Retiring is dangerous. Who would have thought? While people may initially report improved health after retirement due to lower stress levels, studies show that the risk of death increases by as much 20%; and the risk of suffering from a heart attack or stroke increases by as much as 40% after retiring.
It is not surprising that retiree’s health suffers given what we know about the link between emotional wellbeing and health. Losing your job through retirement could also mean losing your social contact, your daily routine, your mental stimulation and your meaning. It could mean losing your marriage and your mental health. And of course, losing your financial stability. But it doesn’t have to.
It can be a whole new lease on life, provided you consider it in advance. If you plan to work on your friendships, your marriage, your health and your purpose long in advance – while you prepare for the end of formal work – you’ll have a chance. You need to work on these as much, if not more, than working on your money. These facets of your life are all intertwined – the one cannot go without the other and it cannot go unplanned.
Retirement planning focussed on money alone is outdated. Retirement planning is now about whole life planning.
Ps. If you are keen to find out more about Foundation’s RETIRE: Wealth & Wellness workshop, you can join us at our annual workshop in March.
28 February 2020