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• The most stressful life events for humans get more serious the older we get.
• Many people don’t have the same resources or help to deal with problems in retirement.
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Life doesn’t stop at retirement. Hopefully, there is plenty of life left to enjoy after you clock out on your last day, but life often comes with stress. Are you prepared for these major retirement stressors?

According to repeated studies, we know the top five events that cause the most stress in life. These are the death of a loved one, divorce, moving to a new home, major illness and injury, and finally job loss.

But, if Baby Boomers are like previous generations, they are not prepared for these events when they happen. But what can they do to mitigate the impact of these unavoidable events?

#1 Death of a Loved One

This is by far the most stressful life event, but if you’re already in retirement, it shouldn’t be the biggest surprise. Everyone is going to pass on eventually, and as health deteriorates and healthcare becomes more expensive and less accessible in America, death will grow ever more likely as you progress through retirement.

The best way to prepare for this eventuality is to be open about it and communicate your thoughts with your loved ones. This can be siblings, spouses, parents, and even (in unfortunate cases) children. The more you talk about your concerns, worries, and fears, the better you will be able to deal with the emotions that come with death.

If there are financial concerns with someone dying, you have several options you can consider depending on who is at risk. If you are worried about your own finances and what happens to them after you die, then a family trust is probably the best option. It is more secure than a normal will, and you can control who, when, how, and why your money gets divided between your beneficiaries. Also, a trust can become active if you are sick or incapacitated, whereas a will can only be used after you die.

#2 Divorce

Divorce, even in the best cases and when it is the healthiest choice, is never easy or stress-free. It can get even more complicated when you are in retirement when finances are tight and families are big and relationships are complicated.

Sometimes we don’t see a divorce coming, other times it is something we expect to happen. If divorce is something you think might be something in your future, it’s better to address it openly and sooner rather than later.  

Life is short (much shorter now that you’re in retirement) so don’t waste time being wishy-washy, or stuck in a relationship that is painful or harmful. If you’ve been married long enough, you should be able to address the issues facing your relationship and talk about divorce in an honest and healthy way. Doing this takes the sting out of a divorce and can help both of you better prepare for life afterward.

#3 Moving to a New Home

So, the kids are gone, your career is over, and now you want to move somewhere fun, sunny, and exciting? Good for you! But don’t underestimate the stress that comes with a move. It might have been a long time since the last time you moved, and we tend to forget many of the small things that can ruin our day during such a time. There’s a reason moving to a new home is on this list, after all.

Take your time and make detailed plans. Retirement can last a long time, so there’s no rush to move right away. Plans made in haste often cause more problems than they’re worth.

Also, don’t underestimate the emotional ties your children (if any) might have to their childhood home. We cannot stress enough how important it is to consider your family in your plans, no matter how entitled you might feel that it is your home and you can do whatever you want with it. The courtesy of asking your children what they think will save you a lot of stress.

#4 Major Illness and Injury

As we age, every illness that might have been a minor incident becomes more serious. Therefore, any plans you take to be prepared for an illness must be equally serious. Sickness can put a strain on your limited retirement finances and destroy your long-term plans.

Do you have any plans for when your spouse gets sick, if your children are hospitalized, or if your grandchildren need you to stay with them for a month while their parents are in the hospital?

You can begin by taking small steps. Who are your emergency contacts? Do you your family and neighbors know who they are or where to find this list? Have you checked what your insurance covers and updated your medical records? Do you need medication that people need to know about? Do you have a plan for how to get to the hospital quickly if you need to?

Again, now would be a great time to set up a family trust if you have substantial amounts of assets that you need to be handled if you get sick.

#5 Job Loss

In a best-case scenario, you won’t have to continue working through your retirement. In this case, losing access to your Social Security would be the equivalent of losing your job or income. However, there are also two other scenarios you might not be planning for that can come as quite a shock.

First, more and more people are being forced to work during their retirement. A combination of low wages throughout their life and higher costs of living prevented them from saving enough money to live on, so they had to work to make ends meet. A job loss in this situation can be devastating since retirement brings with it a few stipulations and hurdles that might make getting a new job harder. Do you have a plan for when this will happen? Do you have family or friends you’ve spoken to about your options? Don’t spend all your savings on vacations in your first year of retirement!

Second, after the novelty of retirement wears off, you’re going to need something to keep you occupied. This can be hobbies, volunteer work, or anything else. Nothing will kill you faster than boredom and resentment in your later years. You’d be surprised how quickly a big house on the beach can get very boring when you’re there by yourself with nothing to do. Make sure you have plans (and enough savings) to keep yourself occupied and your mind sharp. Get involved in your community or the lives of your family or pick up new artistic endeavors.

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