The Retirement 10: 7 Tips to Conquer Challenges, 3 Ways to Stay Well

For some, work defines them or how others see them. Interacting regularly in a job can provide friendships, a common goal, and a sense of purpose. When that’s gone, there can be feelings of loss and soul-searching.

Does this sound familiar? You’re not alone. Approaching life as a retiree isn’t always easy so we’ve pulled together strategies to help you cope with common challenges in retirement.

Seven Ways To Approach Life In Retirement

1. Conduct a self-evaluation

Do you need or want to work? Think about what interests you but that you never had time to pursue. If you loved to act back in the day, is there a senior theater group nearby? If you adore kids, why not volunteer to cuddle preemies at a hospital or to tutor? If it’s animals you love, think about being a dog walker (set your own schedule, get good exercise, extra money) or helping out at an animal shelter. Maybe you feel passionate about a social cause. What has made you happy in the past or what have you always wanted to do but never had the time—learn to meditate or tackle Spanish?

Scrutinize your skill set. Are you good at managing people? Are you organized? Are you an idea-generating machine? Can you parlay these strengths into something new?

If you are stumped, ask friends what they think your strengths are and if they have ideas, hire a retirement coach, or read books on the topic of encore careers.

2. Approach retirement holistically

“Planning for retirement is a lot of work. Your health and financial security are simply the bookends,” says Coughlin. “In between, you must consider where you can live that will help you remain engaged in life and age well. How you will get around if you no longer drive? Will you have access to healthcare, and have friends nearby to have fun with and support you when you need them.”

3. Get involved

“People of all ages seek lives of meaning and purpose,” says Paul Irving, chairman of the Milken Institute Center for the Future of Aging. That’s never been truer than for older adults today who talk often about “leaving a legacy” and “making a difference.”

As Irving puts it, “Be a joiner.” Develop relationships with people of all ages. Many towns have intergenerational initiatives or boards and committees with members from different generations. If there’s new development in your neighborhood or an override of your local ballot, what can you do to learn more, meet people, and help make a difference? Staying involved will keep you socially engaged and is a way to reduce isolation in retirement.

Start with these ideas to find something that suits your experience and interests.

• Volunteer for a favorite cause. Canvass your neighborhood, fundraise for a special cause, or volunteer your time at a faith-based group, community-based organization, or local chapter of a national agency.

• Share your knowledge. Although sharing what you’ve learned over the years could take the form of teaching or tutoring, there’s also the option to write a book about what you’ve learned (in the workplace or in life), or even act as a consultant or mentor to younger members of your profession.

• Help your family and neighbors. These days, many new retirees care for an aging parent or assist with grandchildren. Whether you’re driving your mom to a doctor’s appointment or your granddaughter and her friends to school, helping out is a great way to contribute to the people closest to you and give you a sense of purpose.

4. Keep learning

Are there any adult education classes offered near you? If not, you could take online courses, many of which are free. You could also join a book group. If you can’t find your own, municipalities and bookstores often sponsor them. (My mother, at age 90, was in three book clubs!)

Confronted with the freedom of retirement, it may be difficult to decide how to spend your time. You’ve worked for a long time, and although you’ve probably earned the right to laze about, you might not want to. Consider what brings you joy, and what you wanted to do but didn’t have time for when you were working. Prioritize these activities when determining how to spend your free time.

5. Give yourself permission to not know what’s next

There’s pressure on us to have that perfect retirement plan. It’s okay to not know what’s going to happen next. It doesn’t mean you have to stay static, but rather that retirement can be a time to experiment.

Having a long period for retirement encourages fluidity. Many people find themselves going in and out of this life phase. They take time off, then reenter the workforce or volunteer, take time off again, and find something else to do. So try out your retirement lifestyle and, if it’s not what you want, it’s okay to change your mind.

6. Don’t feel guilty

Retirement is not about judging your choices. If you’d rather kick back and play 24/7, it’s your right. But maybe you’ll decide you want to play and do something else, too, that gives your life meaning and pleasure.

Another nice thing about a longer retirement is that you don’t have to choose just one thing. You can do several—or not!

7. Think positively

As social worker and life coach Dorian Mintzer sees it, “Retirement is no longer a destination. It is a transition, a time of new beginnings.” With the right positive attitude, the years—even decades—after your primary working years may become a time filled with entirely new adventures.

Three Essentials Ways to Stay Well in Retirement

Apart from navigating the change that is retirement, remember these three key ways to unlock your best chapter yet.

1. Using Your Savings Responsibly

Keep these points in mind when thinking about managing your money in retirement.

• Estimate your retirement years. Try using a longevity calculator to figure out how long your savings may need to last. Keep in mind that people are living longer than ever before. A 65-year-old man should expect to live to 84, whereas a 65-year-old woman should expect to reach 86, according to the Social Security Administration.
• Create a new retirement budget. Some of your work-related expenses, such as a work wardrobe or transportation costs, may disappear—or at least shrink. Others, such as travel expenses or money spent on hobbies (e.g., golf), may increase in the early years of your retirement, then taper off as you age and your interests change.
• Schedule regular reviews of your investments.  Are they still meeting the investment return goals needed to fund your retirement? For many years, financial advisors used the “4 Percent Rule” when helping clients decide on how much to withdraw, but increasing longevity figures and low-interest rates mean that this may no longer be your best option.
• Think twice before dipping into your retirement savings.  Doing so could devastate your finances at a time when your options to generate more income are limited.

2. Adjusting to Retirement and Keeping Mentally and Physically Active

To help keep your brain sharp, consider taking up the following activities:

• Taking music lessons
• Learning a second language
• Playing online brain games
• Doing crosswords or Sudoku

Staying physically active may also be difficult for new retirees, but it’s very important that they do. Recent studies indicate that staying physically fit impacts more than just your muscles—it helps stave off mental decline as well.

To meet the challenge of staying physically fit in retirement, choose an activity you enjoy. It’s a lot easier to stick with something that’s fun to do than something that feels like a chore. And don’t think you have to take up bodybuilding or train for a marathon. There are many moderate forms of exercise that you can try out, such as gardening, golfing, pickleball, walking, yoga, or Tai Chi.

3. Finding Ways to Socialize

Isolation in retirement is a growing epidemic affecting over 8 million older adults across the country. In addition to the emotional symptoms isolation brings on, such as sadness, loneliness, or depression, one study found that prolonged isolation resulted in an increased risk of early death. Avoiding isolation is particularly important if you aren’t married or don’t have a partner. According to the Bureau of Labor Statistics, single people age 65 and over spend an average of 11.3 waking hours alone each day in their free time.

The best way to avoid isolation is to take charge of your social calendar. Look for opportunities to socialize as part of your daily or weekly routine. Local options could include taking part in programs offered at your library, senior center, church, or the Y. Start or join a book club, cooking club, or music appreciation night, or pursue a favorite hobby, sport, or volunteer activity. And don’t limit yourself to social opportunities with others in your age range. Spending time with people of all ages can be very enriching, pre-retirement and post-retirement.