retirement bergen county nj

Retirement: The Pros and Cons of Early Retirement

GalleryJudy Gurfein Leave a comment

Retirement: The Pros and Cons of Early Retirement

By Emily Ferrer

Retirement is thought to be one of the most admirable events that happen in one’s life. However, there is also a darker side to retirement that many people do not know about when making the big decision to take their 401K savings investment and leave their jobs. Retirement, although seemingly glamorous and freeing, can also be extremely lonely, unfulfilling, and cause major financial issues. The average age of retirement in the U.S. is 63 years[1] and the average lifespan of a person in the U.S. is 79.1 years[2].  This means that many people, on average, have 16 more years after retirement to accomplish everything they have always wanted to do. While 16 years may not seem like a very long time to some people, it can feel extremely long to many retired individuals who only make $1,620 a month through social security, become empty nesters in their homes, or have lost their spouse or friends to old age and illness. Therefore, it is important to be aware of the pros and cons before retiring from your job.

Pros:

  • May improve physical health by having more time to exercise, get outside, and eat healthier[3]
  • More time to travel
  • More time to pursue passions
  • More time for friend and family relationships

Cons:

  • May lead to decline in mental health (e.g. depression, suicidal ideation, anxiety, panic)
  • May lead to feelings of loneliness and boredom
  • Feelings of loss of purpose in life
  • Lack of daily structure
  • Social Security benefits will be smaller if retiring earlier than your “full retirement age”[4]
  • Losing employer-sponsored health benefits
  • Outliving your savings

It is important to be aware of the issues that retiring early may cause. After retirement, it is vital to keep an active life style, both mentally and physically. This includes keeping up with preventive care, exercising regularly, eating and drinking healthily, staying social with friends and family, and finding a new purpose in life[5]. However, if you are struggling mentally due to early retirement, it is vital to seek professional treatment to avoid any more serious symptoms.

If you or someone you know is struggling with retirement and/or depression, please contact our psychotherapy offices in New York or New Jersey to talk to one of our licensed professional psychologists, psychiatrists, psychiatric nurse practitioners, or psychotherapists at Arista Counseling & Psychotherapy. Contact our Paramus, NJ or Manhattan, NY offices respectively at (201) 368-3700 or (212) 722-1920 to set up an appointment. For more information, please visit https://www.counselingpsychotherapynjny.com

[1] https://www.forbes.com/advisor/retirement/average-retirement-age/#:~:text=While%20the%20average%20U.S.%20retirement,retirement%20benefit%20is%20roughly%20%241%2C620.

[2] https://www.cdc.gov/nchs/data/vsrr/vsrr023.pdf

[3] https://www.investopedia.com/articles/personal-finance/073114/pros-and-mostly-cons-early-retirement.asp#:~:text=Pros%20of%20retiring%20early%20include,depressing%20effect%20on%20mental%20health.

[4] https://www.investopedia.com/articles/personal-finance/073114/pros-and-mostly-cons-early-retirement.asp#:~:text=Pros%20of%20retiring%20early%20include,depressing%20effect%20on%20mental%20health.

[5] https://www.bankerslife.com/insights/healthy-aging/9-healthy-habits-for-healthy-retirement/

Depression and Anxiety Post Retirement

GalleryJudy Gurfein Leave a comment

By: Ashley Marron

While many people look forward to retirement and its freedom, it can also trigger anxiety, stress, and depression. In fact, the chance of a person facing clinical depression increases by 40% after retirement. People tend to give lots of thought when planning their retirement; whether it’s traveling the world, pursuing new hobbies, or spending more time with family and friends. However, they often overlook the psychological impact of retiring from work. While many new retirees find retiring to be a great relief from escaping the daily grind, they also find that after several months they may miss the sense of identity, meaning, and purpose that came with their job. They lose the structure that their job gave their days, as well as the social-aspect of having co-workers. Retirees may now feel bored and isolated, rather than free, relaxed and fulfilled. They may even grieve the loss of their old life, and feel stressed or worried about how they will now spend the future.

Retiring is a major life change, and it can seriously take a toll on one’s mental health. Seeking help from a professional can help provide coping mechanisms with these challenges of retirement. Therapy can also help in the treatment of depression and anxiety. There are certainly healthy ways to adjust to this new chapter in your life, and it should be an exciting time, not a negative experience. Therapy can help to ensure that your retirement is both rewarding and happy.

If you or someone you know is seeking therapy for depression or anxiety, please contact our psychotherapy offices in New York or New Jersey to talk to one of our licensed professional psychologists, psychiatrists, psychiatric nurse practitioners, or psychotherapists at Arista Counseling & Psychotherapy. Contact our Paramus, NJ or Manhattan, NY offices respectively, at (201) 368-3700 or (212) 722-1920 to set up an appointment. For more information, please visit http://www.counselingpsychotherapynjny.com/          

Sources

https://www.msn.com/en-us/health/wellness/post-retirement-depression-recognizing-the-signs/ss-BB1fWAss

Adjusting to Retirement: Handling Depression, Stress, and Anxiety

Image Source

https://www.msn.com/en-us/health/wellness/post-retirement-depression-recognizing-the-signs/ss-BB1fWAss