On this week’s podcast, Craig talks about preparing emotionally for retirement.
Once you’ve retired from work and waved a cheerful goodbye to your colleagues, the doubt can sometimes start to set in. What will you do with your life? How will you manage without the comfort of your routine? Where will you find your purpose if not from work?
Retirement planning is more than just pensions
It’s not just about financial planning and whether you have enough in your pension pot. Many retirees simply aren’t prepared for how significantly their life will change.
Many, while not missing work per se, will certainly miss the sense of purpose. And with life expectancy on the rise, it’s daunting to contemplate the next 20 to 30 years without the structure you’re used to.
A European study funded by the Erasmus programme argues that we should start preparing for retirement as early as age 50.
Start reinventing yourself from 50 onwards
Stopping work after a lifetime’s focus on your career can reportedly be the catalyst for depression and other mental health issues. So that’s why we need to reinvent ourselves in our 50s by discovering new passions and interests and improving our mental and physical health. It’s all about forging a life for ourselves outside of work in the run up to retirement.
So what steps can you take to prepare? Well, it’s all about being happy, healthy and whole. Retired or not, you still want and need similar things in life: a sense of purpose, social interaction and activities that interest and stimulate you.
Preparing for a fulfilling retirement – our tips:
- Wind down gradually. Rather than going from full time to retirement overnight, why not try reducing your hours first? That gives you the fulfilment of work combined with the free time to pursue other interests.
- Make time to exercise your body and mind. Experts have long extolled the virtues of exercise for our physical and mental health. Getting into the habit now could really help your emotional state when you retire.
- Be a social Butterfly. In addition to solitary hobbies and interests, joining groups and clubs can help you develop social networks outside the workplace.
- Get a furry friend. As well as keeping you company indoors, a dog will give you an incentive to get outside into the fresh air and explore new places around your local area.
- Don’t neglect your pension. While preparing emotionally is a big part of retirement, your money has to allow you to live life to the fullest. Could equity release be right for you? It’s a way of supplementing your retirement income using the value tied up in your home. Although it’s not right for everyone, which we’ve talked about in previous podcasts, we can help you explore those options.
So when you’re preparing emotionally for retirement, we will help you with your finances. We can help you sort out the financial stuff to spend your retirement free from money worries, so you can concentrate on enjoying your later years. If that’s of interest, then please give us a call and one of our advisers will be more than happy to help.