Why Is Retirement So Stressful
Many of us spend years picturing our ideal retirementwhether its traveling the world, spending more time with family and friends, pursuing hobbies such as painting, gardening, cooking, playing golf, or fishing, or simply enjoying the freedom to relax and take it easy for a change. But while we tend to give lots of thought to planning for the financial aspects of retirement, we often overlook the psychological impact of retiring from work.
Initially, escaping the daily grind and a long commute, workplace politics, or a difficult boss, for example, can seem like a great relief. However, many new retirees find that after a few months the novelty of being on permanent vacation starts to wear off. You may miss the sense of identity, meaning, and purpose that came with your job, the structure it gave your days, or the social aspect of having co-workers.
Instead of feeling free, relaxed, and fulfilled, you feel bored, aimless, and isolated. You may grieve the loss of your old life, feel stressed about how youre going to fill your days, or worried about the toll that being at home all day is taking on your relationship with your spouse or partner. Some new retirees even experience mental health issues such as depression and anxiety.
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Go Places Youve Never Been Kind Of A Repeat
Were very lucky to live where we live and it always surprises me how few places Ive visited locally. Whether its finding a flea market or local farmers market, searching out antique shops or parks. There is always something close by that you can check out meet the locals at a coffee shop, people watch or enjoy the beautiful view.
I guarantee if you get a map and draw a circle thats the equivalent of a 2-hour drive youll be blown away at what you might find.
So get the map and go explore your backyard. Do it once a week you wont regret it.
So there you have it 22 ways to keep busy if youre retired and bored. If you have any other ideas, feel free to leave a comment so everyone can see.
As always, if you like this post or the blog please share it.
My goal is to create a retirement community where everyone can share their experiences of either being retired , preparing to save for retirement or making more money for retirement we want to hear from you.
If you are at all interested in creating your own blog I highly recommend Alex and Laurens courses at Create and Go. They have tried it all and now offer these courses on how to set up your own blog and avoid the mistakes they made.
They explain everything in a way that is easy for anyone no matter what age you are to create your own blog.
All the resources I recommend can be found on the Resources Page. I wouldnt recommend them if I didnt use them myself.
Until next time
The Early Retirement Mindset Is Different For Everyone
Retiring early takes some sacrifice. The will to spend less and save a lot more can come from many different places.
Gilbert came from a family culture that was very anti-debt and frugal. His wifes family had to file for bankruptcy while she was in college and she didnt like that feeling of scarcity.
Mamula and his wife just started saving 50% of their salaries as a security blanket, they were not specifically trying to figure out how to retire early.
Your financial personality developed over your lifetime will play a part in determining whether or not you can retire early. Figuring out what motivates you and what is behind your money habits can be a useful part of figuring out how to retire early.
What is your money personality type?
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Sell Stuff At The Farmers Market Or Flea Market
This one is close to my heart as I love Flea markets and farmers markets. I love seeing what people are selling or recycling.
Ideas for the farmers market so youre not bored in retirement. Figure out where they are as each town typically has one. If you are working on a skill, craft or hobby. Consider selling those items at the farmers market or flea market.
Ive seen everything from Honey from local beekeepers, Hade made pens and razors, bottle stops for wine bottles, leather goods, knitted goods carving boards, Knives, antiques being resold and even dog dishes (I bought one from an older gentleman this was his hobby to avoid boredom.
Look they are fun to go to, you can sell your stuff and meet really nice people.
Create An Emergency Fund
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While a healthy retirement account is important, dont forget to build up an emergency fund! This savings account should have at least six months worth of income that can cover housing, insurance, and other costs in case of an emergency or delays in your pension. An emergency fund is also critical for early retirement, as you wont be able to access funds from a Traditional IRA or a 401 without a 10% penalty until youre age 59 1/2.
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Get To Grips With Financial Matters
If youre not totally sure about how compound interest works, would like to understand the workings of the stock market better or be able to pinpoint exactly what your tangible assets are, nows an opportune time to brush up on your financial expertise. It can also help you feel more confident about ensuring all your financial affairs are in order when you speak to your financial adviser. And, once youre happy that everything is sorted, you can carry on enjoying your retirement.
