Adjusting to Retirement: 8 Helpful Tips

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adjusting to retirement
Many Retirees Find This New Phase of Life More Challenging Than They Bargained For

Many new retirees are shocked to find that, though they have dreamed for decades about how they would enjoy their golden years, adjusting to retirement is actually quite difficult at first. On the surface, it would seem like leaving the stress and busyness of work behind and embracing a daily schedule of leisure would be ideal, but many retirees find it hard to navigate this “new normal.” That’s because retirement can often mean a loss of identity, and most people don’t prepare for this psychological challenge. Whether you identified as a lawyer, banker, chef, teacher, or small business owner, it’s easy to begin to question who you are now that you’ve retired.

Other issues can trip up new retirees, as well. While you may have more time for hobbies and the people you love, you may also have less money and feel less purpose in life. This can lead to anxiety and depression and, in fact, a study in the Journal of Population Aging recently found that retirees are twice as likely as working people to suffer from these mental health issues.

So, what is a new retiree to do? Below we’ll discuss eight helpful tips for adjusting to retirement that will help you navigate the challenges you may not have been expecting.

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How to Keep Your Relationship Healthy in Retirement

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Six Tips for Keeping the Spark Alive During this Chapter of Life

When you and your partner have spent your whole lives working, it’s natural for retirement to change the dynamic of your relationship. Just as with the financial aspects of your retirement, it’s important to plan ahead to keep your relationship healthy in this phase of life, too. You might have a fantastic financial advisor and all the money in the world, but if you haven’t taken into consideration how retirement will impact your relationship – and vice versa – then you’re missing a crucial part of retirement planning.

Below we’ll share six retirement and relationship tips to help you fully enjoy this phase of life with your spouse or partner and thrive together in your dream retirement.

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Five Financial Tips for Your Second Marriage

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financial tips for your second marriage
The financial stakes can be higher for a second marriage, so you’ll want to be prepared.

It’s no secret that about half of first marriages end in divorce, meaning many people will get married more than once during their lifetimes. If you find yourself getting ready for your second marriage, congratulations! Getting remarried offers a fresh start, a new opportunity to learn from the past, and time to build a life with someone new.

Before you walk down the aisle for the second time, however, there are several important financial steps you should take with your partner. Communication is always important in a relationship, but in some ways, it’s even more important in a second marriage because you will both be bringing more complexity and baggage with you – some of it financial.

Below are five steps you should consider before saying “I Do” for the second time.

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Average Retirement Debt for Older Americans is Higher than Ever Before

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What to Do if You Fear Your Debt Will Get in the Way of Your Retirement Plans

When it comes to retirement, the most common worry among workers tends to be whether they’re saving enough. However, with new reports showing that the average retirement debt is on the rise, many workers nearing retirement have an added concern to consider. According to the Federal Reserve Bank, Baby Boomers are carrying more debt into retirement than ever before.

Debt is often a serious source of contention and stress and carrying debt into retirement could be quite detrimental to achieving retirement dreams and goals. It can affect a retiree’s ability to pay necessary living expenses, keep their home, and even influence whether or not they can afford independent- or assisted-living facilities, should their health prevent them from living alone.

If you’re concerned about bringing debt with you into retirement, here’s how to tackle it ahead of time so that your retirement dreams can become your retirement reality.

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Family and Finances: Tips for Discussing Money and Retirement with Your Loved Ones

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family and finances
Facing Money Topics Head-On is Key to Accomplishing Your Family’s Financial Goals

Though it may seem that family and finances are two words that don’t belong together, it’s important to make sure that you’re occasionally combining the topics despite how awkward it may feel. Talking about money can be incredibly difficult, but it’s equally important to make sure you and your loved ones are on the same page. Having conversations about money and retirement matters because, like it or not, your finances and current or future retirement plans will impact your children, too.

Furthermore, discussing money can ultimately end up strengthening everyone’s finances – and your relationships. Below you’ll find tips to help inspire you to begin having those hard conversations.

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Your Financial Planning Checklist for the New Year

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How to Use an Annual Financial Plan to Stay on Top of Your Goals

A common error in financial planning is to assume that you can do it once and be finished. In truth, though, even a well-conceived plan built with the help of a financial advisor should be reviewed annually. This allows you to stay on top of what you have and have not accomplished so that you can ensure you’ve covered all the bases on both your short-term and long-term goals.

