There’s been a lot in the media of late about Pensions and the state of the nation’s pension pot. While financial security is crucial for a successful retirement, make sure you don’t neglect the non-financial considerations that make for a happy retirement. You might want to retire before your 65, you might want to retire at 70. You may not have a choice but to retire and you might be financially able to retire, but are you ready to retire? It’s just as important to be mentally prepared to retire, so have you thought about what you’ll do? Do you know how you’re going to fill your days? Have you discussed it with your family? How will you stay mentally and physically active?
Being financially prepared for retirement is important but so is preparing for the huge lifestyle change that’s coming. Many people struggle to adapt to their new way of life. Looking after the emotional, psychological and physical portfolios are equally as important as building up the financial one. Giving some serious time and thought to preparing yourself for the next exciting phase of your life will go a long way to helping with the transition. Retirement can cause a lot of upheaval and not just for the retiree but for their spouse and family. Your daily routine is going to change, you’ll have more spare time and your personal relationships and social network can alter dramatically. When you retire almost every aspect of your life will change and this can have quite an impact. Retirement these days is not the end, it’s often an opportunity to start something new, work somewhere else, undertake more volunteering or learn new skills.
While the idea of retiring at 65 or 68 sounds great not everyone wants to retire, can afford to retire or is even ready to retire. Talk to your financial adviser, your employer and your family about when and how to start planning for life after work. Don’t dismiss it, retirement means a change of routine and lifestyle so many people can feel a genuine loss of purpose when it finally happens. The first step in this journey is to create a plan for the rest of your life that can help guide your decisions so that you can truly enjoy life after work.