Although the financial aspects of retirement are often at the forefront of people's minds, what about the emotional repercussions of stopping work?
The transition to retirement can evoke all sorts of feelings, so you need to be aware of some of the usual concerns that arise at this time.
Common emotions in retirement
For many people, their job or career is part of who they are – suddenly being without it can have a huge impact on their identity.
Not only this, but going to work every day gives a sense of structure to their life, which is taken away once they retire.
The feeling of not having something to do or to look forward to can take its toll over time, making it important for retirees to get out and about.
If you have a partner and you have both finished work, you might find it has an impact on your relationship – this is not uncommon, especially if you are not used to spending so much time together!
One issue that grandparents often report is that they are expected to babysit all the time.
Although this can be a positive experience, it can also alienate retirees from the hobbies and activities they had always hoped to pursue.
Overcoming emotional issues
There are, however, various ways to overcome these problems and live a fulfilling and rewarding retirement.
When putting together a retirement plan, think about which of these issues you think is likely to affect you and take action to prevent it.
You might want to think about taking on part-time or volunteer work – this can help deal with the sense of identity loss and lack of a routine.
Alternatively, if you have any friends who are already retired, you could ask them how they keep busy and see if they have any recommendations.
Spending time with your partner is often a positive aspect of retirement, but make sure you both have time to yourselves.
This might mean that you have different groups of friends or hobbies – being in each other's pockets all the time can put strain on even the strongest of relationships.
Meanwhile, grandparents need to establish some babysitting boundaries to make sure it doesn't eat up all their time.
Perhaps commit to just a couple of days a week, or insist that you set the dates and times – after all, it's your retirement and you have worked for it!
ipac is one of Australia's largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.