For those who have saved a healthy nest egg, retirement is a dream destination, one where you have loads of free time and zero responsibility. Gone are the days of the 9-5 toil and traffic-riddled commutes. Once you retire, what you do with your day is completely up to you—you have the control. However, while breaking free from routines and having endless choices may sound great on the surface, it can be paralyzing if an investor approaches retirement without a plan.
Some research points to the existence of “retirement risk,” where retiring can boost the risk for heart disease and other medical conditions by 40%. Retirement was also ranked as one of life’s most stressful events. However, experts believe that the dangers of retirement can be mitigated by things like a strong sense of purpose and social connections. In other words: Making sure your finances are in order is just step 1 of preparing to retire, then it’s about making sure your goals and plans for retirement are aligned with your life purpose.