When individuals reach or near the age of retirement, they face a transition into the unknown. Some have made diligent preparations for the day they leave their job or career for the last time. A great many more come unprepared for what lies ahead. In either case both will leave work for the last time, return to their homes, and awake the next morning with expectations for their new lifestyle.
In an article by Dave Hughes titled 12 Reasons You’ll Love Being Retired he discusses reasons people cite for the desire to retire. The list captures the mentality of a soon to be or recent retiree. Somehow these reasons will make one’s life easier and more enjoyable.
- You can get up whenever you want.
- You can wear whatever you want.
- You don’t have to deal with rush hour traffic. It’s easier to be spontaneous.
- You have more time for creative pursuits.
- You have more time for exercise and physical activity.
- You have more time to read and learn.
- You have more time to spend with your spouse.
- You no longer have to deal with performance reviews or status reports.
- You can look at whatever you want on the internet, at any time.
- You are more relaxed.
According to an article by Mark P. Cussen from the website Investopedia.com there are six stages to retirement. They are:
- Pre-Retirement: Planning Time
- The Big Day: Smiles, Handshakes, and Farewells
- Honeymoon Phase: I’m Free!
- Disenchantment: So This Is It?
- Reorientation: Building a New Identity
- Routine: Moving On
The reality of the joy of being retired does not always meet the expectations that go with the 12 reasons you will love being retired. The fourth stage of Disenchantment is corroborated by British researchers.
In an article by Ben Renner British researchers found that the average British retiree grows bored after just one year. Quoting from the article now, “That’s right, of the many adjectives that the 1,000 British retirees in the survey used to describe their retirement, three of the most common were “boring,” “lonely,” and “quiet.” It seems the major life change is simply too much for some. Nearly 3 in 10 respondents (27%) said they have more time to themselves than they anticipated when they retired.
“Most retirees said they spent their time reading, watching television, and hanging out at home with their significant others. Researchers found the most common downsides of retirement were not earning enough money, boredom, and lack of social interaction. One in four respondents said that everyday simply feels the same since retiring.”
“And while most retirees felt bitten by the boredom bug after a year, 1 in 10 respondents said they were struggling to find something to regularly pass the time after just five months.”
In an article by Amy Morin at website VeryWellMinded.com she offers 8 tips for adjusting to retirement. They are:
- Expect to Go Through Stages of Emotions.
- Structure Your Days.
- Set Small Goals.
- Grow Your Friendships.
- Consider an “Encore” Job.
- Create a New Budget.
- Schedule Volunteer Shifts.
- Give Yourself Flexibility to Figure It Out
Some retirees upon retirement immediately make a move to a new community because of climate and activities they can do all year long. Others prefer the comfort of their old surroundings and family that may live nearby. In either case the retired individual will go through the six stages of retirement cited earlier. It is when you reach the stage of disenchantment that your lifestyle comes into focus. In the 8 tips for adjusting to retirement Amy Moran suggest creating a new budget.
Here is what she wrote:“Figure out what you need in your new post-career life and what you don’t. For example, that clothing budget that you always spent on business clothes can go out the window, but you might need to add in a category for membership dues for a variety of organizations that you wish to join.”
One major budget expense that is part of every retirement budget are expenses for a home. Once you chart a new lifestyle do you need your present home for your new lifestyle? Can you cut your home expenses by downsizing and at the same time free up money and time to use for your new pursuits? Retirees have plenty of options to consider when downsizing. It is suggested that you consider a Co-Op home in a non-profit senior housing cooperative.
A Co-Op home membership can be purchased for much less than you receive from the proceeds of selling your home, allowing you to bank the difference. The monthly fee covers almost every expense you have with your present home. The conveniences of a Co-Op home can open the door to travel, growing friendships, volunteering, an encore job and spending more time with family. Along with that the safety and security offered by a Co-Op home will be appreciated by your family.