If all goes according to plan, at some point you’ll realize that it’s finally your time. You’re ready to retire and enjoy that next phase of life.
But what does enjoying retirement actually look like?
There’s a lot that goes into fostering wellbeing in retirement.
It’s vital to be financially prepared, but mental preparation is just as important. You’ll want to know what you are retiring to, not just what you are retiring from – and the transition can be challenging.
J.P. Morgan Asset Management’s Guide to Retirement mentions several steps that can help with your emotional and mental fitness after you have stepped away from your career. They identify the steps as Purpose, Use, Socialize, and Health (PUSH).
- Create a Purpose or a reason to get up in the morning
- Use time to work, help others, and go to events and activities
- Socialize with friends and family; spend time with others
- Foster Healthy behaviors
I have a former mentor who wrestled in high school and college. Once he retired, he started coaching high school wrestling. Now he gets to enjoy the sport he loves while having the satisfaction of helping kids grow into upstanding adults. He has gained fulfillment, purpose and the pride that he’s giving back as other coaches did for him.
He’s gotten more involved with his church, which lends him plenty of opportunities to socialize, and he works out every day.
He went from a hectic business life with long days, travel, and conferences to structuring his day around coaching and other fulfilling activities.
This man is enjoying his retirement very much. What will yours look like?
What hobbies or interests could you develop? Are there causes or organizations for which you could volunteer? Do you have grandchildren who would love for you to attend their sporting events, recitals, or just take them out for ice cream on a regular basis?
There are too many retirees who become unhappy or unfulfilled in a short period of time after leaving their full-time jobs – not because they lack the financial resources to retire, but because they didn’t prepare mentally for what an unstructured lifestyle will look like on a day-to-day basis.
Before you reach your own big day, you might want to consider how you can best PUSH through to a happy retirement.
By Matthew W. Andreas, CFP®, CEPA®
Financial Advisor
Source: J.P. Morgan Asset Management’s Guide to Retirement “Fostering Well-Being in Retirement”, Nov. 26, 2024, based on PNAs.org, Vol. 116, No. 4 "Leading a Meaningful Life at Older Age," Jan. 22, 2019, Volume 8, Article 517226; Journal of Gerontology, 2019 “Investing in Happiness: The Gerontological Perspective" by Andrew Steptoe; PRB.org online resource library, "Happily Ever After? Research Offers Clues on What Shapes Happiness and Life Satisfaction after Age 65," website as of Oct. 18, 2023.
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