Retirement is a big life change that many look forward to – but should you navigate it? Check out our suggestions on how to craft a successful, satisfying transition.
According to the Office of National Statistics, the average age of retirement in the UK is 65 and the average life expectancy to be around 80 – 85 years, which is roughly as long as any other major life stages.
How do you plan to fill those almost two decades of possibility? One psychologist suggests focusing on 10 key areas to help round out the life you’re looking for.
Explore new career paths
Have you thought about branching out from your old career and pursuing a long-held passion, perhaps starting a business? Whilst the prospect of building something new may be daunting, consider the decades of experience, success, passion, and emotional intelligence you would bring to a new venture. Working may not seem appealing at first, but it can create a routine instead of dramatically going from 40 hours a week to none. You continue to earn income, stay atop of changes in your field and continue to see those you’ve worked with for years. The benefits of staying in touch with people you care about go beyond the emotional aspects of keeping yourself busy or entertained, according to research from the Yale Medical Group.
Get social
An active social life can lead to lower risks of heart problems and high blood pressure, fewer incidences of cancer, and deter osteoporosis and rheumatoid arthritis. Perhaps most importantly, it strengthens connections in your brain, lowering your risk for Alzheimer’s and mental health issues.
Focus on areas that enhance your existing relationships and make room for new ones. Establish weekly game nights with friends or Sunday dinners with family, for example. Studies show having friends and family for entertainment and support significantly enhances a retiree’s quality of life.
Exercise
Take a yoga or aerobics class. Swim. Even walking around your neighbourhood can create opportunities to introduce yourself to others. It’s crucial to keep your mental and physical health a priority. And don’t forget to relax! You’ve earned it! Take time for yourself when you need to and take those naps if you want.
Stay young at heart
Take up an old hobby or find a new one. Learn welding or Spanish, or you could try playing a new instrument. Perhaps even train for a triathlon now that you have time to do so. One financial expert suggests investing time into three to four “hobbies on steroids” will ignite your creative or productive passions.
The point is to plan and embark on a new adventure every week, even if that’s tutoring a student in maths or trying a new restaurant. Find something that keeps your brain firing and your heart happy.
Keep learning
A desire for lifelong improvement may prompt you to spend time exploring new ideas, languages, instruments, or hobbies. If you really want to dive in, consider trying established online learning programs for leaders who have already distinguished themselves during their careers.
Find a furry friend
Pets often become part of a family, greeting you when you return home, offering unconditional companionship, as well as giving us health and social benefits. Just be sure to carefully research the time, energy and costs that go into being a responsible pet parent.
Establish faith practices
Places of worship can connect you to others with similar values and lifestyles and may extend your life. Blue Zones researcher Dan Buettner and the National Geographic Society found that attending religious services was common among the centenarians they studied.
Explore
Why not invest in experiences and indulge your wanderlust while you have the energy and resources to do so? Consider joining a travel club geared toward like-minded adventurers, who may be in the same boat as you.
Feast
Spend time with great friends savouring a meal, relishing how good food and good company awakens the senses and increases your quality of life. Culinary experiences not only indulge the senses but also can create delicious memories with those you care about.
Be kind
Acts of kindness make everyone feel good. Contribute time, talent and money to support a cause close to your heart. Perhaps become a docent at your favourite art museum. You’ll likely meet fellow retirees and make a difference at the same time.
Sources: Yvette Guerrero, Ph.D., University of California, San Francisco, “Psychological and Emotional Aspects of Retirement: Planning for a Successful Transition”; Cardinal & Gray Society; T. Rowe Price; Forbes; The New York Times, “Thriving at Age 70 and Beyond”; Employee Benefit Research Institute; U.S. News & World Report, “How to be happier in retirement”; Hartford Funds/MIT’s AgeLab; money.usnews.com; marketwatch.com; verywellmind.com; madfientist.com; thinksaveretire.com; usatoday.com; investopedia.com, National life tables – life expectancy in the UK – Office for National Statistics (ons.gov.uk), Economic labour market status of individuals aged 50 and over, trends over time: September 2021 – GOV.UK (www.gov.uk)
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
 |
Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
|
Bear Market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
|
Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
 |
