Overcoming Retirement Fears and Anxieties Among Filipinos
When we hear the word “retirement,” we often think of it as the distant future; a bridge we’ll cross when we get there. This is especially true for younger generations who might prioritize short-term spending over saving. But as we grow older and get closer to our ideal retirement age, the more daunting retirement becomes. The reality is that a significant number of Filipinos are unprepared for this critical life stage, which leads to emotional and financial concerns.
The good news? It’s never too late to start planning for your retirement. Let’s explore how to overcome retirement fears and anxieties, and ensure financial security even at old age.
What is Retirement Anxiety?
Retirement is a milestone that most people look forward to. After all, being retired means you no longer need to go to work. You finally have the time and freedom to do whatever your heart desires, whether that’s traveling the world or pursuing your hobbies. It almost feels like a permanent holiday. However, many new retirees find that the novelty of retirement starts wearing off after a few months. Some may feel relaxed and fulfilled at first, but these positive feelings soon turn into stress and depression. They might find themselves asking the question, “what are retirement fears and anxieties, and how do I overcome them?”
At its core, retirement anxiety is an emotion of concern or worry experienced by people who are yet to retire. It’s the general unease and stress of being unprepared for this major life transition. Examples include financial insecurity, health issues and their associated costs, loss of purpose, new family dynamics, and lifestyle changes.
Tips for Coping with the Fears and Anxieties of Retirement
Taking proactive steps today can turn the prospect of retirement into an opportunity for self-fulfillment later in life. Here are some ways you can cope with the fears and anxieties of retirement:
1. Embrace Change and Build Resilience
Although change is inevitable, coping with it is easier said than done. You get married and have kids, then those kids grow old enough to leave home and build families of their own. The years go by in a breeze and soon enough, retirement is right around the corner. It’s natural to respond to these changes with conflicting emotions. You can be optimistic about retirement and miss your old life at the same time.
The key to overcoming retirement fears and anxieties is to accept that these changes do happen. What matters is that we handle these changes with grace and redirect our energy to things we can control. For example, think of retirement as a journey rather than a destination. Focus on what you’re gaining, instead of what you’re losing. By shifting your perspective, you build the resilience needed to adapt to whatever changes come your way.
2. Start Planning as Soon as Possible
One of the most effective ways to relieve retirement anxieties is through early planning. Most Filipinos are generally aspirational in how they view retirement, but most are not actively preparing for it. It’s never too late to start planning for retirement, but the earlier you do, the better. This allows your savings to grow overtime and take advantage of compound interest.
3. Seek Professional Financial Advice
Getting financial advice from a professional ensures that you’re making informed decisions on your retirement. A financial advisor can help you better understand your income, expenses, and savings. They can also help you find various financial products, such as annuities and investment options, depending on your goals and circumstances. For example, you can start pouring funds into an insurance plan in the Philippines.
4. Find New Purpose and Meaning
For many of us, our jobs make us feel productive and driven. Having a purpose also keeps your brain active and your immune system healthy. After retirement, your daily routine drastically changes. It may seem like life has stopped too abruptly. It’s important to look for a new purpose and meaning to combat boredom and feelings of inadequacy. Here are some suggestions:
- Work in some capacity: If you’re not ready to embrace full-time retirement, try reducing your work hours in your existing job, switch to a part-time job, or work for yourself to some extent. This helps you gradually transition into retirement instead of jumping right in.
- Nurture hobbies and interests: Find or continue activities that bring you joy and enrich your life. Do you want to travel or get into arts and crafts? During retirement, you have all the time in the world to revisit old interests or discover new ones.
- Get a pet: If you have an affinity for animals, caring for a pet can help you regain a sense of purpose. Pets also provide companionship as you age.
5. Prioritize Saving Over Immediate Gratification
The unpredictable nature of the economy emphasizes the importance of saving for retirement. Filipinos often prioritize short-term spending over long-term saving due to a variety of reasons, including a lack of financial knowledge, financial responsibilities, and insufficient income. Break this cycle by finding extra sources of income and making retirement savings non-negotiable. Automating contributions to a retirement fund ensures you stay consistent. Remember the bigger picture so you can stay on track.
Retire Without Worries
While it’s normal to worry about retirement, there are steps you can take to handle these fears. With careful planning, a positive mindset, and the right financial tools, you can face your older years with confidence. Let InLife be your partner in securing an enjoyable and financially secure retirement. Our product, Retire Assure, gives you peace of mind by offering a structured savings plan. Watch your monthly income grow over the years from additional cash dividends.
At InLife, kami ang bahala sa inyo!
Contact us to learn more about our retirement insurance plans.
