What Happens When You Retire?

As early as elementary school, we are asked what we want to be when we grow up. We spend our entire childhood and early adulthood learning the skill we need to have a successful career, and then the next forty-plus years revolve around our jobs. On top of that, we’re not only making money to pay our monthly bills and provide the lifestyle we want, but also to invest in our financial future. As we near the finish line for retirement, we begin to look forward to the days of leisure, relaxation, and even adventure.

But once we reach the age of retirement, the unknown can feel overwhelming or daunting. We’ve had an established routine and schedule for our entire lives, so opening up our days and redefining what the daily norm is can feel like a significant step to take. Plus, many individuals are uncertain of what retirement even entails and how it will affect them. So let’s take a look at a few things that may happen after you retire.

 

You May Move

For some, moving homes may be in the cards after retirement. While a larger home may have suited you fine in decades past, allowing your family to evolve and grow, many empty nesters find that the space feels unused or unnecessarily large. Plus, no one wants to be doing chores and continual upkeep when they should be relaxing. That’s why many individuals who have recently retired opt to downsize or relocate to a senior living community. A smaller property can allow you to stretch your retirement funds further, while a senior living community enables you to connect with others who are in the same stage of life.

You Will Rely On Retirement Savings

Working for so many years allows you to save money for the time when you no longer need or want to work every day. Once you retire, you will receive a fixed payment from your pension plan, which can be paid out in a lump sum or in a monthly check. Money management will be just as important as ever, as this money is designed to sustain you for the rest of your life. An equation that includes the number of years you’ve worked and the amount of money you’ve earned will determine how much money will likely be in your retirement savings.

 

You May Pick Up A New Hobby

With all the new free time you have on your hands, it’s important to keep your mind stimulated and engaged. While your work life may have felt mundane by the end, it still offered the opportunity for you to socialize, learn new things, and feel productive with your day. Many retirees find that each day feels like the last when they don’t make an effort to find new ways to spend their day, thus leading to a feeling of unfulfillment.

While you were working, you were likely thinking about all the ways you’d rather spend your days, so make those dreams a reality! Pick up golf, painting, dancing, photography, or even travel, and allow your brain to get a daily workout. Plus, your new pursuits will likely get you out of the house and meeting new people, thus creating a more satisfying retirement.

 

You Will Redefine Your Identity

Throughout our lives, we are constantly picking up new titles and names: mother, brother, grandma, friend, husband, manager, employee, and boss. But upon retirement, you tend to lose a few of these identities. This can feel like a huge shift, as a job can be a defining feature. However, it’s important to know that you are so much more. Take the time to rediscover yourself, as that will ensure you feel confident and self-assured moving forward.