Managing mental stress after retirement
Retirement is a good thing only if you know how to handle it and have a concrete plan post-retirement. Some people are finding it very hard to accept retirement. They might get a very good compensation during their retirement but as a person, they are highly stressed out and they find it hard to accept this mentally. People make bad decisions and bad investments after retirement. This is also something that I'm going to be talking about in this article.
In the last few years, I have been seeing some retired people and want to get some ideas and inspiration from them. The first inspiration for me came from one of my relatives who retired at the age of 40. He studied at IIT and worked as a general manager in HCL. I had a very nice conversation with him after his retirement. It has been several years already after his retirement and after seeing him I decided that I shouldn't be working either after my 40 years. But somehow I wanted to retire even earlier than that which is very challenging.
As Warren Buffet used to say, "If you don't make money while sleeping, you will work until you die." This shouldn't be the situation for me. Only recently I learned that money is very important in life and having a good backup is essential during tough times. I experienced this when my father was admitted to hospital and I had to be dependent on someone else to spend money for his treatment and bring him back home in good shape.
Wrong investments after retirement
Many people earn a lot of money during their service and they earn a decent amount of money as a settlement after they are done with their job. The problem comes when they don't know where to invest the settlement money. I know a few people who lost their hard-earned money in some of the bad investments and stock markets without knowing the risks. Of course, they did not lose all their hard-earned money but they lost a considerable amount of money and that again creates a lot of stress on them.
Most of the retired people invest in the stock market but they know what type of risk they should be taking and the amount of money they invest on these things is also mostly calculated. But there are times when people get addicted and they spend a lot of their hard-earned money. They won't stop until they are fully bankrupt. I have even seen a few people who need to get back to work after their retirement because they lost a lot of money after their retirement. These are all unwanted mental stress that should be avoided and it is a learning for the younger generation.
So tempting to spend after retirement
There are some categories of people who cannot sit idle after retirement. They would like to spend the pension money in one way or the other. I have a relative who is getting a decent Pension amount after retirement and apart from that he is getting rental income from some of his properties. The problem for him is that he cannot sit idle and he always wants to spend his money on unnecessary things and tell everyone that he does not have enough money or tell people that cash is not staying in his hand and all are spent.
He renovated his house multiple times for which he keeps taking some loans and spends his money every month to close off the loan. Sometimes we might as well think that the renovations are unnecessary. The problem with renovating an existing house is that we would have spent a lot of money on the house but when it is time, we will not have the mind to demolish the house and reconstruct it again. This creates a lot of stress and people find it very hard to manage this stress after retirement. Just because they are spending a lot of money little by little, they don't want to demolish the entire house and build a new one.
Spending on the house is just one example but some so many people spend the money on traveling across the world which is definitely a good thing but there are a few unnecessary or meaningless spending too. All these things can also be because of too much desire or temptation. Some people lose their hard-earned money to gambling. Even if gambling is their area of interest, it is good to allocate only some amount of money for that and make sure their major portion of funds is not disturbed. These are all a lesson for me and I would like to make it better when it comes to my retirement. This way I can be a little free from mental stress post-retirement.
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