There’s a lot to be learned from those who’ve journeyed before us. Retirement is no different. A Fidelity International survey of over 1,500 Australians over the age of 50 asked retirees about the lessons they learned in retirement and the challenges that arose which they hadn’t anticipated.
Many said they underestimated the emotional impact of retirement, such as feeling a loss of purpose after their working life ended and grappling with changes to their new personal identity as a retiree.
Many also said that – due to unexpected life events such as losing a partner, adjusting to changes in health and mobility, or managing homecare and aged care needs – they needed to be flexible and had to adapt and change their plans during retirement. Some downsized their homes. Some returned to work. Others looked to be more active, or sought to be more connected in their retirement.
Among the most important pieces of advice that experienced retirees can give to people seeking to soon retire are not financial in nature, but emotional.
The overwhelming majority of survey respondents rated two key traits as important contributors to a happy retirement. The first: having a positive and optimistic outlook on life. The second: investing in your health. As one retiree responded, “no amount of money is a substitute for good health”.
If you’re looking to follow this sage advice, it’s wise to consider starting earlier rather than later. Just don’t let age stop you from starting. Remember, it’s never too late.
It’s not just about the money
Having worked with retirees for over a quarter of a century now, the research confirms what we’ve learned through experience – that there’s far more to a successful retirement than money alone. Having a positive outlook, staying connected with others, and making your health and relationships a priority are critical ingredients to building and maintain a happy retirement. And a happy life.
If you’d like to help to plan your future, we’re here to help. Call us on (02) 9913 9995.
This article is based on research by Fidelity originally published at https://www.fidelity.com.au/insights/investment-articles/retirement-planning-its-not-all-about-the-money/
