Americans Aren’t Prepared Emotionally for Retirement

Article Summary

Retirement can have a significant impact on an individual’s mental well-being, but many Americans are not prepared for the mental ramifications of retirement. The lack of preparation is not just about finances, but also about identity and purpose. Many people find it difficult to adjust to a career-free life, and this can lead to feelings of anxiety, low self-worth, and even depression. Moreover, forced retirement due to illness or injury can exacerbate these feelings, as well as have a negative impact on a person’s finances.

What This Means for You

• Start thinking about your post-retirement identity and purpose. Consider what you would like to do in retirement and how you can maintain a sense of identity and purpose.
• Prepare yourself emotionally for retirement. Develop a plan for your daily or weekly schedule, and confront any negative feelings that arise. It’s essential to avoid bad habits like overspending and to develop a sense of self-worth that is not tied to earning potential.
• Reach out to friends and colleagues who have already retired. They can provide valuable advice and a perspective shaped by experience to help you navigate the post-career reality.
• Identify hobbies or volunteer opportunities that align with your career passions and strengths. This can make your retired years more fulfilling and provide a sense of identity and purpose.
• Be prepared for unexpected retirement. An illness or injury can force you to retire earlier than expected. It’s essential to have a plan in place for this possibility and be aware of the potential emotional and financial impact it can have.

Original Post

Key Terms

• Retirement
• Identity
• Purpose
• Financial Planning
• Forced Retirement

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