Nov 17, 2024
Retirement can be a great stage of life for many seniors — but that isn’t the case for everyone.
A study published in the National Library of Medicine revealed that 28% of retirees admitted to feeling depressed, while others faced additional struggles during their so-called “golden years,” including financial issues.
Advertisement
Obviously, a lack of financial stability is one reason many retirees are having a hard time, with the National Council on Aging reporting that around 80% of older adults either have money troubles now or are at risk for financial instability in the future.
However, retirement can be full of hidden life lessons outside of finances — and they often don’t become an issue until you’ve actually left the workforce.
Social isolation
Roughly 50% of individuals over the age of 60 are likely to experience this issue. Further, one-third will experience loneliness even later in life, according to research published by BMC Public Health.
Social isolation can both decrease quality of life and impact one’s overall health. Many people build their social lives around work or family activities, but once they enter the retirement years and their kids have moved out, they're left without the social circles they've come to depend on.
According to a study from the National Library of Medicine, retirees are more likely to experience depression compared to older Americans still in the workforce.
To combat social isolation, find (or rediscover) a passion project. Your golden years are the perfect time to take on fun and engaging challenges.
If you find you miss workplace camaraderie, connect with old and new friends that can provide comfort and help restore a sense of purpose. Volunteering, taking part in extracurricular activities — yoga classes, book clubs, walking groups — or moving to a retirement community could be good options for seniors who want to maintain an active social life.
Must Read
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Robert Kiyosaki begs investors not to miss this ‘explosion’ — says this 1 asset will surge 400% in a year
- Vanguard reveals what could be coming for U.S. stocks, and it’s raising alarm bells for retirees. Here’s why and how to protect yourself
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Health problems
According to the National Council on Aging data, close to 95% of older adults have at least one chronic condition, while 80% have at least two.
Both chronic and acute health problems can impact your quality of life in retirement. Not only do medical problems make travel and extracurriculars difficult, but they can also result in pain and discomfort that can directly impact day-to-day happiness.
Advertisement
Seniors can, and should, get high-quality preventative care, abandon bad habits, and adopt a healthy diet with at least 30 minutes of gentle-to-moderate exercise per day.
Shop around for the best health insurance coverage you can find. Medicare will not cover everything a person needs, with research from Fidelity revealing that the average 65-year-old person may require as much as $165,000 in after-tax savings to cover medical care expenses they'll personally owe during retirement.
Not being able to afford care creates additional financial stress, so seniors should research Medicare Supplement Insurance (Medigap) and Medicare Advantage plans to get the proper protections.
It's also good to save for unexpected medical expenses so these costs don't eat into your nest egg and leave you broke.
Lack of purpose
Many retirees are surprised to feel a lack of purpose without a job. For some, going back to work — either part-time or via a side hustle — may be their best bet, but finding employment when you're older can present challenges.
Seniors who want to keep working in some capacity can tap into their old connections, using social networks to find people to hire them, or even volunteer in order to get their foot in the door.
If you’re content being removed from the workforce, but are still finding yourself a little aimless, start small by considering new habits and rituals you can easily create around the home.
It may help to visualize what the average week might look like for you, including daily morning walks or weekend hikes. Consider some routines that will get you out of the house: signing up for weekly yoga classes, joining a book club, or offering your services as a neighborhood dog-walker.
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- This 20-year-old lotto winner refused $1M in cash and chose $1,000/week for life. Now she’s getting slammed for it. Which option would you pick?
- Warren Buffett used these 8 repeatable money rules to turn $9,800 into a $150B fortune. Start using them today to get rich (and stay rich)
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
Christy Bieber has 15 years of experience as a personal finance and legal writer. She has written for many publications including Forbes, Kilplinger, CNN, WSJ, Credit Karma, Insurify and more.
