Preparing for Retirement: More Than Just the Numbers
Much like the arrival of spring, retirement can mark a period of renewal and fresh beginnings. It is also an opportunity to take stock and to ‘spring clean’ more than just cupboards and garages.
Retirement allows space to clear away the things that no longer add value or enjoyment, making room for greater purpose, fulfilment and new experiences – perhaps what could be described as a better ‘return on life.’
When I speak with prospective clients, I like to start by understanding what living well from this point onwards really looks like for them. From there, we can begin to think more realistically about the future – beyond the idea of retirement as one long holiday.
Viewing retirement through rose-tinted glasses can sometimes lead to boredom, or worse, feelings of isolation, loss of purpose or low mood, particularly when familiar routines and social connections fall away. As with most things in life, it is far better to be prepared than to try and repair.
Here is a simple exercise to consider: Look back over your working life and identify what you have enjoyed most about your roles – and what you would happily leave behind.
1 | Stress
Even if you enjoyed your career, the pressure of deadlines, targets and expectations probably will not be the part that you will miss.
Retirement is a chance to give yourself permission to slow down. You might begin with a proper break to mark this important milestone. Before committing to a new routine, allow yourself a few weeks, or longer, simply to enjoy the freedom of having no fixed agenda.
When you do establish a new rhythm, think about how you might consciously reduce stress through activities such as regular exercise, mindfulness, walking or journalling.
2 | Busywork
Few of us spend our working lives doing only what we are best at. Paperwork, meetings and administration are all part of keeping organisations running but they do not need to define your retirement.
Whether through consulting, teaching or volunteering, retirement offers you the flexibility to choose how and when you use your skills. You might support a charity that you care about, mentor younger people, or even take on a completely different but rewarding part-time role.
3 | Networking
Over a career, we build a wide range of professional relationships. Some of these become genuine friendships and others exist largely out of necessity.
Taking up new interests or hobbies can be an excellent way to meet like-minded people. Spending time with other retirees, who share your interests, can add real richness to retirement while still allowing more time for family and close friends.
4 | Earning
During our working lives, there is often pressure for another promotion or a higher salary.
It is easy to tie our sense of identity and self-worth to income, status and financial comparison with others. Yet constantly trying to ‘keep up with the Joneses’ can distract from making the most of what we already have.
Focusing only on the next pay packet can make it difficult to step confidently into retirement and enjoy life in a different, often more meaningful way.
Final thoughts
Retirement is not simply a financial milestone; it is a significant life transition. Taking time to think about how you want to live, how you want your days to feel, and what will give you a sense of purpose can be just as important as understanding the numbers. Our financial planning process helps you think through your retirement in a structured way, focusing on what is important to you.
We discuss what you have observed about retirement, consider common pitfalls that careful planning can help avoid, and explore what your ‘Ideal Week in Retirement‘ might look like.
If you feel it would be helpful to talk this through, please contact us to arrange a meeting to discuss your plans for the future.
