Cypress Wealth Services
October 2023
When you’re busy working every day, you may imagine retirement as a time of happiness and relaxation. However, many retirees enter this next phase and end up feeling a bit unsatisfied and restless, wanting something more—but not sure what that is.
Thinking about the money you’ll have in retirement is important, but the personal part of your retirement plan is just as crucial. When you were working, you might have measured success by the awards and recognition you received for doing a great job. Maybe you enjoyed spending time with your colleagues in meetings, business lunches, and professional events. But when you retire, you need to find something meaningful to fill that gap. If you’re getting closer to retirement (or already there), we’ve got 5 tips to help you make the most of your time and money so you can embrace your golden years.
One of the most commonly suggested things to do in retirement is to find purpose in your new phase of life. As you transition out of the workforce, you may find yourself feeling like you don’t have a reason to get up in the morning. Studies have shown that you can prevent this feeling by living a purpose-driven life and that individuals who feel fulfilled are happier and healthier on average than those who don’t. Not only that, they also live longer! You can find purpose in retirement by:
Whatever you choose to do in retirement, doing it with a sense of purpose will help you make the most out of your time as opposed to just filling it.
Declining health and how to pay for the associated medical expenses is one of the biggest concerns for many retirees. In fact, 70% of Americans cite healthcare costs as the most pressing issue on their minds when planning for retirement. Now that you’re in retirement, what better way to spend your time than prioritizing your mental and physical health?
Sure, genetics will play a role in how healthy you will be as you age, but there are also things you can do to mitigate your risk. Exercise and diet are key to maintaining health and they can also be fulfilling ways to fill your time. Try participating in group workouts like kickboxing, yoga, or Pilates, or join a gym if you prefer to exercise alone. Any form of exercise is better than nothing, and it can help decrease your risk of premature death by up to 30%. Learning how to cook a new style of food can also be a fun way to pass the time while also improving your diet.
Adjusting to retirement is a huge transition! Going from working 40-plus hours a week for 30-plus years to suddenly having all the time in the world is a shock to the system, to say the least. It takes time to adjust, so don’t feel pressure to rush into retirement all at once. Instead, try working part time or using a phased approach to retirement.
It’s becoming increasingly popular for people to approach retirement in phases, slowly adjusting to reduced hours, part-time work, then eventually full retirement. Studies have shown that phased retirement can actually improve vitality and health among retirees.
Retirees who build and maintain meaningful social relationships are often happier and healthier than those who spend their time alone. Spend time connecting with your friends, family, and loved ones throughout retirement. It can help prevent loneliness and provide a sense of purpose and fulfillment. Knowing that you have a strong support system can make a significant difference in your overall level of happiness, and it can be a great way to fill your time, especially if you experience the loss of a spouse, fall on hard times, or suffer from declining health.
Retirement can be an exciting time for many, but some may find it hard to fill the empty hours. Exploring a hobby can bring meaning to your life, prevent feelings of uselessness, and promote overall happiness and health. A newfound hobby can bring purpose to retirement and help you stay healthy by prioritizing your mental and physical health.
Whether you choose to volunteer, take a class, learn a new skill, or work on a DIY project, having a hobby can help make the most of your golden years—while also helping to create new friendships and provide a sense of community, which is crucial in preventing loneliness and improving your overall well-being.
Are you wondering how to infuse your retirement years with meaning and purpose? The Cypress Wealth Services team is your trusted companion in navigating this new and exciting next phase of life. Whether it’s financial planning, budgeting, lifestyle choices, or a combination, we offer the guidance you need to maximize the potential of your golden years. Book a brief 30-minute introductory call with me today to explore how we can assist you in your pursuit of a rewarding retirement. Reach out to us at 866.888.6563 or contact one of our offices today.
Cypress Wealth Services is an independent RIA firm providing financial planning and investment management to high-net-worth individuals, families, business owners, and institutions. Cypress Wealth Services comprises professionals with diverse backgrounds and extensive experience and qualifications. Cypress Wealth Services serves a broad range of client needs using their knowledge and expertise to act as a foundation for their client service process. The firm uses The Second Growth, which focuses on efficiently protecting, growing, and transferring the wealth and legacy a person has already built to their loved ones. With financial advisors in California, Alaska, Arizona, and Georgia, the firm serves clients across the country with Wealth Management Services, Fiduciary Services, 401(k) Design and Management, Investment Reporting Services, Financial and Retirement Planning, and more. For more information, visit www.CypressWS.com or call 760.834.7250.
