The emotional rollercoaster of retirement

Deciding to retire is a big moment in your life, and while it may seem like you should be taking it easy, it often comes with a mix of emotions.  

This is entirely normal and is often a result of all the changes retirement brings, such as shifts in daily routines, financial concerns, and getting to know your new self. 

Naming why deciding to retire is stressful can be a helpful first step. Here’s what we know: 

Identity and purpose 

For many, our jobs provide a sense of identity and purpose. The decision to retire can lead to feelings of loss and confusion leaving us to grapple with a perceived loss of identity and purpose. 

Financial concerns 

The fear of financial instability in retirement is common. We worry whether we have saved enough, how to manage our investments, and if we’ll outlive our savings. 

Social connections 

The workplace is where we make social interactions and friends. The prospect of losing this can lead to feelings of loneliness and isolation. 

Health worries 

Concerns about our health and whether we’ll be able to enjoy retirement can be emotionally taxing.  

Change and uncertainty 

Anytime we change our routine or lifestyle, we can feel unsettled. Retirement is no different. Even positive change can be unsettling. The uncertainty of what lies ahead can trigger anxiety and stress. 

So what can we do about this? 

1. Plan ahead: Start planning for retirement well in advance. Develop a clear retirement plan that includes financial goals, healthcare considerations, and how you intend to spend your time. Having a roadmap can alleviate anxiety.
2. Seek guidance: Our super specialists can help you navigate the financial aspects of retirement. We can provide guidance on savings, investments, and how to maximize your retirement income.
3. Explore interests: How do you want to spend your retirement years? Explore hobbies, travel plans, or volunteer opportunities that can give your retirement a sense of purpose and fulfillment.
4. Build a social network: Begin to nurture relationships outside of the workplace before retiring. Join clubs, organisations, or social groups that interest you to maintain a social network.
5. Prioritise health: Your health comes first. Regular exercise and a balanced diet can help reduce health-related stress. Talk to your doctor about any specific health concerns.
6. Ease into retirement: Consider transitioning into retirement or part-time work. This can provide financial stability and a smoother emotional transition.
7. Positive outlook: Retirement represents a new phase of life with exciting opportunities. Embrace change and focus on the positives rather than dwelling on what you may be leaving behind.
8. Professional support: Find the support of a therapist or counsellor if you find yourself overwhelmed by retirement decision-making. They can provide valuable coping strategies.

The decision to retire is inherently emotional due to the myriad of changes it brings. However, with careful planning, support, and a positive outlook, you can successfully navigate this transition. One way to ease into it slowly and wind down from work, is to open a Transition to retirement income stream account.

Transition to retirement income stream

For more information on planning your ideal retirement, head to our retirement hub.

The retirement hub

Speak with a super specialist 

Navigating retirement may seem daunting, but with the right information and support, you can make informed decisions. 

We’re always here to help, whether you have questions about retirement or when might be the right time to begin winding down from work. 

Book a time to talk with a super specialist, phone one of our team members on 1800 675 839 between 8am and 8pm AEST Mon-Fri or email us.