Problems won't disappear in retirement
The notion that retirement is stress-free is greatly exaggerated. Hebeler knows this all too well, saying, "Whether it's your daughter getting a divorce, a parent running out of money or time to prepare for another surgery, the list of challenges you face can seem bigger than ever."
The need to provide financial support to an adult child, aging parent or to cover a medical condition is well understood, but the emotional side of these issues can take an unexpected toll on new retirees. With extra time and fewer distractions to divert their attention, retirees can be consumed by the drama surrounding these events instead of living out their lifelong desires.
"It's important to have balance, and a plan for what you're going to do every day," says Moriarty. "If you don't fill time with hobbies and other things you like to do, the negative stuff can overwhelm you."
New retirees who wish someone had warned them about the hard lessons that lie ahead must face the unexpected head-on. Knowing in advance how to plan and pay for unexpected expenses as well as how to spend their time can help them make a more successful transition.