Work, earn, spend, save, and repeat. It’s a cycle that we all become familiar with from the time we’re young adults, or even sooner in some cases. If we’re lucky, we’re able to accumulate a large sum of money that sets us up for a life of relaxation when it comes time to break the cycle.

For many people, however, the switch from long commutes and workplace politics to endless leisure is anything but the long-awaited respite so many of us imagine retirement to be. Empty days aren’t filled with freedom and recreation but boredom and uncertainty, much of which stems from a fear of overspending.

Throughout our working lives, we made purchases knowing another paycheck was around the corner. In retirement, we don’t have that same safety net. We must learn how to live with the fact that we’re spending down our savings, a mindset which, for most of us, doesn’t come easily. Even individuals with a lifetime stream of passive income experience terror in the face of a growing portfolio but no guide on how to spend it.

These finance-related fears are often closely intertwined with other retirement challenges, such as the struggle to fill our free hours with meaningful activities that instill a sense of purpose. This means that overcoming any hesitancy to spend our hard-earned money involves more than just solid financial planning. It calls for a total shift in mindset.

Take the First Steps Towards Changing Your Retirement Mindset

ACKNOWLEDGE YOUR FEELINGS

Retirement is a huge life event, and there’s no right or wrong way to respond to such a significant change. No matter how you’re feeling, whether it be anxious or mournful about your working life, give yourself the space to sit with your emotions, and don’t try to bully yourself into feeling one way or another about your retirement. With a bit of time, you’ll see that any negative emotions will pass.

ADJUST YOUR ATTITUDE

Sometimes freeing yourself from the anxiety of spending your retirement assets requires a simple shift in perspective. Imagine your spending as a gain rather than a loss. After years of needing to sacrifice great experiences for a day in the office, you can finally get back those missed opportunities, whether they be luxurious vacations abroad or quality time spent with friends and family.

SET NEW GOALS

Switching to a life of leisure doesn’t mean giving up all of your motivation. It means pointing all of that drive in a new direction. On top of warding off the boredom that so many soon-to-be retirees fear, defining and striving for new goals forces you to rethink your sense of self and uncover who you truly are beyond your career title.

STRENGTHEN YOUR SOCIAL CONNECTIONS

Feeding your innate need for human connection is easy when you spend every day in a bustling office. Even individuals with more solitary job positions have likely made connections that are closely linked to their job. Once these social ties are cut short, the impact can be jarring. To bolster your coping skills, and improve your quality of life overall, make it a point to build social ties, whether that means keeping up with old coworkers, joining a support group, enrolling in a retirement transition program, or all of the above.

REMEMBER, RETIREMENT ISN’T ALL-OR-NOTHING

You deserve to enjoy the fruits of your decades of labor, but retirement isn’t and shouldn’t be a spending free-for-all. In other words, using your assets doesn’t have to mean jetting off on a grand vacation, for example. Sometimes it just means splurging a bit more on that piece of art you’ve been eyeing. Find the things that bring you joy, take it slow, try different things out, and eventually, you’ll get an idea of how you can live happily and comfortably within the retirement budget you’ve set for yourself.

CONSULT A FINANCIAL PLANNER

A professional opinion can go a long way in easing anxiety. Whether retirement is still a long-term goal or right around the corner, a financial advisor (ideally specializing in retirement planning) has the expertise to set you on the right path towards a guilt-free life of leisure.

Plus, your financial life doesn’t end once you’ve said goodbye to your full-time job. From estate planning to health insurance and everything in between, you still need to make critical financial decisions in retirement. A trusted advisor is there to offer the financial advice you need to make those choices wisely.

Everyone should be able to enjoy their retirement without fear or anxiety, and at Ironwood Wealth Management, we make that happen. No matter where you are on your path to retirement, our comprehensive financial planning services help you reach your financial goals so you can sit back, relax, and enjoy the retirement you deserve. Connect with us today to learn more.