Tips if you’re struggling with the transition into retirement
Question: Jake in Ripley: My dad seems to be struggling with his recent transition into retirement. He just doesn’t seem happy. Any suggestions for how to help him?
A: We’ve definitely seen this happen before. And it’s not surprising. After all, for most people, their identity is tied to their job. (Think about it: The first question you ask when you meet someone new is, “What do you do?”) It can be mentally challenging to adjust to a new stage in life that doesn’t revolve around work. On top of that, retirement has a way of shaking a 40-year routine to its core: one day you get up at 6 a.m. to head to the office, the next day you don’t.
One small way to help your father is to make sure he has a new daily routine. If he’s drifting from day-to-day without much of an agenda, it could be making him unhappy. This could be as simple as determining a set time to wake-up, a set time to eat breakfast, a set time to read the news, etc.
How’s your dad’s social circle? If he’s the first of his friends to retire, he might feel isolated or as though he doesn’t ‘fit in’ anymore. Plus, while he’s hanging around the house during the day, his buddies are at work. If he has a few acquaintances who also happen to be retired, can he create deeper friendships with them? On the other hand, if his close friends are also retired, he should lean on their experiences to help him through what he’s feeling.
Bigger picture, it sounds like your father may need help finding a new sense of purpose. Does he have a hobby he enjoys? Maybe a charitable cause that’s near and dear to his heart? Does he want to learn a new skill? What about traveling? He needs to have something in his life that motivates him day in and day out. It could even make sense for him to start working part-time in some capacity.
The Allworth Advice is that change is uncomfortable for most people. Retirement is no exception. The key to a successful transition lies in having a strong sense of self, along with well-defined goals.
Q: Karen from Butler County: Do my husband and I have a joint credit score?
A: We understand how it could be easy to assume this, given married couples can have joint checking accounts and the option to file their taxes together. But a ‘joint credit score’ does not exist. You each have your own individual credit report and credit score (though any joint accounts will impact you individually).
However, even though you both have separate credit scores doesn’t mean those scores are independent of each other. If the two of you will be applying for a loan together, lenders typically will check both scores – so if one of you has a stellar score and the other doesn’t, that poorer score can impact the interest rate you receive. If this happens to be your situation, work to improve that lower score before applying for any loans together.
Here’s The Allworth Advice: While both people in a marriage share a lot of things, a credit score is not one of them. Therefore, it’s critical that you still take the time and effort to check, nurture, and maintain your individual score. You can see your score for free at credit.com or creditkarma.com.
Every week, Allworth Financial’s Amy Wagner and Steve Sprovach answer your questions. If you, a friend, or someone in your family has a money issue or problem, feel free to send those questions to yourmoney@enquirer.com.
Responses are for informational purposes only and individuals should consider whether any general recommendation in these responses is suitable for their particular circumstances based on investment objectives, financial situation and needs. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional adviser of his/her choosing, including a tax adviser and/or attorney. Retirement planning services offered through Allworth Financial, an SEC Registered Investment Advisor. Securities offered through AW Securities, a Registered Broker/Dealer, member FINRA/SIPC. Visit allworthfinancial.com or call 513-469-7500.