You may remember your first day at school, going to university, first love, getting married, new home, having children. All these are undisputedly major changes in our lives, which can bring about enormous change. But retirement is possibly one of the most stressful and life-changing events that can happen to us in our lifetimes.
There is a belief that most people work toward and look forward to these retirement years; if you’re in a dead end job, poorly paid, in bad health or a role that is physically and emotionally demanding, then that’s understandable. However, for most of us, who feel we are still productive members of society, reliant on our earnings to fund our desired lifestyles, the reality can be a little daunting.
We spend all those years saving & budgeting, mostly for this major turning point. Far from feeling relief & escape from the treadmill of working life or the responsibilities of running a business, having free time most days can be very unsettling. It can help if instead of you retiring from something you retire to something and prepare what you want to do; how you are going to achieve it and whether you have the resources.
This is just another chapter of your life and you have the chance to write it. It’s your choice. Either you make your life happen and have a richer life that is well lived, or just let it happen to you. Which would you prefer? Having a financial plan that is built around your goals can help you to do this.
5 TIPS FOR A RICHER RETIREMENT
1. Decide what it is you really, really want from the rest of your life.
2. Work out the cost of your desired lifestyle & any major expenditure for the next 2-3 years
3. Gather information about what you have and own: property, savings, and investments, pension plans and insurance, as well as what you earn and what you expect to receive in retirement.
4. Assemble all this information using various assumptions for inflation and growth rates, to create a cashflow analysis which will determine whether you can achieve your objectives or if there are likely to be any shortfall.
5. Enlist the help of a qualified & experienced Certified Financial Planner who can do this all for you.