Map Your Family History
Its never been easier to uncover your family history. If you havent created your family tree, retirement is a great time to take on the project. You could even team up with a sibling or other family member and work on it together. There are several websites that can help you, or check with your library for resources and support.
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Schedule Your Retirement With Your Partner
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If youre married or in a domestic partnership, its a good idea to sit down together and discuss your collective retirement goals. Can you retire at the same time? Do you both aspire to early retirement? Will one of you continue to work while the other starts retirement? Getting on the same page can help you come up with a plan and strategize how to best spend your retirement together.
Tip #1: Focus On Your Health
It goes without saying that taking care of your health should be a priority in retirement. Yet many retirees wont take better care of themselves.
According to a 7 Misconceptions About Retired Life article, most retirees dont take care of themselves like they say they will.
Exercise, join a gym, replace inactive time for active time, eat nutritiously and keep up with your health adherence. Be sure to include in your weekly goal planning designated health-related activities and topics.
Orly Lazarov, PhD, found from her Alzheimers Association New Investigator Research Grant that physical and mental stimulation appear to decrease hallmark Alzheimers pathologies and support new nerve cell growth and better cell-to-cell communication.
Physical and mental stimulation can mean many things to different people. And, of course, customization is key to making what works best for you. In retirement, you should also come to terms with your limitations. Remember to listen to your body as well as your mind and pay close attention so you dont overexert yourself.
Bonus Tip: Heres a list of 22 activities to improve your health in retirement.
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Roll Your Savings From Your 401 Into An Ira
This is called consolidation, and it offers the advantage of simplificationall accounts in one place. While you cant contribute to a 401 after you retire, if you have some earned income, you can continue adding funds to an IRA, which may also have more investment options to choose from. Learn how to start a rollover IRA.
Get Out And Into The Garden
I have no green thumb, god knows Ive tried but the reality is you need time to learn and time to Sow. See how I did that? Gardening jokes.
My wifes great Aunt spent almost every minute of her retirement in the garden. Right up until she was 98 years old blazing hot she would fight my father-in-law to go out in the garden. That was her passion and loved every second of it.
If youre in the right climate you can grow most anything. I try to focus on the easier stuff like carrots, beets, and peppers but theres the flower side as well. Why not grow extra and drop it off at the local food bank they will always accept donations.
Its great exercise and good for the soul!
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Health Care Is Expensive
Medicare, the federal program that provides health coverage for more than 61 million older Americans, doesn’t start until age 65. Until then, you’ll need an alternative and it won’t come cheap.
“Private health insurance before Medicare kicks in costs an arm and a leg, says Brian Schmehil, director of wealth management for the Mather Group in Chicago. Current law says your insurance costs can’t be more than 8.3 percent of your household income. For a person with a household income of $50,000, for example, a mid-level silver plan would be $346 a month, or $4,150 per year.
Heres To An Active Engaged Healthy Life After Retirement
Is your life after retirement what you thought it would be?
If yes, please share your retirement lifestyle with us. Our movement builds momentum from inspiring real-life stories like yours.
If no, youre not alone. All it takes is a bit of clarity.
Start by downloading your free copy of 19 Tips for an Amazing Retirement Lifestyle, so you can brainstorm ideas.
Pay attention to what lights you up. Thats a huge signal that you should explore your ideas further and will lead you to your ideal life after retirement.
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How To Retire Early Budget
Knowing what you spend now and what you might spend in the future is critical for retirement and especially if you want to know how to retire early.
Gilbert recommended this: Weve never really been big budgeters. For a year, we tracked every single penny we spent because we wanted to know as realistically as we could, what our spending was. And then we adjusted it for how we thought things would change in retirement, etc
The NewRetirement Planner allows you to create a really detailed budget now and document how those numbers will change in the future. The system even enables you to enter necessary spending as well as nice to spend amounts. It is fun and easy to think through how your spending will change over the rest of your life in over 70 different categories.
Out Of Your Comfort Zone
Get out and do something that you have never done before. It doesnt have to be something big, nor does it have to be expensive. Go to that new trendy coffee shop, drive to the next town and stroll in a new park, read a racy novel, anything that makes you feel alive and brings you the experience of new things.
Master a foreign language online with a website like Duolingo, for example. Or why not up your computer skills or other skills you have always wanted to learn.
