Why you need to start living your retired life today
We can spend our whole working lives counting down the days until retirement.
We might dream of moving to the country, buying a house abroad, or spending as much time as possible on the golf course. All the while, working ourselves to the bone and putting off the things we enjoy for the sake of a brighter future.
Not only does this approach mean we might miss out on precious life experiences, but our big dreams for the future can sometimes turn out to be underwhelming. In fact, 28% of retirees who took part in a survey by Nationwide Retirement Institute felt that their life in retirement was worse than when they were working.
The grass is always greener
When we dream of retirement, the nitty gritty of it all can be forgotten. Sometimes, it can be less glamorous than we predict.
You might get everything you always dreamed by buying that house in the country, only to feel isolated and lonely.
Your new Spanish Airbnb could soon become a burden rather than a haven if, when you finally get round to staying there yourself, you have to first clean up after your guests.
You may long for the days you can spend at the golf course or driving range, only to retire at 70 and realise your swing doesn’t pack the punch it used to.
Start living your retired life now
So what’s the solution? Rather than postponing all enjoyment until you officially leave the workforce or step back from your business, why not start living your retired life now?
Ditch that retirement bucket list and start ticking things off. Book that cruise. Go on a weekend city break every few months. Buy that allotment. Invest in that golf club membership.
Spend time with your friends and family while you’re young enough to enjoy it. You might not be in a position to stop working just yet, but you can introduce more spontaneity to your weekends and holidays.
Helping to be specific
The great thing about this – apart from the fun you’ll have – is the clarity you’ll get from discovering what it is you really want from retirement.
When we ask people what their goals for the future are, it can be really difficult for people to think of them, beyond the wish to be financially comfortable. Some people are so stumped they ask what other people have said in order to find inspiration.
But the more specific you can be, the better. Because not only will you be clearer and more familiar with what retirement will look like for you, you’ll also feel more in control and more aligned with your current savings plan.
Saving for something makes it a whole lot easier to stay on track. While saving for a general goal some time in the future feels less important and can make you feel less accountable some how – the temptation could be to veer off course, or give up on the whole thing completely.
It’s a little like going to the gym – it can be easy to give up if the goal is simply to ‘get fit’. But if the goal is to run your first half marathon on a certain date, then you can start to visualise what that will feel like, which makes it easier to get motivated.
Avoiding the retirement cliff edge
Thinking this way can also help to avoid the sudden panic that retirement can sometimes create.
Many people spend years counting down the days until they retire, only to feel as though they’ve been pushed off a cliff and are falling into the unknown once they get there.
We’ve spoken to many people about this who have found that the first month or two of retirement can feel like an extended holiday. The novelty factor keeps them occupied. But there’s a point when the novelty wears off and you’re left with long days to fill. This can often create feelings of loneliness, boredom and even uselessness.
These feelings are completely natural. Half of adults aged 65 and over have experienced depression and anxiety, according to Age UK. The reasons for low mood and mental health struggles can be complex, but preparing for the emotional impact that retirement can have on you is unlikely to make things worse.
By dipping your toes in the water and retiring slowly, you can ease yourself in gently and reduce the shock to your system when you’re fully on your own.
If you go on holiday and it turns out to be a disaster, at least you’re left with an entertaining story to tell over dinner with friends. If you sell your house, move abroad and realise it was the biggest mistake of your life, it can be a costly problem to solve.