Retirement is an important stage in life, and in order to experience the joy of retirement, there are several areas that we must properly plan and prepare for.

Common Myths and Facts about Retirement

Myth 1:Retirement does not require planning Studies show that those without positive goals and planning for retirement would not adjust as well as those who have.

Myth 2:Retirement leads to a boring life Studies reveal that those who aspire to have a satisfactory life after retirement will indeed have better quality of life 6 to 7 years after retirement compared to those without such aspirations.

Myth 3:Retirement means becoming a useless and worthless person Studies show that retirees who maintain active participation in community activities find their life to be more satisfactory than those who do not.

Myth 4:Retirement leads to health deterioration Deterioration in health usually becomes more noticeable around the age of 60 to 65. As retirement takes place at the same time, it may be mistaken as the cause of the deterioration. In fact, unhealthy lifestyle is the reason behind such health deterioration.

Adjustment to Retirement

As we approach retirement, we would evaluate whether we have sufficient resources to face the subsequent life adjustments. These “resources” not only include our finances, but also our physical health, familial and interpersonal relationships, as well as our day-to-day habits.

1. Finances
Plan your finances and manage financial risks ahead of time in order to secure a stable retirement. Apart the money that you receive from retirement, such as pensions or Mandatory Provident Funds, you may also consider annuities or other investment and saving plans. Even though income is reduced following retirement, daily living expenses and taxes should also reduce, and you can make use of various concessions and discounts available to the elderly. Have a thorough understanding of your own financial situation, live within your means and manage your expenses accordingly. When in difficulty, be open to accepting financial assistance from relatives or the government, and avoid high risk investments, high interest loans, or gambling. Also, do not leverage your property or assets to become a guarantor to help others.

2. Health
Practice healthy habits, maintain a healthy lifestyle to prevent diseases and promote physical and mental health. For example, exercise regularly, have a balanced diet, follow a stable sleep schedule, and participate in social activities. Do not smoke or drink alcohol.

3. Family
Retirees may have extra time to help their children with household chores or daily tasks. However, avoid committing too much time on helping them, as it will limit the personal space and time for other physical, social, travel, or leisure activities, and make the retirement more mundane and isolating. Further, some children may not like being looked-after excessively and losing their autonomy, so the help offered may be unappreciated. Therefore, retirees should allocate their time evenly.

4. Marital life
Following retirement, couples will need to reassign their roles and responsibilities in looking after the household and daily tasks, such as doing the laundry, cooking, cleaning, repairs, managing finances and buying groceries, etc. Both husband and wife should seek to utilize their skillset to contribute to the household and enrich their daily lives.

Further, it is important to have mutual respect for each other’s autonomy and preferences in order to maintain a harmonious marriage. For example, avoid being overly intrusive on how your partner spends their time and money, how they eat, or how they live their personal and social lives. It is also important to be more accommodating of each other, and give more compliments rather than pointing out their flaws.

5. Social life
Research shows that diverse social interactions help improve physical and psychological health. Start planning before retirement on how to establish and maintain good interpersonal connections, such as staying in touch with colleagues and friends, or building new social networks through cultivating new hobbies. Elderly people can approach friends, neighbours, elderly centers or religious groups to meet more people. Be easy-going and open-minded when meeting friends, and enjoy a good social life.

6. Leisure time
Leisurely activities can improve life satisfaction after retirement. Elderly people should choose activities based on their physical and financial ability, and how far they can commute. Allocate your time across a range of activities and hobbies to enrich your retirement. There are many phone Apps that can assist elderly people to integrate with the community, making their lives healthier and more convenient.

Summary

It is common for newly retired people to sometimes experience boredom, or perhaps anxiety towards changes to their financial stability. Over time, these feelings will lessen as they gradually adjust to their retirement. Early planning of our resources for retirement will help with this adjustment process. So, not only should we manage our finances well, but we should also plan to look after our health, familial and interpersonal relationships, as well as cultivate some hobbies.