Feb 16, 2019, MarketWatch - Retirement is a monumental transition in a person’s life, and it shouldn’t be taken lightly.
Every aspect of life is affected by the decision to retire, including relationships, health and wellness, and of course finances. Couples in particular are learning how to share their hopes and fears about retirement with one another, and looking for ways to stay active in place of their careers.
“The key to a happy retirement is in the planning done during the years leading up to retirement,” said Howard Pressman, partner at EBW Financial Planning in Vienna, Va. “Not just financial planning but taking the time to envision their lives in retirement.” Instead of thinking of retirement as moving away from something, in this case the workplace, near-retirees should think about what they’re retiring toward, he said. “The better they can see what it is they are retiring to, the more successful they are at this transition.”
Going into retirement without a plan can have a detrimental effect on a retiree, throwing them into a depression or even an early death. Inadequate savings can send someone into a tailspin, but so too can feeling as though they’ve lost their sense of purpose or identity. Without preparation for retirement, and activities thereafter, retirees’ cognitive abilities could diminish, according to a study in the U.S. National Library of Medicine.
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