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Retirement. A new beginning?

What do you think about retirement? Is it a chance to do all the things you couldn't fit in whilst you were at work? Is it a new beginning? Is it something that scares you? However you feel about it retirement is one of those major life changing events.

Retirement can bring mixed feelings. Often people feel anxious about the future; what will they do, where will their income come from, wonder how they will cope with not working. People may look forward to long lay ins, be excited about having time for themselves and the opportunity to reset the worklife/home balance.

They quality of your retirement will depend upon your existing circumstances, unresolved life issues and your attitude. The best preparation for retirement is to plan for it and to be prepared.

So what are the the areas that you need to be aware of?

You need to look at how much you will miss work. Work provides purpose and self esteem. You are part of a community at work and the loss of this community can affect you. The loss of work as a mainstay in your life, the routine and security it provides can leave you feeling lost. You will also need to review your financial security. Your income is likely to drop when you no longer receive your salary. Are you going to be comfortable, do you need to review top up benefits or perhaps full time retirement will be too much for you. Would you benefit from having a part time job?

Consider how you will have more time for yourself, your partner, your family and your home. What can you do with all this time to benefit yourself and provide fulfilment. As part of this have you thought about your health and your family members. Could this impact upon your retirement? Are you going to use the time you have to be with your grandchildren, to travel or are you going to volunteer and give something back?

You need to think about how you are going to cope with retirement. You may find you start to dwell on things more and pay more attention to risk and dangers both practically and emotionally. If you haven't been able to plan for retirement you may wonder if you will cope and start to doubt yourself. This could lead to procrastination and delays in making decisions and ultimately choosing safety rather than new challenges or experiences. Anxiety due to the significant change in your situation and the unknown is to be expected, it is how you manage the anxiety which is important.

Retirement should be considered as a new phase in your life, an opportunity for self development, completion of personal projects, volunteering and learning new skills. It is an opportunity for new friendships, spending time with family and old friends and an opportunity to travel and develop social activities. Look on retirement as a positive. You are not old, you are just getting going! Do not let retirement be a negative. Embrace it and enjoy it!

If you would like any help in dealing with retirement planning give us a call for further ideas and support.

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