You may have thought in detail about the financial side of your retirement and started building a fund to provide you with income to replace your salary once you stop working.
However, the transition from work to retirement is challenging, not only financially but also psychologically.
It is common to experience a loss of purpose when your time is all your own and you are no longer working full-time.
There are different ways to address this. One popular option is to consider volunteering.
Discover how volunteering can be an effective way to keep yourself busy and maintain a sense of purpose when you no longer have a full-time job to occupy your time.
Initially, your retirement may feel like an extended holiday
You are likely to fill the time in the immediate period after your retirement with a burst of activity.
You will want to make the most of not being governed by work commitments and may do many of the things you wanted to do while you were working but did not have the time.
For instance, you could enjoy longer holidays and start working through other items on your retirement bucket list.
That sense of being on an extended holiday may last some time, perhaps as long as a year. However, once that initial phase ends, you might find that reality kicks in and you have to start looking ahead to the rest of your retirement years.
At some stage, you will need to face up to a new set of challenges, filling your day and finding a sense of purpose.
It is important to appreciate what you will lose through no longer working
Work provides you with more than just regular income. Importantly, it creates a routine and gives you structure in your life, probably filling at least a third of your days.
It can also provide you with a ready-made social network of people you see on a day-to-day basis. In fact, you may well spend more time with them than your family for five days a week.
Perhaps more importantly, there is the psychological aspect of working, and appreciating that it helps define who you are.
Your job title, be it manager, company secretary, or sales director, gives you self-esteem and can help drive your outlook on life, and how others see you.
When you stop, you will no longer have automatic access to those non-financial benefits, and you will need to find a way of replicating or replacing them in your life as a retiree.
Volunteering is a popular way of keeping busy and active in retirement
There is no doubt that volunteering can help fill some of the gap in your life once you are no longer working, and many retirees see it as a great way to pass their time.
According to the Centre for Ageing Better, people in the 65 to 74 age bracket are more likely to volunteer than other age groups. They also report that the percentage of retirees volunteering has not recovered to the level it was pre-Covid, so you will be welcomed as a new volunteer.
The flexibility volunteering offers can be particularly useful. You can volunteer as much as you want to suit your lifestyle and availability.
You may not have to look too hard to find an organisation close to where you live that would appreciate and value your help. This can reduce your travel costs, ensure that you are supporting your local community, and help you meet people who live in the same area as you.
You may already have a local organisation, such as a church or sports group, that you are involved with and could devote more of your time to. With more time on your hands, you may even want to look to take on more responsibility rather than simply being a willing helper.
Furthermore, you may find that the skills you acquired at work prove invaluable and could be put to good use in the voluntary sector. For example, if you come from a financial background, you could help with the accounts or fundraising. Likewise, if you have marketing skills, these could be deployed in promoting the organisation and attracting other volunteers,
Of course, even if you are still working, there is nothing to stop you getting involved with a local group now if you have spare time. You could then increase your involvement once you eventually retire.
Volunteering can help replace a lot of what you miss through no longer working
As well as providing you with activity to help fill your time, volunteering will also give you access to a new social group to interact and spend time with, replacing what you may have lost through no longer working.
Crucially, it can also give you a sense of purpose and identity that can be important for your mental health and wellbeing in retirement.
You are likely to feel a sense of achievement through giving something back, especially if it is in the community where you live and spend time.
Get in touch
If you would like to talk to us about your retirement income plans, please get in touch.
You can email enquiries@dbl-am.com or call 01625 529 499 to speak to us today.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.