“How much money will I need?” and “Am I saving enough?” are common questions we hear from those preparing for retirement. We absolutely agree that financial security is important, shifting your income from what you earn, to living off what you have saved can be stressful – but expertise from firms like ours helps with this.  

So, what makes your retirement happy?

Money alone will not provide you with happiness in retirement. Retirees should also prepare mentally and emotionally for the changes that come with this new phase of life. Those who are looking forward to a life of leisure in retirement may find it hard to believe, but for many, feelings of loneliness, purposelessness or lack of purpose or identity can lead to depression and other health problems.  

Whether we realise it or not, work provides many of the ingredients that fuel happiness, including social connections, a steady routine, and that very necessary component “a sense of purpose”. When people stop working without a plan to replace these elements, they may find that their mental health suffers.  

Our observation is that retirees who maintain a sense of purpose in their lives are the happiest. It is worth stating again that maintaining a sense of purpose is entirely unrelated to the amount of money you may happen to retire with.

Below are some observations that we have seen give our clients reason for happiness and fulfillment in retirement.

Pre-retirement, you probably had a structured daily routine. While your days don’t need to be rigid, having a set wake-up time and routine can help you feel more normality now that you aren’t going to work. Sticking to a routine and ticking things off a to-do list help you maintain a sense of purpose and the feeling that you’re actually getting something done, even if it’s meeting friends for coffee or mowing the lawn.

Pets can be a great addition to your retirement, especially with all of the mental and physical wellbeing benefits they can provide. As pets rely on you for every one of their needs, these daily activities can provide a sense of structure and purpose. If you live alone, pets can provide a great sense of companionship. Pets can also help provide the motivation to get outside and exercise. Even if you don’t have a dog to walk, playing with your cat indoors, picking up toys and dishes or cleaning a litter box can help keep you moving. 

One of the best ways to take care of yourself in retirement is by taking care of others. Studies show that seniors who incorporate volunteering in their life report more satisfaction with life and fewer symptoms of depression than those who don’t volunteer. This is likely related to the expanded social ties that volunteering provides or the sense of purpose a person can feel by committing to charitable causes. 

For those who want to give back, the possibilities and the needs are endless. Go to www.govolunteer.com.au to find opportunities near you, or just call your favourite charity and ask how you can help.

There are many different ways to spend your time. And fortunately, there’s no need to figure it all out right away. It will likely take some experimenting to help you find just the right balance of how you want to spend your time. It’s up to you to design the type of day—and kind of life—that you want to live.

The last word on happiness we leave to a quote by the renowned Austrian psychiatrist, Viktor Frankl 

“Don’t aim at success. The more you aim at it and make it a target, the more you are going to miss it. For success, like happiness, cannot be pursued; it must ensue, and it only does so as the unintended side effect of one’s personal dedication to a cause greater.” — Viktor Frankl