Retirement can be an emotional time, many life changes are occurring and it’s very normal to feel a little bit strange.

Financial questions and concerns are usually the main reason people don’t feel emotionally prepared to retire. It is only once you’ve put those money worries to bed that you realise something else is holding you back.

Non-financial barriers to retirement can be masked by questions about retirement income, pension pots, annuities and drawdowns. But once you know you can afford to retire, that’s when you might realise you don’t want to.

If you receive advice from a financial adviser and discover retirement is financially viable – but you’re still not sure about retiring – you might not be emotionally ready for retirement.

At this point, you need to dig deep and work out what’s holding you back. Our experienced team of Financial Advisers can help you identify, articulate and overcome your fears and help you to enjoy your retirement.

• Identify – Our Advisers have helped people plan for retirement. We understand the common concerns and can help you identify your worries more easily
• Articulate – We’ll help you explore and explain what’s holding you back, so you can create a plan of action to get past it
• Overcome – Using our decades of experience, we’ll help you work out ways to move forward with confidence and clarity about what you want from later life.

After that, we’ll help you plan your dream retirement and work out how to achieve it financially.

We’ll look at your pension pots and potential income – whether that’s a workplace pension, your state pension, savings, shares, inheritance or something else – to provide the right retirement income for your later life ambitions.

For many, early retirement is a dream – something to aspire to and work towards. But for others, retirement is a daunting prospect – anticipating long days with no direction and nothing to do.

If the latter sounds like you, don’t worry.

Retiring is a big change but at Grosvenor Wealth Management we believe it’s the start of something brilliant. Here’s everything you need to know about preparing emotionally for retirement.

How will I feel when I retire?

There’s no right or wrong way to feel about retirement. Some people love the idea of ditching early starts and tiresome commutes. Others are cautious about leaving behind the structure, status and relationships they enjoy at work. You may be wondering what things you can do in retirement?

As you plan your retirement, you might feel some of the following emotions.

• Fear – ‘What will I do? How will I afford to live?’
• Relief – ‘I can finally stop and relax.’
• Resentment – ‘I don’t want to retire. I’m at the top of my game.’
• Joy – ‘I can’t wait to live life on my terms.’
• Confusion – ‘I don’t know where to start with pensions and retirement finance.’
• Excitement – ‘There’s so much I want to do.’
• Nervousness – ‘What if it doesn’t live up to my expectations?’
• Disbelief – ‘Is this really possible? I’ll believe it when I see it.’
• Sadness – ‘The end of an era. I’m not needed anymore.’

Don’t forget, you might not always feel the same way either. Some days might be exciting, others might be challenging. That’s perfectly normal. There are pros and cons to retirement – mixed emotions just mean you’re thinking through all the eventualities.

However, you’re feeling – whatever stage of retirement planning you’re at – don’t shy away from it. Talk it through. Fear of retirement is more common than you might think.

What are the five emotional stages of retirement?

When you actually retire, you’ll experience a range of emotions too. It’s like any major life change – you’ll go through different stages as you settle into your new reality.

The excitement of your first day of freedom might give way to melancholy when the novelty wears off. Or your initial trepidation might turn into delight as you fill your time with things you love.

In fact, there’s a pretty standard journey that retirees take called ‘the five emotional stages of retirement’.

1. Realisation – This is when you realise your retirement plan and the big day actually arrives. After planning your retirement – possibly for years – you say goodbye to your co-workers and clock out for the last time. You’re likely to feel a mixture of relief and anxiety as you face an unfamiliar future.
2. Honeymoon period – You’ve ditched the 7am alarm and your only commute is to the kitchen for breakfast. You now have time to live life on your terms. You might start a hobby, take a holiday and reconnect with family and friends. Life is busy, fun and fulfilling.
3. Disenchantment – After a year or so, the gloss might start to wear off retirement. You could find yourself feeling bored, lacking direction, even depressed. Things are a bit same-y and you can’t face another week with nothing on your agenda. This isn’t unusual and planning for this period will help you push through it.
4. Reorientation – This is the stage where you make some adjustments to improve your happiness and fulfilment in retirement. You might decide to try a new hobby, take on part-time work or volunteer. Feelings at this stage can include excitement and nerves as you seek new purpose and passion in your life.
5. Stability – This is the final stage of retirement, also known as the rest of your life. At this point, you’ve adjusted to your new reality and have fallen into a rhythm. You’ve ridden the rollercoaster of the honeymoon and disenchantment stages and your emotions have now stabilised. You can face the rest of retirement with contentment and confidence.

These stages take time and – remember – as you work through them, you’re growing older. Older age can impact on your health and ability to enjoy an active retirement. So anything you can do to reach the ‘stability’ stage sooner will give you more time for enjoyment and adventure.

How can I prepare emotionally for retirement?

Simply understanding that you need to prepare emotionally for retirement is a great first step. With a good level of self-awareness, you’re more likely to seek help and progress through the emotional stages of retirement more quickly.

Be honest about how you’re feeling

When you’re working, everyone says they want to retire. Long days, bad days, horrible bosses… they can all make retirement seem like a Shangri La, a promised land. But as you approach retirement, you realise that it can also represent a loss. And that’s ok.

You might feel like you have to be positive about retirement, laughing as people joke they’d love to be in your shoes. But only you are in your shoes and only you know how you’re feeling. Don’t be ashamed to admit things don’t always feel as rosy as people expect.

Write a list of everything that’s worrying you

It can be hard to put your finger on why you’re worried about retirement. Obviously, everyone wonders about the financial side of things, and going to see a financial adviser can help put your mind at ease.

But what about the other things? Maybe you’re not sure what’s stopping you? Or maybe you know but you feel ashamed to admit it. Don’t worry. Grab a pen and paper and start writing things down. It’s just for you, so be totally honest. Committing things to paper is a great way to start working out the barriers you’re facing.

Think of ways to counteract those worries

Once you know what’s worrying you, you can think about ways to overcome it. For example, if you’re secretly worried about losing the respect and admiration of your colleagues, you know you need to find a way to replace that respect once you’ve retired.

You might consider taking a part-time consultancy role or a place on the parish council. That way, you still get the things you like about work, without all the bad bits that go with it.

Or maybe you’re going to miss the social aspect of work – those sneaky coffee breaks or catch-ups over the photocopier. If that’s the case, you can think of ways to keep in touch with colleagues after you retire and plan ways to make new friends through hobbies or volunteering.

Where Grosvenor Wealth Management can help

Even if you’re being honest with yourself, you might not be able to articulate the retirement plan yourself. That’s why it’s a good idea to seek financial planning advice. Financial planning looks at your retirement plan holistically. Not just dry facts and figures about whether you can afford to retire, but the emotions and ambitions you have as well.

PLEASE ALWAYS REMEMBER: Grosvenor Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority. The value of investment can go down as well as up and you may not get back the original amount you invested. Tax treatment is dependent on individual circumstances and may be subject to change.