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Planning Your Life After Retirement

May 9, 2022Priyanka Adhikary
A man and a woman enjoying their life after retirement on a vacation with family.

Many may visualize their life after retirement to be peaceful, stress-free, calm, and rejuvenating. Some may even dream of travelling to their dream destinations, pursuing their hobbies and passion, or just retiring in the countryside. However, without a sound plan for your retirement and without any financial cushion to lay your back on, your life after retirement may feel stressful. To avoid such situations, and to make sure that you lead a comfortable life after retirement, you may want to chart out your retirement plan.

Adjusting to Retirement Life

Retirement can be a big change from everyday working life. While this change may work well for some, for others, it can be challenging. If your job was draining you out and left you feeling burdened, a retired life could feel like a blessing. However, if your job was fulfilling and gratifying, and helped you learn and grow as a person, then retirement can become complicated to handle. The situation could aggravate if you had to retire before the stipulated time due to medical reasons or for reasons associated with the well-being of your loved ones. If confronted with such circumstances, one may end up facing some of the common retirement challenges listed below:

  • Feelings of anxiety, especially if you did not save enough
  • Some may feel like they have lost their professional identity
  • Feeling directionless or not feeling confident enough
  • Adjusting to a new routine
  • Feeling lonely without having the usual interaction among your peers

How to Adjust to These Challenges?

Coping with the challenges of retirement can be difficult for many. However, with a positive approach and attitude, retirees can get used to the new way of life and enjoy it like a breath of fresh air. If you are newly retired, you may want to adjust to the challenges by incorporating the following factors in your life:

  • By accepting the change rather than worrying about it, you may feel peaceful
  • You may want to take your time to figure things out, so you can face the challenges better
  • You can create new goals to keep yourself occupied rather than overthinking about your retirement
  • You may even want to strengthen your social circle to avoid feeling lonely
  • You may want to find a part-time job to stop worrying about losing your identity
  • By staying active, you can take care of your health

Things to Do After Retirement

Apart from including the factors mentioned above, you may also want to do the following:

Travel the World:

If your earlier job commitments did not give you enough time to travel or hike, you can fulfil these wishes post retirement. You can visit your dream destination with your loved ones or even travel solo and have the time of your life.

Volunteer for a Cause:

You can also consider volunteering for several causes which you weren’t able to take up due to your hectic work schedule. Volunteering will help you connect with communities, meet new people, learn new things, and keep yourself occupied. You may also feel accomplished.

Pursue Your Hobby:

If you have a hobby, you can nurture it during your retirement life. To make the task more enjoyable, you can join hobby groups and classes where you might end up meeting like-minded people. This way, you can increase your social circle and even enhance your skills.

However, to ensure that such dreams become reality, you may want to plan your retirement and save appropriately while you are in the prime of your life.

Major Expenses After Retirement

Now that you know the challenges and the ways to tackle them, it may also help to know the major expenses that you may face post-retirement. While making your retirement plan, you can consider the following expenses and accordingly save or invest money so that you can handle them without any challenges.

Housing and Living Expenses:

Housing and living expenses can be two of the highest expenses that a retiree might have to face. Apart from mortgage payments, one may also have to bear the maintenance costs, utility costs, and other such miscellaneous expenses. So, while making your retirement plan, you may want to consider housing and living expenses.

Healthcare Expenses:

Healthcare expenses include medicines, insurance, healthcare supplies, regular checkups, and more. Such expenses can be burdensome if there is an urgent medical emergency, and you have limited funds. So, to ensure that you receive all the medical help when required, your retirement plan must be such that it helps you accommodate such costs with ease.

Transportation Expenses:

Transportation expenses include costs related to insurance, fuel, maintenance, public transportation and more. You may want to keep commuting expenses as one of the important factors to consider while calculating your annual retirement costs.

Retirement Transition Planning

Your life after retirement can be quite wholesome and comfortable if you plan for it. Failing to do so might put a strain on your savings that might lead to you feeling stressed and anxious. If you have not yet started planning for your life after retirement, you may want to do so at the earliest. This may help you reap all the benefits later in your life without any worry.

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