Are you emotionally ready to retire?

Retiring after a long, successful career is a rewarding feeling, but it can come with emotional difficulties. Read about how to retire happily in today’s world.

As you approach retirement, it is likely that you will be thinking hard about your financial goals. You may have spent your career diligently building up your pension pot so that, when you decide to stop work, you can live without financial worries and help your children in their own lives, too.

For some, when and how to retire is an easy decision. You might have made plans to move home, travel the world, take care of grandchildren, or volunteer with an organisation of your choice.

If you have planned out your retirement carefully, you may not feel concerned about the emotional effect it could have on you.

However, for some, the emotional impact of retirement can take them by surprise. Retirement is a wonderful reward for the hard work you have completed over your life, but this immense shift in your day-to-day lifestyle could be challenging at times.

Read on to find out how retirement can be an emotional change as well as a financial one.

Research shows many retirees experience mental health difficulties

According to UK insurer Aviva, millions of retirees experience anxiety and depression every year. This is not to say that you will experience these things in retirement, but indeed, a slower pace of life after stopping work can cause mental health problems for some people.

You will already be aware that work is not only a source of financial security, but a social one too. It is likely that the hustle and bustle of working life instils you with confidence, satisfies your need for social contact, and provides you with a sense of purpose on a day-to-day basis.

So, for some, saying goodbye to that aspect of their lives can be tough. In order to maintain a positive outlook and enjoy retirement, it could be constructive to:

  • Exercise for at least 20 minutes a day, either alone or with a group
  • Continue to eat healthily
  • Explore social opportunities in your local area, such as sports clubs, charity work, or the arts
  • Spend as much time as possible with close friends and family
  • Begin projects at home that have been left unattended for some time.

By staying on top of your routine when you retire, you could find that the emotional weight of leaving your place of work may be lifted slightly.

You could explore “flexi-retirement” to smoothen the emotional gear-change in later life

Consider a scenario in which you have spent your career building up your own business from scratch, or rising through the ranks in a company that means a lot to you. It is likely that work has formed a big part of your identity, and you may have missed important opportunities in order to dedicate yourself to your profession.

Now, you are selling your business, passing it down to the next generation, or saying goodbye to the role you have held for some years now. You feel ready to take this step, but you are nervous about filling your days and finding a purpose outside of working life.

Well, according to Professional Adviser, more and more retirees are meeting working life halfway as time goes on. This move is known as “flexi-retirement”, and takes a balanced approach to stopping work.

Indeed, the 2022 study found that 66% of today’s retirees are planning to remain in some form of employment, despite being “officially” retired. This figure has increased over the years, with 56% of 2021’s retirees saying the same, compared to only 34% in 2020.

If you have worked tirelessly throughout your career, flexi-retirement could help you remain emotionally stable when it’s time to slow down.

Working with a financial expert can bring immense peace of mind when you retire

One aspect of retirement that could add to its emotional intensity is financial worry. In today’s world, the cost of living crisis has created financial stress for many families, causing them to worry about whether they have enough to last the rest of their lives.

Indeed, even if you have built up a substantial pension pot over the years, you could be concerned about drawing a sustainable later-life income, as well as providing opportunities for the younger generations. Many of our clients are worried they won’t have “enough” to live the life they want.

Plus, recent pension allowance freezes could increase your tax liability in the years to come.

Fortunately, your Kellands financial planner can help. We can consider all your assets and income requirements to determine whether you have sufficient savings to maintain your desired lifestyle and, if not, what you can do to get there. This process can give you the confidence to take the next step, removing much of the worry that you’ll run out of money in later life.

Get in touch

Gaining financial peace of mind in later life could ease the transition into retirement easier. For unparalleled support across all aspects of retirement, email us at, or call 0161 929 8838.

Please note

This article is for information only. Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

Workplace pensions are regulated by The Pension Regulator.


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