As a Wealth Manager and Financial Adviser, I enjoy, and take pride in helping clients achieve their most important goals. And there are a myriad of goals ranging from owning their dream home to holidays but the biggest, chunkiest goal for most remains retirement.
Unfortunately for some, this exciting milestone can prove to be a challenge. This is especially true for people who for all these years have defined who they are and described their “purpose” as their work! From a regular work schedule/ roster to not needing to wake up each day with a plan for what to do, this can be greatly disorienting.
This post-retirement phase is called “Relevance Deprivation Syndrome.” You suddenly lose the structure in your day, your social networks, intellectual stimulation, a plan of action – things you never think you would miss until you don’t have these anymore. There are many who can turn off their “work avatar” and get used to the post-work life very comfortably and never look back. But for some, this may be the hardest step yet.
The excitement of being able to do what you want when you want to do it or being able to do nothing can create a vacuum, which can lead to reduced mental acuity – which then leads to disengagement and a lack of contentment.
So, while your Financial Adviser should have a plan for your Re-tryment, I would encourage you to also start preparing for this wonderful next phase of your life. Here are some of the questions you should be asking in preparation:
- What can I do to keep my intellectual stimulation going – learn a new language? Join a reading group? Play chess?
- How do you like to engage socially? Prefer your own space, are friends important, do you wish to be closer to family or be able to get to them? If you are the first in your social circle – what does that mean for you?
- How would retirement impact your relationship with your spouse – think of spending all that time together. Are there things you and your partner enjoy together or try doing something new together?
People are likely to spend 1/3 or more of their lifetime in retirement. So, it is baffling to note that not enough thought is put into what these years are going to look like other than the financial planning around it. Finding something that gives you purpose, a reason to get out of bed, build a routine and be excited about is really critical in ensuring that your post-work innings are all that you imagined it to be and more.
Please feel free to discuss this further with your Financial Adviser. Here are some other useful resources:
- “So You Think You Are Ready To Retire” by Barry LaValley
- 60 Years of Sundays – Alman Partners True Wealth
- Act now and retire with confidence! – Alman Partners True Wealth
- Retirement can induce ‘relevance deprivation syndrome’. Here’s how to enjoy retiring instead – ABC News
Niyati Khanna (CFP® Professional, CA, MBA [Finance & Strategy]) is a representative of Alman Partners Pty Ltd, Australian Financial Services Licence No: 222107.
Any information provided to you was purely factual in nature. It has not been taken into account your personal objectives, situation or needs. The information is objectively ascertainable and is not intended to imply any recommendation or opinion about a financial product. This does not constitute financial product advice under the Corporations Act 2001 (Cth). It is recommended that you obtain financial product advice before making any decision on a financial product such as a decision to purchase or invest in a financial product. Please contact us if you would like to obtain financial product advice.