I’m 64, single and have $3.1 million saved for retirement — but I’m still anxious about what that looks like once I stop working

That's why even those who save millions for retirement can still feel anything but ready. Especially those whose identity is deeply tied to their work.

Imagine someone like 64-year-old Frank, a highly respected accountant who provides tax and investment advice to high-net-worth individuals.

A lifelong bachelor, he's devoted to his career and he admits to feeling anxious as retirement approaches. And it's not because he hasn't prepared financially: he's built a nest egg worth roughly $3.1 million.

But he's worried about leaving his career, his colleagues and his clients — where he feels his value is rooted. In other words: his financial assets are fine, but he knows there's a shortage on the personal side of his retirement balance sheet.

Surprisingly, this is a common problem that can seriously impact retirees' mental and physical health. Here's a look at how serious the problem is — and how to deal with it.

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When stepping down from a job feels more like a free fall

FP Canada's 2025 Financial Stress Index reveals only 34% of Canadians feel they've saved enough money for retirement — and the financial aspect is only one part of the challenge (2). Studies increasingly show that many people are emotionally and psychologically unprepared for retirement, and that gap isn't given as much attention as it deserves.

Research describes this as "sudden retirement syndrome" — a period of anxiety, disorientation and loss of identity that can follow a person to the end of their career (3). Success can make it even harder to step back if you're used to maintaining a particular lifestyle and social status.

Many professionals like Frank put off retirement because it means moving from a reliable world where everything is familiar — a place tied to identity, social connection and influence — into a world of unknowns. People may fear retiring because it brings up worries about aging, dependency or becoming irrelevant.

Warning signs that a retiree is struggling with a post-work identity crisis can include:

• Talking about their former job constantly
• Feeling envious of former colleagues who are still working
• Feeling uncomfortable when asked about their professional role
• Avoiding social situations where careers might come up

Social isolation is a real concern in retirement. Statistics Canada's 2021 Census data shows that just under one-quarter of Canadians aged 65 and older live alone — a figure that has grown steadily over the past two decades (4). The Public Health Agency of Canada (PHAC) notes that social isolation is more than a mental health concern: it can increase the risk of heart disease, stroke, diabetes, dementia, reduced quality of life and premature death (5).

For people like Frank who don't have a life partner, the danger of social isolation is even greater.

The good news is that with the right plan, you can find social connection, purpose and fulfillment in retirement. And if you've been successful at work, you likely already have many of the skills you need to do so.

How to retire with a rich quality of life

For many retiring workers, simply picking up a hobby or attending social events isn't necessarily enough.

Someone like Frank may be happier applying his skills and energy to volunteering for a meaningful cause or part-time work. For example, he could offer his accounting expertise to a registered charity or a not-for-profit organization. He could mentor younger generations through a financial literacy program or a community organization like Junior Achievement Canada.

His professional experience would carry extra weight in these roles — and in turn, it would expand his social circle to include people of all ages and backgrounds.

In the meantime, maintaining membership in professional associations such as CPA Canada could help Frank preserve long-standing relationships he built over a career.

These activities would also add structure to the wide-open days that retirement brings. Structure is essential to mental and physical health in retirement — from sleeping schedules to regular physical activity to planned social time.