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Canadians over 45 are preparing their finances for retirement however few feel prepared for the emotional and social aspects of that next stage of their life. If the financial aspects are not in order it only compounds the emotional turmoil.
Only a third of Canadians over age 45 polled by Decima Express said they are well prepared financially for retirement, however, only four per cent said they feel well prepared for the transition to retirement lifestyle.
"While adequate funding for retirement may provide peace of mind for retirees, it is not the only factor in determining a happy retirement. Only one fifth of middle aged Canadians have a strong commitment to activities outside of work, which is one of the contributors to a satisfying retirement," says David Cusson COO of Integral Wealth Securities Limited.
Now that you’re getting closer to retirement you may be feeling a little unbalanced. It won’t be long before your schedule and e-mail in-box are empty and you begin feeling unproductive. These are common feelings for new retirees even for those who work part time after leaving a career. If you don’t anticipate this in advance it may come as a shock. There are ways to prepare ahead and reduce the impact of retirement.
Here are six common pitfalls and how to avoid them:
Don’t Define Yourself By Your Career
You are not what you do for a living. You are who you are as a person. Start diversifying yourself as an individual by dedicating more time to relationships, hobbies and interests well in advance of retirement. Ask yourself the questions you thought you already had the answers for. Who am I? Do I matter? What can I do? You may find a revitalized purpose in the new answers.
Focus On Your Interests
You may find that friends and family assume that you have nothing of importance to do with your time “now that you’re retired.” They may make demands on your time for things that don’t fit with your interests. We’ve heard people say they've never been as busy as they have in their retirement. Being busy doing things that satisfy you is a pleasure while being busy just passing time or satisfying the needs of others may not. Be prepared to reject demands on your time that don't match your goals. Otherwise you’ll get swept up in activities that don't excite you all that much.
Build A New Network
Start building a new network of friends before you leave your job. Add to your social circles. When you retire a key set of relationships with people in your life will have changed. Face this reality head on. Take time for proper closure of these relationships or you may feel somewhat rejected when former colleagues stop calling you. Very few work related relationships carry on into retirement.
24/ 7 With Your Partner Could Be Too Much
While you’re working you and your spouse have 9 or 10 hours apart each weekday. When you’re home, both of you are deprived of the quiet time apart which can cause tensions to rise. If you’re the type who wants to keep putting in long hours and being productive while your spouse is trying to de-emphasize work, the pressure can build. This can reshape intimate relationships. Talk to your partner about it in advance. Prepare for it and figure out how much time each of you will need alone. You can minimize the strain just by deciding which activities will be done jointly and which ones individually.
Workaholic Withdrawal Syndrome
Since the time our ancestors were hunters and gatherers men have been pre-programmed to be the defender and provider. Men who retire often feel guilty that they are not “out there in the hunt.” You may feel as though you are not serving your family well by not working. You may feel that you should be on the job being productive instead of enjoying a walk in the park during the afternoon. If you want to feel productive, consider doing something that benefits others or give more attention to your needs and goals.
Summary
People who experience the greatest difficulty with the post-career phase of life are those who didn’t anticipate it and prepare for it. If you think that things will take care of themselves the day you begin staying home from work, you may consider putting some thought into planning it. Having your financial house in order is paramount but preparing for the emotional aspect of retirement will make the transition easier for you and your family too.
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