While the concept of retirement has evolved dramatically across generations, one thing remains constant for most of us planning our retirement – the desire to do what we want, when we want. No more alarm clocks, no more commuting and no more demanding bosses! But what do we want more of? Time on the golf course? Unrushed holidays exploring exotic locations? Those are just the basics; however, if retirement is looming, have you thought about what will happen when you stop working? Will you have those choices?
Here are a few points to consider, and it’s not just about money.
Your wealth
When preparing to leave the workforce, some people focus so much on never facing another stressful workday that they overlook many important issues.
The first and most obvious focus should be the income needed to fund the retirement dream.
For many people, retirement will deliver them the first real block of time they have ever had completely to themselves, to spend however they please. Some may want to travel, some may have hobbies they want to immerse themselves. Others may move closer to family or make a ‘sea’ or ‘tree’ change. Some may do all these things!
To make the most of your retirement years, your nest egg must be large enough to allow you to live the life you desire. It would be a shame to have a boring and unfulfilled retirement because you discover too late that you don’t have the means to afford activities your friends enjoy.
Your health
Secondly, many people plan for life beyond work, assuming they will remain healthy and vital. This will prove true for the majority, but sadly, others might not be as vigorous as they had hoped.
Illness will mean facing additional pharmaceutical and medical expenses. You may incur extra costs from travelling with mobility issues, assuming travel is still manageable. Aged care can be costly, especially where high-level care is required.
The key point to remember here is that while you are planning for your retirement financially, you also need to focus on your well-being now to ensure your mind, body, and spirit are willing and able to fulfil your retirement hopes and dreams. Balancing both aspects is fundamental to achieving a rewarding lifestyle.
Your happiness
But what can you do if you get bored with so much free time? One option could be to return to the workforce, perhaps part-time or casual. If approaching your former employer or business partner/s is not an option, try something different. You may be able to start a micro-business depending on your skill set. All you have to do is get creative when looking at your skills and abilities!
If you are a retired teacher, there are many opportunities, including working as a private tutor, providing after-school assistance, assisting sports teams, or even thesis proofreading for university students.
If accounting is your forte, use this skill to help small businesses manage their books.
Handy with tools and enjoy fixing things? You could find yourself in demand by those in your area who are working and have no time or skills to do odd jobs themselves. Place an advertisement on your local community board, online, or do a mailbox drop to get started.
Or, what about volunteer vacationing – “voluntouring”? If you’d like a travel experience with a difference, combine it with volunteer work. Sharing your interests with others or using your skills in a new way could certainly enhance your post-work years.
There is a plethora of websites that now focus on this latest interest. Just type “voluntourism” into your favourite search engine and be prepared to be amazed.
Your identity
Many people identify themselves according to their job title or profession. For this reason, retirement can leave you feeling like a piece of you is missing. But retirement can be a terrific opportunity to give up that old identity and reinvent a new you.
You can be a grandparent, sports enthusiast, volunteer, or book club president—the sky’s the limit!
In many ways, re-inventing yourself as a retiree can be as challenging as being a success in your previous vocation. The key is to establish your priorities, set goals that work for you, and keep going until you reach them. Remember, though, to keep it fun.
Have you planned your first step?
If all this sounds exciting, don’t forget the first step is to get your retirement funding in order. Come and talk to us sooner rather than later. Once that is done, you can start looking forward to the best years of your life.
The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.
