The big six retirement horror stories

Potential clients always enter my office with the same look on their face. They are worried about their retirement and whether they will be able to successfully make the transition into what should be the best years of their lives.

While I can sort out their finances and make sure they are in the very best position financially, it is up to them as individuals to make sure they embrace the years ahead and make the most of life.

However, as I’ve been doing this for twenty years, I can give you some tips on how to avoid what I believe are the six big mistakes people make in planning the non-financial aspect of their retirement.

You’ve helped your kids but disadvantaged yourself.

I don’t know how this got started that parents are somehow obligated to help their adult children financially, but too often it is a bitter road to family arguments and terrible falling outs. If you can avoid talking about your finances or helping your children financially, you should.

It’s easy to move into retirement and think you have substantial assets to support you but life in retirement can be long, and even the best planned retirement is prone to sudden unexpected financial hiccups.

All you need is a serious medical issue and an extended period in hospital or still worse, a situation where one partner in a couple needs to go into a nursing home, and the best laid plans are blown apart.

As a couple, you want different things in retirement.

This is a tough situation and sadly as the number of older divorces in Australia steadily increases, something that is all too common. If you find yourself in this situation where you and your partner want dramatically different things in retirement, take some time out.

It’s easy for these sorts of discussions to be overrun with emotions and often bitterness about sacrifices that were made in the past and hopes and dreams that were too easily given up along the way to retirement. Pause. Take a deep breath.

Life as a single older Australia can be extremely lonely and isolating and financially, separation can be a significant backward step. Wherever you can, try to look after each other, be generous and find a palatably way forward.

You regret selling the family home.

This is a tough problem to deal with. Family homes hold so many memories and past emotions, it can be very hard to let them go, however, staying in a big house that no longer suits your needs is always a mistake.

Try to move on and embrace your new home. You can never go back in life, you can only move forward. Focus on creating new memories and emotions wherever you find yourself living now and that usually starts with bringing more people into your life. Wherever you are, enjoy it.

You’re lonely.

This can be a big problem as people grow older and more and more people become single through divorce or bereavement. Aging can be very isolating and it’s easy to just sit at home and become even more lonely.

As you move into retirement you need to start planning early to get involved with local interest groups and sports clubs where you can come together and regularly meet with other likeminded people. It will take some effort at the start, but it will be more than worth it.

Your health deteriorates.

This can often go hand in hand with being lonely. The less you do, the less you feel like doing and with inactivity, often comes poor health. Again, be pro-active. Be positive. Take control of your live and start doing all those things you know will create a healthier you.

Give up smoking, drink less, eat better and exercise. Its not rocket science.

Make sure you regularly see your doctor and dentist and take full advantage of all the free screenings and early diagnostic tests that are increasingly available to older Australians and so stay as fit as possible as long as possible.

Be optimistic. There are so many serious illnesses that are much better managed these days and where you can recover and go on and lead active relatively healthy lives. Retirement is full of ups and downs and your health might be part of this.

You’re bored.

Boredom is the root of all evils in retirement. Again, it is easy to just sit at home and complain to yourself that you don’t have the money to do anything, and life is so expensive these days that you have no choice but to do nothing.

There are hundreds of things you can do in retirement and many of them cost next to nothing to do. Think about what you would like to do and simply get involved. Volunteering is a great way forward and there is no end to the various sporting groups and activities you can get involved with.

You just need to make the decision that you are going to make the most of your older years and that no one is going to stop you.