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Retirement Advice

Manage Pre-Retirement Stress With These 5 Steps

Manage Pre-Retirement Stress With These 5 Steps

Is the thought of retiring keeping you up at night? Ironic, isn’t it? The idea of retirement is supposed to make you feel excited and happy. Unfortunately, for some people, the thought of winding down, not having a stable income, and having lots of free time (maybe too much) can be scary. It may seem crazy that anyone would be dreading retirement, but in reality, it’s the fear of the unknown that makes people uneasy. If you are feeling anxious and nervous, here are five ways to manage your pre-retirement stress so that you can relax and look forward to all that’s yet to come.

Make a Plan

You can save yourself a lot of anxiety by making a wealth plan for your retirement. Talk to a financial advisor to help you determine where you stand financially today, and what you need to do to be secure come retirement.

Be Open to Change

Many people worry that they’ll go stir crazy throughout their retirement. But in reality, you can create any lifestyle that you wish. You could snowbird to a different tropical place each year, move to an entirely new province, or travel spontaneously whenever you wish. If you’re open to change and understand that you’re in control of your own destiny, you’ll feel a lot better for what’s to come.

Get Rid of Debt Now

Having debt as you enter retirement can put a serious dent into your savings. It could force you to move when you don’t want to, or prevent you from doing the things you’ve dreamt of doing once you’re retired. So make a pledge to start getting rid of your debt now so you can enjoy retirement to the fullest.

Downsize Early

If you have a huge home with years-worth of belongings stored away, there’s no better time to downsize than now. Just remember, the older you get, the harder it becomes to do any heavy lifting. Now’s also a good time to start selling off any assets for the money you would like to use in retirement, like that second home or fancy sports car. The money you make from it now can be put towards maxing out your RRSP contributions or investing to give your savings an extra boost before you retire fully.

Start Engaging in Healthy Habits

An excellent way to combat stress is through exercise and healthy eating. Not only will it help you better manage all your pent-up stress and anxiety, but it can also help you think more clearly. Plus, the sooner you start taking care of yourself, the less likely you’ll have health problems and expensive medical bills to deal with when you retire.

Purchase Life Insurance

To live a happy life in retirement, you need to be prepared for everything. Life Insurance helps you do that. With a good policy in place, you can get the coverage needed to provide for your family so that they can continue to meet their income needs, pay back debts, pay off estate tax, and cover other expenses once you’re gone. Life Insurance can also be used strategically as part of your retirement plan to achieve bond-like returns in your investment portfolio, and to obtain tax-deferred growth. Adding life insurance now will allow you to take advantage of all the benefits even years before you ever need it and provide some security in place for when you retire.

When you’re ready to look at life insurance options, contact us at Rowat Insurance.

Rowat Insurance

Insuring Ontario and Quebec since 1955. Trust Rowat Insurance Brokers to look after your home, auto, business and life insurance needs. We always guarantee fast, friendly service and highly competitive premiums. As brokers, we are entirely independent from Insurers and Financial Institutions; we will work with you to analyze and advise on risk, and customize the coverage that is right for you.