How Retirement Can Effect Mental and Physical Health
On this episode of A Wiser Retirement Podcast, Casey Smith and Matthews Barnett, CFP®, ChFC®, CLU® talk about the effects of retirement on both mental and physical health. Retirement is a great accomplishment and is a huge life transition. However, many people aren’t aware of the impacts that retirement can have on your mental health. It is important before you retire to think about how you will spend your time and stay busy during retirement.
Market volatility has created a sense of anxiety for retirees time and time again. Fortunately, there is no need to worry because volatility is often accounted for in your portfolio. At Wiser Wealth Management, in the first year of retirement we account for an 18% drop. Then during the second year, an 8% drop. This creates a safety net for retirees, and helps ease anxiety about finances.
Plan for Your Mental Health
Start by thinking about your hobbies and what you currently enjoy doing outside of work. This could include traveling, spending time with grandkids, golfing, volunteering, or other activities you enjoy. These activities can help you have a good mental outlook in retirement. Try to avoid sitting at home, being inactive, and consistently looking at your portfolio balance. Instead, keep your mind engaged in activities you enjoy.
An Easy Transition into Retirement
Transition into retirement by working less in the years leading up to retirement. This will help you get a sense of what your life might look like in retirement. It also leaves you more time to find your purpose prior to retirement.
Stay Active in Retirement
Staying active and engaging in physical activity during retirement is a healthy habit. It can increase mobility and delay or prevent chronic diseases you may be at risk for. If you have worked a physical labor job prior to retirement, it is important to continue being active so your body can adjust.
Find Your Purpose
Don’t worry if you haven’t found your passion outside of work yet; it takes time. Try engaging in different activities to find one you like. Also, choose to participate in activities that help better yourself and your community. Whether it is a part-time job or volunteering, it is important to stay busy. Find your purpose and prepare for the long term so you can enjoy retirement!