Navigating Retirement: Five Things to Prepare You for This Life Transition

As people prepare for retirement, they are often focused on the financial aspect of this life milestone after decades spent in the workforce saving and building their wealth. However, equally important is readying oneself for the emotional and psychological shifts that are also part of this important life transition. Here are five things to keep in mind as you prepare to navigate this momentous lifestyle change.

Reflect on What Interests You

As you step away from the daily demands of the office and your career, think about what makes you feel fulfilled outside of work. Perhaps you have hobbies that you’d like to explore more such as cooking, woodworking, or biking. Maybe you’d like to become involved in certain causes meaningful to you by volunteering with a charity. Or, you may have some top travel destinations in mind . Whatever fuels you, take time to reflect on how you can incorporate that interest into the next chapter of life.

Talk With Others About Retirement

While it’s important to think about your interests and how you might spend time in retirement, you can also learn from the experiences of others . Consider sharing your thoughts with loved ones, friends, and others who have recently entered or will also soon enter retirement. They might have insights or perspectives that can expand your concept of retirement. It’s also a good idea to talk with a financial advisor about your ideas so they can set you on a path to accomplishing those dreams and, in turn, a fulfilling retirement.

Be Flexible

Things may not go as planned! While you can have a plan and do everything to prepare for retirement, life can throw curveballs and challenges you did not anticipate. This makes it even more important to create a flexible plan that can adjust to various changes including goals and timeline.

Communicate With Your Partner

If you’re married or in a committed relationship, your idea of retirement may look different than your partner’s. And that’s okay. Communicate with your spouse or partner about your vision and goals for retirement. Ensure you incorporate ways for both of you to experience your idea of retirement as individuals and as a couple.

Have a Growth Mindset

The transition to retirement can be hard. After years of working, people can feel like they have lost their identity when they no longer have a career with which to associate. However, there are many rewarding aspects to this chapter of life! Be optimistic and focus on having a “growth” mindset that is open to new experiences and learning new things.

These considerations and more were recently discussed in a special episode of Navigating Life Transitions , a lifestyle podcast by Minneapolis-based wealth management firm JNBA Financial Advisors. Hosted by Minnesota media veteran Kim Insley, the 60-minute episode is available at jnba.com . There are also free resources available , including a pre-retirement checklist.

Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC.

Please see important disclosure information at jnba.com/disclosure .

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