After you’ve spent decades working toward something, you’d probably like to think that when you get there, everything would be perfect and go smoothly. Unfortunately, that’s not how life works. Retirement may be different from the rest of your life, but it still involves its own set of problems and issues.
So what is it really like staying home all day, every day once you’re a retiree? Here are a few glimpses of what retirement really feels like:
First, you will get bored – you might not want to admit it but you know it’s true. No one likes being bored, retiring doesn’t always solve that problem. Work keeps us active by giving us things to do and people to interact with. So when we’re no longer doing these things, it’s natural that we feel out of sorts.
Second, you’ll lose your purpose. When you retire, it’s common to lose a sense of purpose. The hardest part of retirement is the new schedule—you’re used to structure and deadlines, and that’s hard to give up.Your entire identity and daily routine can change. Losing meaning without work is a common problem for retirees. It’s up to you to find a new identity, keep a healthy social life, and enjoy life as much as you can.
Next, you’ll learn how to limit your expenses for the first time in your life. When you were working and bringing home a steady paycheck each month, the process of budgeting was made simple by your regular paychecks. With retirement though, your income is going to fluctuate and so are your expenses – especially if you intend on traveling or buying big-ticket items such as cars or boats.It’s important that you have enough savings or investments in your retirement years. The sooner you start saving and investing, the better, because in that way, you can afford the comfort of life.
After a while, you’ll realize that financial worries are endless. You might think your financial worries are over. You’ll no longer have to worry about paying bills, saving for retirement or taking care of your kids’ college expenses. But that’s not the case. Even though your monthly expenses might be lower, you’re likely to have more healthcare costs as you get older. And as you age, the chance of having unfavorable circumstances increases— such as a major illness or an accident. Securing yourself financially through saving and investments might not be enough. Seeking protection over medical expenses requires you to have insurance (one of the most effective ways to get through mounting bills in case of health emergencies).
Lastly, you’ll become clingy and sensitive towards your loved ones. One of the best highlights of retirement will be reconnecting with old friends and family members; and stepping inside the world of your children (and their children, too). However, there will be instances wherein you can’t help but become overly dependent on your family after retiring. You’ll start to become sensitive towards your loved ones.This is because you feel like you’re a burden on them and would rather live alone in retirement. It’s understandable that you feel that way. But you don’t have to worry about that—there’s plenty of time for you to have a fulfilling reconnection with your loved ones and be able to find solutions towards how you feel.
Retirement is not as far away as you think. It could happen in 5 years, 10 years, 20 years or more. Once you reach retirement age, your life will change a lot. No more working in an office or factory. No more commuting. No more worrying about getting fired or laid off. You’ll be free from many of the things that stress you out now — but not all of them. Retirement can be fun and fulfilling if you prepare for it wisely. That’s why it’s important to start saving and investing for retirement now, while you’re still working and have time to build up a good nest egg that will last you throughout your retirement years.
Remember, there are three things you must have to live a comfortable life: savings, investments, and insurance. There is no better time than now to get started on preparing for your retirement.