Transitioning into retirement

So, you’ve finally done it – you’ve retired. No more waking up at 6am to wolf down breakfast, glug a coffee and join the rush hour commute to work. That’s hours of time back in your hands to plan and do what you want with. But what are you going to do with it?

Retirement for many can seem like a big life goal when you’ll finally ‘be free’, but it’s also a big transition - especially if you’ve been used to the structure of a workday for the last 40 years or more.

So how do you manage that transition successfully for a happy, healthy retirement that’s still packed with purpose?

How to make your retirement a success

A successful retirement will look different for everyone. Maintaining good mental health, however, will be important for all.

Research suggests that some retirees can struggle to find the same purpose and fulfilment that work gave them.

That’s why many charities and organisations recommend that retirement be approached as if it were a new job. This could mean planning activities you’ve always wanted to do – and achieving them will be the focus of your new role.

How can goal setting help?

At work there were objectives, but outside of that are life goals. Perhaps you’ve always dreamed of travelling to a specific part of the world or learning a new skill.

Dame Judi Dench didn’t star in her first film until age 60, and Nelson Mandela was awarded the Nobel Peace Prize when he was 75. Retirement can be a time to experience new things and achieve new heights.

So, write down what you want to have achieved this time next year, in five years and in ten. Work out how you’re going to achieve it and anything you might need.

If it’s money, you can discuss building the costs into your pension and retirement plans with a Specialist Financial Adviser from Wesleyan Financial Services. Please note that Adviser charges may apply.

The mental benefits of new hobbies

Research from Age UK has found that engaging in social, creative, physical or community activities can contribute more than 20% to wellbeing in later life. So, finally learning how to play the saxophone, knit or paint is fantastic for maintaining good wellbeing.

If you’re not sure where to start, write down some of your interests and the things you already enjoy. You can then use Google to search for hobbies that match your interests.

Social media is another tool that’s great for finding local activities. Community Facebook groups are often filled with activities run by local people crying out for new members.

The community notices board in your local supermarket can also be a great source of inspiration with notices for regular and one-off meetups for like-minded people.

Using volunteering to build a routine

For many people entering retirement, it will be the first time in their lives where they are not expected to follow a routine. While this might feel like a holiday to begin with, the long-term impact of not having structure can lead to feelings of stress and anxiety.

Volunteering is a great way to introduce some routine into your day. Perhaps there’s a particular charity or cause you care about where volunteering your time could really make a difference.

Knowing you’re doing some good can give you an extra hit of endorphins to really boost your mental wellbeing.

The benefits of exercise for your mind and body

Maintaining good physical health will be a top priority for many of us already, but what can you do to keep on track in retirement?

If you already enjoy exercise, think about setting new goals in your chosen sport. Go for longer runs, set a new personal best or enter a competition. You could even think about joining a local group dedicated to that sport to bring in a social aspect.

If regular exercise is new for you, try not to push yourself too hard early on. Consider lower impact sports to begin with like swimming or Pilates to gently ease your body into it.

Psychologists suggest it takes roughly 66 days to form a new habit, so try not to be too hard on yourself if you find regular exercise difficult at first. If you’re not enjoying it, you can always try something else.

Staying on top of your financial health

Finally, keep your finances in good health with regular check-ins with your Specialist Financial Adviser from Wesleyan Financial Services. Charges may apply. They can provide advice and support to help to ensure your money is working hard for you throughout your retirement.

So, you’ll always know how much money you can access through your pension and the best way to access it for your next big adventure.