Thu, 19 Apr, 2018
4 ways to manage retirement anxiety
Retirement is supposed to be one of the happiest periods of your life, but that doesn’t mean the transition is easy. Retirement anxiety is a real thing, and leaves many people concerned about what life will look like when work finishes.
While retirement anxiety is something to be wary of, it’s certainly manageable. Here are four simple ways to deal with some of the leading causes of retirement anxiety.
1. Don’t be afraid to seek financial advice
The financial markets, especially these days, can make for pretty grim viewing at times, and lead to serious concerns about being able to support your quality of life.
As super fund Equip states in the blog post, Hold on tight as the world keeps spinning, “Investment markets have bounced along a pretty bumpy course in this financial year. It’s pretty understandable, as investor uncertainty merely reflects the unpredictability of international events and mixed signals within the global economy.”
While many people are cautious about seeking financial advice, burying your head in the sand is only going to make matters worse. A qualified financial planner will give you the tools to make the right decision, helping you create a plan that will manage your fiscal commitments and support your quality of life into the future.
2. Take time and manage the transition
When it comes time to test the waters of retirement, diving in headfirst isn’t always the best option. Sometimes it’s a good idea to dip a toe in first, especially if the thought of filling all that free time sounds daunting. Super funds like Equip offer various transition to retirement products, allowing you to cut your working hours and make up the difference with a pension income stream. This frees up your time so you can get a taste of retirement and ultimately decide whether you’re ready to take the plunge or have a few more years of work left in you.
3. Try to avoid pressure from your peers
Just like when you were a teenager, you shouldn’t feel as though you have to do something just because everyone else is. If you friends have flicked the switch and a pressuring you to do the same feel free to take their opinions onboard, but don’t let it influence yours. Retirement is something personal and means something different to everyone so you should only take the leap when you know you’re 100 per cent ready.
4. Embrace retirement with open arms
Ultimately, retirement is going to be different. But this isn’t necessarily a bad thing. A willingness to embrace the challenges and rewards of retirement will bode well and go some way to ensuring this really is the most enjoyable time in your life.
Have you experienced retirement anxiety? How did you cope?
Let us know in the comments below.
Equip manages $7 billion of investments for members working across a wide range of Australian industry sectors. This superannuation fund has been providing strong investment performance and has been a reliable provider of retirement benefits for over 80 years.
This article is for general information only. You should seek formal financial advice on your specific circumstances.