The Emotional Aspects of Retirement
By A. Scott White, CFP®, ChFC®, CLU®
President, Scott White Advisors
Are you, or someone you know, thinking about retiring? In addition to the financial considerations, there’s also an emotional aspect. Retirement is a major transition—we move from the life we’ve known for decades to a life that’s unknown. It can be bliss for some, and an emotional transition for others. Constructing a framework for retirement should start well ahead of the retirement date. Having a plan of what will make you happy during the next phase of life can help you start to envision what your days may look like.
Retired university professor and researcher Nancy Schlossberg studied retirement and developed 4 key insights to help others who are considering retirement: Plan for multiple transitions; make sure you’re well grounded; determine the type of retirement you want; dream a little—or dream big.1
Social worker and researcher Amy Morin says those who retire should expect to go through stages of emotions. She recommends focusing on friendships to combat the risk of isolation.2 According to the CDC, loneliness and social isolation may be linked to health problems.
Retirement is a big step. Take the time to consider the emotional aspects of this life change before moving into this phase of life.