While it would be amazing if everyone loved their jobs and woke every morning eager to get going, the reality is that the vast majority of people look forward to leaving their working lives behind in favour of a happy and healthy retirement. What is often overlooked though, is that the transition from working life, to retired life, is unknown territory and can be just as stressful as being in employment, particularly when not retirement planning is not carefully considered in advance. A clear week ahead of you will likely seem great at first, but as the weeks roll into each other it can leave you feeling unfulfilled and lacking in purpose.
The reality of retirement is that there are no rules. ‘Great!’ you might shout. But this also means there’s no set structure and you can do with your life as you choose. You will likely find this incredible, or terrifying, but rarely anything in the middle.
We want you to meet the challenge head-on and brimming with anticipation and excitement and that’s exactly what we want to help you prepare for through detailed lifestyle financial planning.
Lifestyle financial planning is all about helping you figure out what you want to do with your life and putting the necessary steps in place to ensure that you are in a strong financial position to then do these things. The earlier you begin this process the better, even if you don’t yet know what you want to do in retirement. It can be hard to think of a future outside of your current financial situation, but here are some ideas to get you going:
The world is your oyster and now is the time to see it! Squeezing longer trips, or even shorter trips to destinations that are further away, are far less of an issue when you don’t have to work around annual leave and important work dates. Travel outside of school holidays is ideal as it’s both quieter and cheaper and there are plenty of last-minute bargains to be had when you are able to up and leave at a moment’s notice.
Some people relish doing nothing, while others simply need something with a ‘work structure’ to keep them occupied. This is where casual or voluntary work comes into its own. With no pressure, no need to stick with a job, boss or colleagues you don’t click with and plenty of good causes where you can volunteer your time and genuinely do some good. If you had a passion for something but work always got in the way, casual or voluntary work can enable you to explore it.
Have you always planned to redecorate? Do you have a garden with space that you would love to develop? Are there minor inconveniences like leaky taps, or paint touch-ups that need to be done? While you never had the time before, now you do. Retirement isn’t always about getting out of the house, but it can be about making the house you already have more into a home and enjoying your time there too.
Are you a frustrated golfer who can’t seem to lower your handicap? With long stretches of time ahead of you, why not take some extra lessons or simply get out on the course and practice more? Do you wish you learnt to play an instrument when you were younger? Why not start now? We’re people – not dogs – and we’re never too old to learn new tricks. With so much available online now, you may not even have to leave your home unless you want to either. There are online music lessons, online language courses and more. If you have children that have grown up and left home, why not convert their old room into a study or a studio? If you’ve always wanted to paint, or dreamt of writing a book, now is the time to do it.
Retirement is an exciting time that brings endless possibilities for an exciting and fulfilling life. There are no limits other than your imagination and your finances, which is where we can help. To ensure you are in a strong position to make the most of your retirement, get in touch for a no-obligation talk.
This article does not constitute financial advice and should not be construed as such.