Sep 27: BEST FROM THE BLOGOSPHERE

September 27, 2021

Preparing emotionally for retirement may be as important as the financial side

An interesting report from Global News suggests that “preparing emotionally” for retirement may be almost as important as the financial side of things.

In the article, Edmonton retiree Donald Smith tells Global News that he “had trouble the first couple of years (of retirement)… I’m sort of like the racehorse that wants to still keep running.”

He found that he “really didn’t know what to do with himself.”

In the article, Shelly Adam reported similar feelings. After retiring at age 56, she found herself going back to work just two months later on a casual basis. “When everyone else is working what are you going to do?” she asks the broadcaster.

In the end, they both found plenty to do through joining the SouthWest Edmonton Seniors Association, Global reports.

There are regular meetings, including a coffee chat group, the article notes, as well as a book club, choir, arts and crafts, games and cards, and much more.

Both say the social connections they have made through the group are “very important,” Global reports.

University of Calgary psychology professor Candace Konnert tells Global that “emotional planning for retirement often gets overlooked.”

“The focus has been on the financial preparedness and people underestimate, kind of, the social and psychological issues in retirement,” states Konnert in the article.

“We have this term called the ‘sugar rush of retirement.’ That’s that sort of six-month period, sort of post-retirement where you’re just euphoric,” she tells Global.

“You don’t have obligations, your time is unstructured, you can choose to do whatever you want,” she states in the article. “Then after that sometimes people have difficulty coming to terms because they simply don’t have a plan.”

Without a plan, Konnert tells Global, the odds of facing anxiety or depression in retirement can increase. You need a plan on how you are going to spend your time once work is over, she states, and it is “crucial” that your plan includes “being socially engaged with friends or through activities.”

Your plan also needs to be flexible, as your health may change as you age. “Your retirement plan at 66 may not be the same at 76, 86, or even 96,” she tells Global.

Looking at our own circle of 60+ friends, this advice is being heeded. A retired engineer friend has become an avid vegetable gardener, and has taught himself how to carry out his own home renovations; he and his wife are constantly busy. Others are getting back into things they used to do – music, art, golfing, skiing, and more. While it’s true that you will lose some of your old work connections, there’s ample time to make new ones.

All those post-retirement activities will carry a cost, of course, so it’s important to set aside some money today for a fulfilling post-work experience later. For 35 years, the Saskatchewan Pension Plan has been delivering retirement security; perhaps they can do the same for you. Have a look at SPP today!

Written by Martin Biefer

Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. A veteran reporter, editor and pension communicator, he’s now a freelancer. Interests include golf, line dancing and classic rock, and playing guitar. Got a story idea? Let Martin know via LinkedIn.

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