These days, people don’t ‘retire’ so much, but they rather redirect their energy to a number of activities, including paid work (many transition to working a few days per week), creative pursuits, volunteering or looking after grandkids.
Getting ready for this major life change obviously involves having a financial plan to ensure you have sufficient income to do the things you want to do. But it also means being prepared for the emotional adjustment that comes with the end to full-time paid employment.
The following articles offer some useful perspectives.
A financial plan is only part of the preparation for retirement. An often overlooked area is thinking about how you will use all that additional time. Australian financial website Firstlinks surveyed their readers on what advice they would give those thinking about retirement. Here are some useful ideas.
Your retirement plan can be simple or complex. It’s up to you. But some things it should include are the timing of the transition, lifestyle and priorities, income and living costs and future living arrangements. ASIC’s MoneySmart website includes this useful checklist that includes seeking out advice.
If you’ve depended overwhelmingly on your professional career for your sense of self-worth, retirement can be something of a wrench. This is why making positive plans for how you will spend your time is so important. As this article explains, learning new skills and making new friends can be part of the plan.
If you would like some assistance getting retirement ready, please do not hesitate to reach out to us, as we have assisted dozens of clients transition safely to this new phase in their life.