Are You Afraid to Retire?

Retirement is a milestone we can all look forward to, but the very idea of it can often strike fear in many.

Some people worry about not having enough money to enjoy retirement, while others are simply unsure about leaving their working life behind.

And even those who can afford to retire, find themselves lacking one big thing– courage!

In this week’s blog, we share our top tips on how to overcome anxiety and approach retirement with confidence.

Ease Into Retirement

Retiring can bring mixed emotions. Some people look forward to leaving behind work stress and the daily rush—no more early alarm clocks or rush hour traffic. However, you may find the idea overwhelming after years of the same routine. So, if retiring feels daunting, consider gradually reducing your workdays instead of stopping altogether.

Cutting down to one or two workdays a week can help you ease into retirement. It lets you keep some income and purpose in your daily routine, which can be easier than making a sudden change. We’ve seen some clients return to work part-time after initially stopping altogether, so we recommend that you try to find a balance that works for you.

Overcome the Fear of Spending in Retirement

Many people fear spending their savings when they retire, even if they have enough money. After decades of saving, we know it’s hard to change the mindset that seeing your savings grow means security. But if you’ve worked with a professional Financial Advisory firm like Joslin Rhodes and they’ve told you that you have enough to retire, don’t hold back!

We understand though, it can be scary to watch your savings decrease, which can lead you to spend too little and miss out on enjoying your retirement fully. In our experience, retirees rarely run out of money. So, we encourage you to embrace the idea of using your savings to have a happy retirement, because after all isn’t that what you’ve been working hard for all these years?

Create a Financial Plan for Retirement

At Joslin Rhodes, our expert Financial Planners will follow our unique PlanHappy Lifestyle Financial Planning Process to design a retirement plan that delivers a fulfilling and stress-free transition.

We’ll explore your big life goals, examine your assets such as Pensions, and use cash flow modelling to allow you to really visualise your retirement years.

And, once you have a financial plan, it’s important you regularly review it. All clients of Joslin Rhodes benefit from a regular Update & Improve meeting where we’ll discuss your current circumstances and any changes, such as to your health, we’ll then take a close look at your plan and make any adjustments as needed.

Top 3 Ways to Overcome the Fear of Retirement.

We’ve been helping Teessiders make the transition to retirement for over twenty years and here’s a few of our top tips:

Ensure Your Days Are Planned Out

Retirement marks the end of your career and the start of life after work. It’s common for you to worry about losing your sense of purpose, so planning your days is essential.

Whether it’s meeting a friend for a weekly walk, or staying busy and active, these activities make retirement enjoyable.

But when every day feels like a weekend, it can be daunting to decide how to fill your time. You may also want to consider trying new experiences to keep your daily life exciting and satisfying. Volunteering offers a way to give back without the pressure of work, as it’s driven by goodwill rather than necessity.

Know Where You Stand Financially

One of the hardest parts of retirement is no longer having a regular salary. To make this easier, some people create a system that imitates their previous income. This helps them to feel more secure and balanced whilst preventing overspending during retirement.

Creating a consistent income flow allows you to better handle your finances, ensuring you can afford essentials and enjoyable activities. There are a variety of possibilities you can chose from. Whether it’s setting up automatic transfers from savings, investing in annuities, or carefully planning how you withdraw from retirement funds, these steps make retiring easier and improve your financial stability overall.

Contact The Experts

Our local Financial Advisers are here to help you find the best options that suit your individual circumstances. With over 20 years of experience helping local retirees, we know that each person’s retirement plan is unique.

We’ll help you find answers to those questions that keep you awake at night like:

• When can I afford to retire?
• Should I transfer my pension?
• Can I take a tax-free lump sum?

Contact us to retire confidently and be assured that everything will be taken care of. If you’re not ready for a consultation, why not join our free Pension & Retirement Planning workshops to learn the ins and outs of different pension types, drawing your tax-free lump sum, and more.

Joslin Rhodes Pension & Retirement Planning – Real Advice, For Real People