Creating an annual financial planning checklist is a useful way to track your progress, as well as to ensure you remain vigilant about making adjustments if your circumstances or your goals should change.

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Ways to Reduce Your Household Expenses

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Eight Tips for Cutting Your Monthly Spending

Everyday household expenses can quickly add up and, if you’re not paying attention, they can end up consuming a large portion of your income. When this happens, saving enough for financial goals like buying a house, paying for a college education, or saving for retirement can become difficult. Below are eight ways you can reduce your monthly household expenses.

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Coronavirus: What the Viral Epidemic Means for Investors

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Volatile Markets and the Ongoing Spread of the Virus are Causing Economic Uncertainty

Last week saw the worst week on Wall Street since 2008, as the Dow fell into correction likely due to the outbreak and spread of COVID-19, commonly called novel coronavirus. A market correction is a nerve-wracking event for investors, but the current uneasiness in the markets is no cause for panic.

Market Impact

While the spread of COVID-19 is atypical, market correction is not. In fact, it’s an entirely normal process, and not altogether unexpected after experiencing the longest-running bull market on record. There have been 22 market corrections since 1974, and they are aptly named because the market usually “corrects” itself and returns prices to their longer-term trends. While the coronavirus is likely to cause economic impact into at least the second quarter of 2020, historically, Wall Street’s reaction to these types of epidemics has been short-lived, including in the recent past.

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Four Reasons to Think Twice Before Buying a Vacation Home

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When you spend most of your year toiling away at work, it’s natural to want to make the most of your vacation time. For many Americans, this means dreaming of the opportunity to own a vacation home where they can relax and recharge, while possibly earning rental income, too.

Before you pull the trigger on your own vacation home, however, you may want to think twice. While it certainly offers the opportunity for enjoyment and making meaningful memories, vacation homes also come with a few drawbacks.

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5 Essential Items to Pack on Your Next Trip

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essential items to pack

If you’re traveling this summer, or plan to travel often in retirement, there are certain staples you can bring wherever you go. When packing for a trip, everyone immediately thinks of underwear and a toothbrush, but there are other essentials that don’t come to mind as easily. And besides, you can buy a new toothbrush or extra pair of underwear pretty much anywhere in the world. Here are 5 essential items to pack on your next trip.

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2019(1), 2020(2), 2021(3), 2022(4), 2023 (5) and 2024 (6) Five Star Professional Wealth Manager Award - Dan Ahmad and Jim Files have been nominated for and have won the 2019, 2020, 2021, 2022, 2023 and 2024 Five Star Wealth Manager Awards. Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. Once awarded, wealth managers may purchase additional profile ad space or promotional products. Award does not evaluate quality of services provided to clients. The Five Star award is not indicative of the wealth manager’s future performance. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by Five Star Professional or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by Five Star Professional in the future. Award winners represent an exclusive group of wealth managers who have demonstrated excellence in their field by satisfying 10 objective selection criteria. For additional information on the Five Star award, including a complete list of the 10 objective selection criteria and their research/selection methodology, go to https://fivestarprofessional.com.

Investment advisory services are offered through Fiduciary Solutions, LLC, a California Registered Investment Advisor. Insurance products and services are offered through PFFG Insurance Agency LLC, a licensed insurance agency (CA Insurance License #0N14013). Peak Financial Freedom Group LLC is a financial planning and umbrella marketing organization, which enables the provision of multiple financial services under one brand. Peak Financial Freedom Group LLC, PFFG Insurance Agency LLC, and Fiduciary Solutions LLC are affiliated entities with common ownership and control. Jim Files is licensed as an investment adviser representative with Fiduciary Solutions LLC (CRD # 1620449) and is a licensed insurance producer with PFFG Insurance Agency LLC (CA Insurance License #0F06511). Dan Ahmad is licensed as an investment adviser representative with Fiduciary Solutions LLC (CRD # 1491561) and is a licensed insurance producer with PFFG Insurance Agency LLC (CA Insurance License #0732913).

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