Photo by Eddy Klaus on Unsplash
Periods of change can bring about new challenges or new opportunities, but they can also be overwhelming and a little scary. Retirement is no different and adjusting to it may not be so easy for some, but a little guidance along the way can make all the difference. To help you better adjust to this new life stage mentally and financially, we’ve drawn up a few pointers that are worth keeping in mind.
Adjust Your Budget
It’s just as important to have a budget when you retire as it is to have one while you are working. There will be some expenses that fall away when you retire (such as your daily commute) and there may be some expenses that increase (such as medical aid premiums). It’s essential that you keep track of these in order to make the most of your finances. You may feel that you deserve to splash out and spoil yourself – and rightly so – but if you don’t have a budget in place, then you may end up spending too much on those weekly comforts instead of saving for that dream holiday you’ve always wanted.
Learn Something New
Have you truly explored all of the things you are capable of? Retirement can be an exciting opportunity to find some hidden talents and learn something new. It doesn’t really matter what you learn, as long as it is stimulating and challenging. This will not only boost your brain health but will also help you transition into retirement more smoothly with your mind preoccupied with positive things – that is, provided you are patient with yourself and give yourself time to learn.
Get an Extra Income Stream
While you may have planned out your financial retirement well, there will always be a few expenses you may not have anticipated, such as new taxes that unpredictably skyrocket or loans to help out a loved one who isn’t doing so well. This is why it’s a wise idea to set up an additional income stream.
Perhaps you can capitialise on that hobby that you’ve been enjoying and sell your crafts at a local farmers market?
Express Your Emotions
A lot of people underestimate just how difficult the transition into retirement is. You will feel many different emotions – some good and some bad – but it’s important that you mentally prepare yourself for this and know that feeling extra emotional at times is completely normal. Learning to express your emotions, fully feel them, and clearly communicate them to your loved ones is healthy and will help your journey into retirement feel more manageable.
If you are currently battling with adjusting to retirement and would like further advice, you are always welcome to get in touch with Alex. His years of experience in working with retirees from all walks of life, have equipped him with much insight into the challenges of this life stage.