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Understanding the Emotional Impact of Retirement

This new chapter of life can feel uncomfortable if you haven’t taken the time to emotionally prepare.

By Kathy Longo, CFP®, CAP®, CDFA
Monday, 26 April 2021

Understanding the Emotional Impact of Retirement

There is a significant connection between retirement and emotions, and many retirees are unprepared for it. This is why I often work with clients who struggle with the discomfort of being newly retired. This struggle occurs for those who haven’t given enough thought to what their life might look like when they leave their career. The challenges might be associated with identity, relationships, finding new ways to fill time, or maintaining frequent social interaction.

It’s also common for “money emotions” to impact new retirees. There’s the excitement of closing one of life’s chapters and starting another, and of spending more time doing things you enjoy. However, there is also sadness in closing a chapter of your life, especially if you enjoyed your career. There’s the fear of “turning off” your paychecks, and of unexpected illness or expenses that could cause you to run out of money. There are also feelings of great responsibility for filling an unknown amount of time with a finite amount of resources, as you hope you’ve planned well enough for the retirement you want to have.

Below, we’ll discuss how asking yourself tough questions before you retire is the best way to prepare for the emotional challenges many new retirees face.

Considerations for Your Retirement Timeline

Use These Tips to Consider When it May Be Appropriate for You to Retire

By Kathy Longo, CFP®, CAP®, CDFA
Monday, 14 December 2020

Considerations for Your Retirement Timeline

The following article is based on the content covered in my book, Flourish Financially: Values, Transitions, and Big Conversations. If you’d like to read more, you may purchase a copy here.

Retirement is an exciting topic, but it can also be fraught with uncertainty, given the fact that many people will face a long retirement period of thirty years or more. When is the right moment to retire? What is the best retirement timeline for you? Unfortunately, there are no simple answers to these questions.

While many factors need to come together to make a cohesive and sustainable long-term plan, the biggest concern most people face is the fear of making financial decisions based on emotion. Here are some tips for decreasing retirement anxiety and increasing clarity on the road to sound retirement planning, including answering that very important question of “when.”

How To Retire When You're a CEO

Tips for Transitioning Out of a High-Powered Leadership Role and Into the Next Phase
By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 29 January 2020

How To Retire When You're a CEO

Retirement can be a difficult transition for anyone, but it can pose an even greater challenge for those leaving high-powered leadership roles. Since their positions are so incredibly demanding, CEOs often don’t have the time or focus to plan their next move. Also, since the average age of retirement for a CEO is just 62, that leaves quite a few years to plan for. CEOs also frequently define themselves by their work, which can make retirement feel like a loss rather than a milestone to celebrate.

Ask Your Spouse These Nine Questions Before You Retire

Planning Together Ensures You’ll Understand One Another’s Expectations
By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 15 January 2020

Ask Your Spouse These Nine Questions Before You Retire

Nearing retirement is an exciting time. It’s a culmination of your many years of hard work and smart financial decision-making, and many people find it to be an incredibly meaningful and rewarding phase of life. You likely have a host of retirement dreams – everything from where you’ll live to how you’ll spend your days and with whom – but do you know if your spouse has different expectations?

Optimism is Lucrative

A New Study Shows that it Pays – Literally – to Practice Positivity
By Kathy Longo, CFP®, CAP®, CDFA
Thursday, 26 December 2019

Optimism is Lucrative

For years, psychologists have lauded the power of optimism in truly improving our lives. Unfortunately, positive thinking has developed a bit of a bad reputation, with many equating it with ignoring reality or wearing rose-colored glasses. Positive thinking means acknowledging reality while still expecting good things – and more than that, knowing that behavior matters in the face of challenges. Now, a new study is quantifying how optimism can be an important factor in your financial well-being, too.

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