R101 #15 - Non-Financial Retirement Planning
This is the most important post of this entire series. I’m not joking. The financial aspects of retirement are just one piece of the puzzle in the later years of your life. A solid financial plan makes no difference if your mental and physical health goes downhill, your relationships suffer, you’re bored with nothing to do that you enjoy, and you have no purpose in getting up in the morning.
So non-financial retirement planning is about what you are retiring TO, not what you are retiring FROM.
There are reasons this is hard.
Identity - Many retirees were defined by who they were at work. Instead of focusing on the loss of this identity, think about the opportunity to forge a new one.
Structure - Prior to retirement, it’s likely that you had a set structure to your life and a usual routine. It may take time to develop new hobbies to fill your time, a new schedule that allows for more freedom and spontaneity, and be intentional about not falling into boredom and passivity.
Relationships - Although the transition into retirement can lead to greater relationship satisfaction because you have more time to spend with your spouse and others, it could also create stress. It can help to set expectations for how much time will be spent together and cultivate other social relationships to avoid isolation and loneliness.
Health - And obviously there can be challenges with health issues and the aging process. Aging is a natural part of life but there are things you can do to support your mental and physical health. Exercise and enjoying life will help. Doing things you can do, now, can create positive feedback and actually help you live a longer life.
Don’t discount how difficult this transition is. So many people focus on the act of retiring as a one time thing, they don’t prepare themselves for the actual living of it. This leads to all kinds of negative consequences. The more you can think about and plan for your whole life in retirement, the better off you’ll be.
