Retirement can be a double-edged sword. To make the most of your golden years you not only need to invest in your financial health, but your mental and physical health.
Not everyone is lucky enough to fully retire from a decades-long career at the designated age of 67 with a retirement fund or payments that completely cover their expenses. Some retirees have to return to the workforce – even if in a diminished capacity – to make ends meet.
Meanwhile, for those who can fully retire, shifting into this new life stage can be difficult. Just like parents entering the ‘empty nest’ stage may experience depression, it’s not uncommon for newly retired individuals to face this reality too.
Know that you’re not alone. Retirement is a major milestone and adjusting to it can take time. Learning how to cope with your new normal, and knowing what to do if you feel stuck, can help you make the most out of this new stage in your life.
If you realise you’ve been feeling a bit blue in retirement this is perfectly normal. Shifting from a day organised around a predictable routine to one where you can come and go as you choose, with no real schedule, can be a shocking transition.
According to a 2020 meta-analysis, roughly one-third of retirees experience some form of depression.
A specific life event may trigger it, but how retirement depression manifests and how long it lasts vary. Some people may only experience depression for a few weeks. Others may live with it for years. Learning how to cope with depression and when to seek professional help can help reduce this timeline.
Depression may be more pronounced in people with a diminished social network. Some retirees may find themselves spending significant time alone, whether because they are divorced, widowed, or loved ones don’t live nearby.
Similarly, someone forced out of the workforce rather than willfully retiring may also find it difficult to adjust to this stage of their life. Forced retirement can cause anxiety and feelings of resentment and anger at themselves, former employers and even loved ones.
Another cause of retirement depression can be marital issues. For example, not communicating and setting expectations about the transition with your spouse can put a strain on the relationship. In fact, among retiring or older adults, the divorce rate is 43 per cent for ages 55–64 and 39 per cent for ages 65–74. The national average for divorce is 34 per cent. Balancing time apart while also spending quality time together will help keep your marriage strong in retirement.
The 2020 meta-analysis also found financial uncertainty can trigger retirement depression. MoneySmart, Services Australia and the National Debt Helpline are organisations that offer free services that can inform you about things like how to build savings, how to prepare for retirement, and what options you have with your pension.
Most importantly, is to grow your social network and keep active. There are so many different types of organisations you can get involved in to keep you moving and keep you connected. Sporting groups, hobby and interest groups, community organisations. You could also consider volunteering where you won’t only take on new experiences but will be giving something back to the wider community.
The bottom line is if you want your retirement to be golden, you have to work at it. But I think you’ll agree that doing things you enjoy, hanging out with friends and staying active sounds like a great job!
