Retirement sounds like bliss when it's still years away: a break from work, a time to travel and a chance to finally indulge in those hobbies you've had on hold. But many people might also feel something different as they approach retirement: stress.
Retirement is a huge transition that affects your work, your social interactions and the daily structure of your life; it’s normal to feel anxiety ahead of time.
The good news is that researchers have been studying pre-retirement for a while now, and there are ways to help make your retirement years happier and more fulfilling.
Your mindset toward retirement matters. Whatever retirement stereotypes you have can directly impact the quality of your retirement.1 For example, if you think of retirement as a time to improve your health, strengthen social ties and devote more time to hobbies, you're likely to enjoy it more.
The power of positive thinking may be enough to help you live longer, too. Retirees with positive views toward mental health live on average 2.5 years longer than those with negative stereotypes. People with positive perceptions about aging live as many as 7.5 years longer than those with negative attitudes.1
The more you can cultivate a positive, forward-looking attitude about retirement now, the better it will be once it arrives.
Don't wait for retirement to hit to develop a plan. Pre-retirement planning – including financial, psychological and social planning – improves the retirement transition, helps maintain physical and mental health, increases positive attitudes and lowers anxiety after retirement.2
What does psychological pre-planning mean? Think about how you’ll spend your newly unstructured time or any anticipated changes in your emotional state. Talking about plans with family and friends can also significantly benefit people's mental health once they arrive in retirement, perhaps because discussing these details out loud provides a sense of control over the uncertainty ahead.
If work consumes most of your life, you might want to take some time before you retire to invest in your friendships and consider the types of activities you’d like to explore. One study at Harvard Medical School showed that four factors had the biggest impact on an enjoyable, healthy and rewarding retirement. 3
Putting these factors into practice can even benefit your physical health:
Think about using this transitional time to reach out to old friends, invite coworkers out to coffee and maybe consider volunteering at the animal shelter you've always been interested in.
As you ease out of a life centered mostly around work, you may experience a loss of purpose and identity, with an unclear idea of what to do with yourself next. The answer to easing your uncertainty may lie not in returning to work, but in getting better at leisure.
Leisure creates a space for meaning that is not controlled by work and provides freedom to choose your activities and spend your time as you see fit. This could range from simply increasing quality time spent with your partner to taking more nature walks.
While the thought of all that newly gained leisure time might make you itch to retire, there's no reason to speed up the process. If you’re not quite ready to take the leap, consider continuing to work but lessening the load. It's becoming popular for preretirees to think about taking on part-time work, becoming self-employed or embarking on an encore career.
The bottom line? Stay engaged while you navigate the emotional landscape of pre-retirement, and don’t be afraid to start shifting your mindset toward what’s next.
Learn how U.S. Bank and U.S. Bancorp Investments can help you get the most out of your retirement.