While many people think about their retirement savings and creating strategies to achieve those goals, most haven’t given the same amount of thought to developing the right retirement mindset. While the financial planning that goes into preparing for retirement is key, what many don’t realize is how significantly retirement changes your day-to-day life. It is a transition that is important to plan for both emotionally and mentally, and the tips below will help you successfully tackle this time of immense change.
Discovering Your New Identity in Retirement
After decades of working, your identity often becomes intertwined with your career. You may have often introduced yourself to someone new by beginning with what you do for a living or the industry that you work in. If your career has truly been your passion, it’s even more likely that you have identified yourself with that work. If you have been fortunate enough to have loved what you do for a living, it is not unusual for that to have a significant influence on who you are as a person – and there’s nothing wrong with that. However, when you are ready to leave the working world, you may need to adjust this mindset and rediscover who you are outside of your former work.
Struggling with a lack of identity or purpose can be common for retirees who strongly tie their identities to their work. A new retirement mindset begins with thinking about who you are and what you want to be and do outside of your work life. Starting to think about what brings you value and makes you feel productive outside of your career can be key to getting the most meaning out of this new phase of life.
Moving Beyond the Scarcity Mindset in Retirement
When you’ve spent your entire career focusing on saving for retirement, it can be difficult to move from this accumulation phase to one where you’re spending your money instead. It can cause quite a bit of anxiety, especially if you aren’t confident that your nest egg will last as long as you need it to. This can lead to a scarcity mindset, where you have been focused on accumulating rather than spending, and can be difficult to switch. Spending may even cause feelings of guilt because it is foreign to the saving mindset so ingrained for decades.
When your retirement mindset is one of scarcity, it’s difficult to enjoy the golden years you’ve worked so hard to achieve. It can be a challenge to overcome this mindset, and this is where working with a trusted financial advisor can help you develop a retirement income and spending plan to bring peace of mind and help you transform your retirement mindset into one of confidence.
Finding the Freedom of a Lack of Structure in Retirement
Many of us believe that the freedom that comes with retirement will bring a sense of new discovery and joy. However, the fact is that many retirees are surprised to find they feel quite differently. In truth, the newfound flexibility in your schedule can be a challenge. Without preparation, the life of leisure that you envision may actually introduce feelings of boredom, depression, and anxiety instead.
Developing your retirement mindset to overcome these challenges takes deliberate effort. Be as intentional as possible in building a vision of what you want your life to be in retirement. Create a structure and routine for yourself by making a schedule for those things you intend to do each day or week. Many retirees find that this helps them to better navigate the change of pace so that they don’t feel aimless or unproductive.
Shifting with the Changes in Your Relationships in Retirement
Often, the dream of spending more time with your spouse or partner in retirement can turn out differently than imagined. After spending 40 or more hours each week working, increased time together may seem quite appealing. Without the demands of work, the idea of going on vacation, and enjoying each other’s company on walks or with friends and family can seem like a dream. Yet, the reality of retirement is that the sudden change can be a challenge. While you may be spending more time together, when one or both of you have stopped working, household responsibilities may need to change as well. Suddenly, you may find that your entire world feels in flux.
Adopting a retirement mindset that focuses on open and honest communication is the best way to navigate this shift in your relationship. These conversations can happen before retirement, allowing you to think about setting boundaries for one another, and give each other the space to feel safe talking about your new lives ahead. Such a strategy can help you enter this new chapter on the same page and be ready to tackle any challenges that arise.
Spending Time Developing Your Retirement Mindset
Retirement is an achievement – and a time in your life that can be incredibly meaningful when you approach it with a healthy retirement mindset. You have spent so much of your life planning and saving for this time, and now it’s time to enjoy it. So, try to prepare for the common psychological and emotional challenges it can bring. Creating an intentional retirement mindset can help you more fully enjoy this special time in your life.
Would you like guidance on preparing for the transition into retirement? At Principal Preservation Services, we can help you preserve your retirement assets and gain financial peace of mind to help you avoid the scarcity mindset and create the joyful and meaningful retirement you deserve. Contact us today to learn more!
