Many of us look ahead to retirement with rose-colored glasses, seeing ourselves walking along a tropical beach, riding across a verdant golf course or dining in a fancy restaurant. It’s true, retirement can present us with the freedom to finally live the way we want, and offer us many opportunities to travel, volunteer and help raise our grandchildren.
So what can possibly go wrong? Probably nothing, especially if you navigate around these five retirement pitfalls and face the future with knowledge and confidence.
[See: 10 Ways Retirement Will Surprise You.]
1. Ignoring your health. You’ve worked long and hard to get to retirement, so you want to be around for a while and stay healthy enough to enjoy yourself. The good news is that now you have the time to prepare healthier meals, get some exercise and pamper yourself with stress-reducing activities like yoga, golf, dancing and plenty of sleep. Don’t be afraid to go to the doctor. The expense and possible discomfort you may have to put up with now for a colonoscopy, mammogram or other medical test could save untold suffering a few years down the road. So in the rush to retire, don’t overlook your health.
2. Not facing up to your finances. You may have a nice pension, or maybe you’ve built up a nest egg over the years to ensure a comfortable retirement. But that doesn’t mean you can rest on your laurels. A pension typically provides a solid foundation for retirement, but nothing is completely inoculated from the larger economy. Even if you have a pension you should have some other resources, some kind of Plan B. And if you’ve been left to your own devices, depending on Social Security and your own retirement savings, you need to stay on top of your finances, from both an income and spending point of view. Think hard before you retire early. You’re giving up several years of income and instead taking on more years of expenses. Some people can afford to retire early, but make no mistake: it’s an expensive thing to do.
[See: 12 Great Things About Retirement.]
3. Denying your dreams. Some people view retirement as a reward for a lifetime of hard work. All they want to do is lie around, read the newspaper, play on the computer and maybe roam the golf course. That’s fine. You deserve it! But many retirees find they get bored after a few months of doing nothing and are ready for something new. Others may have a long-held dream, but think they’re too old to start fresh. Either way, don’t deny yourself the chance to explore new experiences, whether it’s an opportunity to volunteer for a cause you believe in, help raise the next generation by taking care of your grandchildren, taking on a part-time job or even starting your own business. It’s never too late.
4. Neglecting your life partner. When you retire your marriage or committed relationship will likely undergo some significant changes. You will be spending more time together. We all have certain routines, habits and idiosyncrasies that bring us comfort and happiness, but may annoy our partner. We need to respect each other and find a balance between couple time and alone time. Furthermore, in making decisions — about your living arrangement, your vacation or anything else — both partners need to feel as though their opinion is considered and valued. Communication is vital in any relationship, even more so when you’re sharing the same space day after day.
[See: 10 Alternatives to Full-Time Retirement.]
5. Avoiding reality. Some people never want to retire, and hang onto their job as long as they can, until they’re kicked out the door. Yes, it is possible to overstay your welcome at work. So trust that there’s another world out there for you to explore. You probably don’t want to wait until your energy and passion for life is all used up before you make the leap. Besides, burying your head in the sand is never a good way to face the future. So whether you’re 55 or 75, you need to peer into the future, face reality and make plans for the next chapter in your life. No matter your age, look ahead and plan what you’re going to do when “you grow up.” Then set out on your last great adventure with grace and confidence.
Tom Sightings is the author of “You Only Retire Once” and blogs at Sightings at 60.
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You?re Retired! What Can Go Wrong? originally appeared on usnews.com
