Retirement can be a bit of a tricky subject sometimes as there are so many psychological elements to consider. How will you fill your days if you’re not working? Will you have enough money? What will be your purpose? These are the types of questions we visit regularly with our clients.
So what can you do to make sure that you’ll have the best time in retirement?
1. Visualise Your Retirement
Before you retire, it is important to spend time thinking about how you want your retirement to be. Retirement planning does not just involve financial strategies, but also considers how you will spend your time, where you will live, and what will give you purpose after you leave the workforce.
2. Don’t Go Solo
Research supports the idea that truly happy people are those with more social connections. You may lose contact with your work colleagues, so it is important to engage with other people and groups as you move towards retirement.
You may wish to volunteer, take up a new hobby, or join a community group. If you have a spouse, it is important to collaborate and determine their expectations for retirement and you can even plan some activities to look forward to together.
3. Have a Positive Outlook
It’s also true that only half of those who were planning to retire in the next five years were looking forward to it. Common concerns were managing money, feeling bored, losing the social connections from work, or losing their purpose. Retirement planning and focusing connecting with the community would solve three of these problems, and intelligent financial planning from the team at Endorphin Wealth will allow you to manage your money effectively.
4. Control Your Destiny
One of the most consistent findings in retirement related research is that the people who had the most control over their retirement decision were also the ones that most enjoyed their retirement. It is important that you do not leave your retirement to chance and that you work closely with your financial planner, family, and extended support networks to ensure you maintain an income, purpose, and social connections.
5. Develop Retirement Goals
Retirement is the first time since childhood where you are free to do whatever you want! You also have the means and capacity that you did not have in childhood to take advantage of this new freedom. While you are transitioning towards retirement, it is important to determine what really matters for your life going forward. Your role and identity may change from when you were working, but you can now define your own identity outside of the workforce and work towards new goals.
Planning is an important part of retiring right – we encourage you to consider each of these points and plan effectively for all portions of your life as you move towards retirement. The team at Endorphin Wealth Management is happy to assist with your retirement planning from a financial planning perspective. Most importantly – enjoy your new freedom!
For an obligation free discussion, call us on 03 9190 8964, or email us at email@example.com