Retirement blues

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   By Guest Blogger Tatiana Enhorning

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Retirement – the long-awaited and well-earned milestone that often gleams in our minds like a shimmering beacon of hope. Leading up to it we see a magical period of life where work is left in the past and we can sail through the rest of our days with ease. While this may be the case for some fortunate individuals, the truth is that retirement is not easy for everyone.

We know a truly care-free retirement requires years of hard work and planning. It’s common to put effort into wise financial decisions and preparation for commonly discussed retirement risks like offsetting inflation, ensuring you don’t outlive your money and budgeting for unexpected life or health events. However, there are other, often overlooked factors that can throw a wrench into your well-thought-out retirement vision. Unhappiness in retirement can be a reality, but steps can be taken to circumvent it.

Factors that can lead the newly retired to an unexpected sense of disappointment include unrealistic expectations or a failure to adequately prepare for the “life” side of retirement. For example, a vision of the dream retirement may involve playing golf seven days a week, but even those who have the financial resources to achieve this, must also keep in mind the reality that by retirement age the body may not be able to keep up! In addition, while individuals often devote considerable thought and effort to planning for retirement financially, they frequently forget to plan for the profound psychological impacts of stopping work.

It is easy to envision the gains retirement can bring – the freedom from the constraints of a daily job, the opportunity to pursue long-held passions, or spend quality time with loved ones. However, it is equally important to acknowledge what is lost – perhaps a sense of fulfillment and accomplishment derived from contributing to the world. Throughout the working years, many people find purpose and satisfaction in their professional endeavors, and then find retirement can leave a void that financial security alone cannot fill. The workplace is also where many social ties lay, so a sense of community can be lost. Some also thrive in the structure of a work week and without that framework, they may feel adrift.

To counteract these potential losses, it is crucial to explore new avenues of fulfillment for retirement, even if you think you may not need them. Consider volunteering for causes that align with your values, engaging in hobbies and interests that bring you joy, or pursuing part-time work that allows you to contribute your skills and expertise while maintaining a desirable work-life balance. By actively seeking out meaningful activities with like-minded people, you can continue to make a positive impact on the world and maintain a sense of purpose. Moreover, these endeavors can provide opportunities for personal growth, social connections, and a renewed sense of accomplishment.

Not retiring alone? Then talk it over first.

For some couples, discontentment in retirement can come from misaligned or misinterpreted goals.

If you have a partner and you hope to spend time with them in retirement, it is prudent to discuss your retirement vision together in advance. This seemingly straightforward step is often overlooked. I quite commonly hear clients talk about retirement and assume that their significant other shares their vision, only to discover a stark misalignment. Conflicting goals like an early retirement versus working indefinitely, or travelling more frequently versus preference for the familiar surroundings of home can be challenging to coordinate. Therefore, if you intend to spend your retirement years harmoniously with your partner, it is vital to ensure your plans are complimentary from the start.

Discuss your hopes, dreams, and expectations for retirement by exploring when you envision retiring, what your biggest priorities will be, what activities will fill your day-to-day life, where you see yourselves living, and what you plan to spend money on. These conversations help to lay the foundation for a shared understanding and compromise if necessary. By fostering open communication in advance, you can prevent potential conflicts or disappointments in the future, and instead build a retirement plan that supports both partners’ desires.

Retirement, though often imagined as an easy phase of life, requires diligent preparation to ensure true happiness and fulfillment by being aware of the psychological impacts of retirement, acknowledging the potential loss of purpose and taking proactive steps to replace old sources of fulfillment with new ones. Remember, retirement is not merely a financial destination but a transitional phase towards a new version of your well-rounded life. Initiating candid discussions with your partner about retirement aspirations can align your plans and avoid future conflicts.

Prioritizing both financial and emotional preparation, open communication, and a proactive approach to personal fulfillment, you can embark on this new chapter of life with confidence that your retirement will be the well-deserved reward you planned for.

Tatiana Enhorning is a Financial Advisor with Turner Investments. She builds and maintains portfolios for clients across Canada, and has been in the business as an asset manager for more than a decade.