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There’s A Lot Of Time To Kill
When you retire, you have a 40-hour gap in your week that you need to fill. Are you sure you have enough activities to keep your body, mind and spirituality occupied for the many years you have ahead of you? asks Catherine Valega, a certified financial planner in Winchester, Massachusetts.
How much time do you realistically see yourself spending going on long walks, lounging poolside or curling up on the couch with a good book, especially after the novelty wears off? Think hard and think long term before you retire. Do you want to volunteer? Go back to school? Pick up a new hobby or resume an old one? Come up with a plan in advance of retirement.
Work On A Business Plan
Running a business is notoriously challenging, with nearly half of new businesses failing within five years, according to the Bureau of Labor Statistics. You, though, may be one of the many older adults who are up for the challenge. The Ewing Marion Kauffman Foundation found that people 55 to 64 made up 26% of new entrepreneurs in 2017.
Your own business can provide a sense of purpose, the thrill of a challenge and, perhaps, some additional retirement income. If youve always wanted to be your own boss, you can do much of the preliminary preparations such as conducting market research, writing a business plan and choosing a location before you retire from your current career.
Get started: The U.S. Small Business Administration has a lot of resources on its website, including online courses and information about possible funding options. Another helpful resource is SCORE, a non-profit that partners with the SBA to provide free business mentoring and education programs.
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Here Are Tips To Help You Pay Off Your Debt Before Retirement
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Start a side hustle:
If you feel that your current income is insufficient to help you pay the debt before retirement, you can start a side hustle.
If you choose a side hustle that you would love to engage in, like photography, handicraft design, and managing social media for small businesses, then you wouldnt even have to feel stressed.
In the words of Marc Anthony, If you do what you love, youll not have to work a day in your life. So, try to choose a side hustle that doesnt lead to additional stress in your life while helping you make some extra money to pay off your debts in time.
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Minimize credit card usage:
Interest rates on credit cards are really high. Howard Dvorkin, the CPA and chairman of debt.com, says, Right now, credit card interest rates are hovering around 20%.
This stat implies that you are paying a dollar for every five you borrowed. Such high rates of interest can not only eat away your current income, but can also leave you struggling during your retirement years when youll have to live on a fixed income.
So, you must minimize credit card usage now and all excess spending. But, of course, if you can stop using your credit card, thats even better.
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In the case of federal student loans, try seeking loan forbearance:
Many times people carry student loan debt into retirement. In 2017, the Consumer Financial Protection Bureau found that around 2.8 million adults over age 60 carried student loan debt at an average balance of $23,500.
Volunteer For A Worthy Cause
Volunteering lets you give back to the community in ways that often benefit the volunteer just as much. And because youre not in it for a paycheck, you can be much choosier about the organizations that you help.
A study by the Center for Social Development, George Warren Brown School of Social Work, Washington University, in St. Louis reports, Older adults who volunteer and who engage in more hours of volunteering report higher levels of well-being. This study ways that the benefits of volunteering are the same no matter your gender, race or social status.
Here are 5 Tips for Transitioning to Work with a Nonprofit
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Have A Second Childhood
When we are children, the world is our oyster. We think that we can do anything. We ask for forgiveness, not for permission.
Then, as adults, the reality of life hits us. We are suddenly asked to conform to other peoples standards. We are surrounded by bosses, family members and other authority figures that are more than happy to tell us what we can and cant do.
Retirement, or semi-retirement, is an opportunity to become a kid again. It is an opportunity to pursue our passions without guilt or self-consciousness.
Think back to the early years of your life. Are there things that you always loved to do that you put on the back-burner as you built your career and supported your family? Maybe its time to start them up again.
For most of our lives, we carry so much weight on our shoulders. The happiest retired people I know have found ways to introduce a little silliness into their lives. They go to frivolous movies. They mentor kids. They draw, just for the fun of it.
Isnt it time that each of us remembered the simple joy of being a child?
Become An Expert At Absolutely Anything
Whether its learning conversational Chinese, how to bake a flawless souffle, performing mind-boggling magic tricks or amazing feats of juggling, identifying bird song or learning all the Latin names of your garden plants, youve got time to practice till youre perfect. According to Anders Ericsson, a Professor at the University of Colorado, practising anything for 10,000 hours can make anyone an expert at it.
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