Retirement doesn’t just affect your wallet; it also has a big impact on your well-being. Still, only about 1 in 10 Americans are equipped for this transition. In a recent survey of financial planners, only 11% said their clients were prepared for the mental ramifications of retirement.
Although building a nest egg by saving and investing is an important part of preparing for retirement, experts say it’s not the only thing you need to do before you clock out for the final time.
The way we tend to think about retirement isn’t wrong, but it is often incomplete, says Ashley Agnew, senior wealth advisor and director of financial wellness at Centerpoint Advisors in Needham, Mass. “We envision more relaxed days, but often fail to imagine how we will describe ourselves,” she says. As a result, many people feel like they have lost a sense of identity and purpose after retirement.
