Retiring is a stage in life that seems so distant until you get there. No amount of preparation can ever make you feel ready. Once you enter this stage, your life is meant to change forever. After all, retirement is a decision-making process. It involves three broad sequential phases, namely planning, decision making, and transitioning.
When you retire, you make a motivated choice of decreasing your commitment to work and other work-related activities. From employed, your status changes to retired, a phase that requires a different trajectory. For this reason, imagining this next season of your life requires adequate planning. When considering what to plan for, considerations on your financial well-being, physical well-being, and psychological well-being are essential as they determine how well you can adjust to the post-retirement life.
The decision to enter your retirement stage will be influenced by many factors. Your pre-retirement job and family are usually the deciding factors. Many retirees who perceived their jobs as stressful with overwhelming workloads are likely to retire sooner. Apart from getting tired of work, spouses often influence each other’s retirement decisions and the extent of their financial preparation. Many couples decide to retire together, sometimes to care for grandchildren. Dependent children can delay their parents’ retirement due to the need for support or cause early retirement by needing more attention and care.
If you’re finding it hard to decide when to retire, you can consider a practice retirement. Seeing how well you will adapt to lifestyle changes is crucial. This is especially the case when your retirement income is significantly less than your current pay. Mimicking your retirement life will give you time to adjust to a fixed income which may not have been the case for years now. Thinking about where to retire is more fun when you derive actual excitement from it. If this isn’t the case, the fears and uncertainties will be diminished by more planning and living within your means. Downsizing is an excellent way to adjust to the new chapter of your life. You will have to let go of things that no longer serve you to make space for valuable items. Upgrading your home to suit your new lifestyle is more important than ever at this stage. There are many ways to live in style while prioritising your health, which is the case with walk-in baths. Multipurpose household items that bring you comfort, function, and luxury can be worthwhile investments.
Feeling satisfied with your financial status and the lifestyle it gives you will determine your financial well-being post-retirement. Your psychological well-being is determined by having positive relations with others and yourself. These two factors, along with your physical health, are the variables for a smooth transitioning towards a delightful retirement.
Preparing for retirement is like getting ready or a trip. Though it will not materialise precisely as planned, planning will help you see joy and courage amid fear and uncertainties. With a plan in mind, you can truly enjoy the process.