Thursday, February 2, 2017
An experienced financial advisor and a principal of Boca Raton, Florida-based First Financial Tax Group, Barry M. Kornfeld helps clients develop retirement income plans. In the course of doing so, Barry Kornfeld has come to understand that the transition into retirement can be challenging, particularly when it comes to making the adjustment from working daily to not working at all. The following tips are intended to facilitate that transition.
1. Create goals for your retirement so that you have something to work toward and can remain active. A report by the Institute of Economic Affairs has noted that the likelihood of clinical depression increases by 40 percent following retirement and that this is likely associated with the lack of purpose some may feel upon retiring.
2. Maintain your friendships to reduce the stress associated with the transition. Staying social can also stave off cognitive decline, as demonstrated in a study by the Rush Alzheimer’s Disease Center in Chicago, which found that socially active seniors experienced a 70 percent lower chance of decline. Other studies have found that being social results in a 30 percent decrease in symptoms related to depression.
3. Finally, understand that the transition will take time, so be patient and develop a plan. Be prepared for your feelings about your retirement to change regularly, often for several months after you have retired.