ample money saved, you still have to face the reality: You will not have a worker’s income. Thus, it’s vital that you recalibrate your budget with this in mind. Ask yourself how much disposable income you’ll have left after your expenses are paid and determine how much of your savings can go towards building your ideal retirement life. Try to make room for the things you love—hobbies, travel, etc.—in your retirement budget.
What Makes me Feel Relaxed?
With all the talk about logistics and finances, it’s easy to overlook some of the most basic questions surrounding retirement. To get the most out of your off-the-clock hours, you want to be sure they are filled with the things that calm you down and make you the happiest. Whether it’s a special sport or hobby or spending time with old friends, you have to prioritize (and budget for) the things that make you content and relaxed, whether that be rewarding outdoor pursuits, volunteering within your community or spending the vast majority of the day under an umbrella on the beach with a book in your hand.
What Makes me Feel Rewarded?
Depression is a common but rarely discussed concern among many retirees. The reason? Along with the unbridled freedom of not having to report to work, there’s a deep sense of loss, say the experts. Having a job provides an individual with structure, validation and satisfaction day in and day out. Not having this can leave retirees feeling guilty, lazy and downright blue. If you’re the kind of person who feels a tad down when you don’t have something to work on, be prepared to fill your days with rewarding activities, like volunteering, watching the grandkids, cleaning, exercising or organizing.
How Does Weather Affect me?
As we get older, everyday environmental factors like harsh weather can put us at risk. In the cold, icy winter, elderly people are more susceptible to slips and falls and contracting potentially deadly viruses that thrive in cold, dry climates. They may also experience depression or anxiety as a result of the shorter, vitamin D-deprived days. In the dead of summer, older adults risk heat stroke and exhaustion. In short, the climate of a place can affect our quality of life greatly, so make sure that it’s a prime consideration when you’re planning your retirement years.
What Responsibilities can I Cut?
Sure, when you retire, you’ll have more time for tending to the garden, fixing up the house or shuttling around the grandkids. But you’ll also want (and need) time to yourself. In order to enjoy retirement to the fullest, you should learn how to enjoy an open schedule and let go of some of the everyday stressors that might contribute to a lesser quality lifestyle. Downsizing to a smaller home, cutting down on the home improvement projects and learning to say no to some invitations will help ensure that you don’t replace one type of stress (work) with another simply because you have newfound free time.
Do I Still Want to Be Involved in My Field?
Your work defined you, at least in some small way, for the past several decades. For many retirees, letting go of this potentially massive part of their personality can be a tough thing to accept. If you still have a major spark and passion for what you do every day, make sure that you weave a scaled-down version of your work into your post-work life. Volunteering with professional organizations, doing occasional side jobs, mentoring youngsters in your field or keeping up on industry trends will prevent you from getting depressed due to dissociation.
There’s a Reason They’re Called the Golden Years
If you’re embarking on your Third Age, you’ll quickly see exactly why this is one of the best periods of a person’s life. The time frame after retirement and before old age is one that should be jam-packed with the people, places and things you love. Taking a bit of time to plan how you’ll spend these years will ensure that every day is a fun, relaxing and enjoyable one.
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Author Bio: Hank is the Vice President of Real Estate and has been an Owner at Brays Island Plantation for the past 14 years. With a wealth of knowledge of and passion for hunting, fishing, and all activities that come with an outdoor lifestyle, Hank has proven time and time again to be huge asset to the Brays Island team. When he’s not helping keep the Plantation running smoothly, Hank loves to spend time with his wife and kids.
