Reading Time:
This is not to say that the initial adjustment to your new life stage won’t come with its challenges, most will go through stages of disorientation and disenchantment and experience a wide range of emotions and that’s normal. I encourage you to look for healthy ways to deal with those feelings. Do more of what you enjoy, keep the body moving, walk regularly, read, write, draw or paint, tap into your creative side. Talking with others who have already retired can be a big help also.
What’s the hardest part of retirement?
When I asked some of my clients what was the hardest part of retirement, for some it was coming to terms with budgeting tighter and the limited chance of making money compared with working life. For others it was a feeling of loss of purpose in their new life stage. Again, this is normal, and they went on to explain that this feeling passes as they replace their previous routines and colleagues with new pastimes and friends.
What’s the best part of retirement?
My clients have shared that the best part of retirement is the newfound freedom to pursue personal interests, spend more time with loved ones, and enjoy a slower pace of life. They also said it’s a time to focus on health and hobbies, build stronger relationships with family and friends (even making new ones), and to fulfill long-held bucket list dreams such as travel.
When’s the right time?
When we’re goal setting, we ask people at what age do they see or would like to see themselves retired.
Some say tomorrow, others say 60 or 65 and we set the target date to aspire towards. We then start putting in place strategies to ensure we have sufficient funds to achieve this goal. We come around to our 60 or 65th birthday and quite often we’re still enjoying our work, our health is good, and we aren’t ready to retire yet. This happens often.
Over the years I’ve observed the reality is retirement is a state of mind and reaching an age or date is not the trigger for entering the next stage of life. From what I’ve detected, the biggest determinant for retirement and readiness for change is the reducing capacity to tolerate living life on someone else’s terms. Some might say their “bulldust meter” is full, others have experienced close friends of family’s health suffer and this brings things into perspective and priorities change. Either way, when you know
you know.
Any regrets?
I asked some of my clients if they felt they retired at the right time. Most said yes, as we had discussed this at length many times in the lead up to prepare ourselves as best we can.A small number have returned to work (in a slower paced environment) as they crave the sense of purpose that work can bring, but most often than not, most people are happy with their decision.
Reach out to your financial planner if you’d like to chat further about these insights and retiring well.
Article by Gary Winwood-Smith
Senior Financial Planner | Director
Are you confident your retirement plan will support the life you want?
Talk to us about retirement strategies that provide freedom and peace of mind. Call 02 9328 0876 to arrange a meeting.
General Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Please seek personal financial advice prior to acting on this information.