Life after work
Throughout the years I have heard many friend and colleagues talk enthusiastically about all the things that they are going to do when they retire from work. What their life after work will be. For most of them based in the U.K. this will around the statutory retirement age which is currently 65.
Even when they are in their forties they tell me of their plans to do all those things that they couldn’t do for whatever reason during their working years. Such as extensively travel the world, move to a house in the sun, play unlimited golf, write books etc. There is a certain irony in this thinking in that with their advancing years they may no longer physically of even financially able to pursue these preconceived dreams of some twenty years ago or more.
Plan for your retirement
Now I am all for planning properly for your retirement and life after work. In fact I would say that it is vital that you do plan and not just from a financial aspect as important as that is. There is so much more to retirement than pounds and pence and potentially running out of your physical and mental health, friends and family can be much more damaging than running out of money.
It is also likely that as we get older and approach our retirement date that the thinking that we had in our forties with regards to dreams, aspirations, likes and dislikes will have changed to some degree. What may have been appealing to us back then may no longer seem so enticing. So, plans that were made in the past may have to be changed. This leads me to one of the key skills that successful retirees have.
Be Flexible and Adaptable
That of being flexible and adaptable because things are going to change whether you like it or not. You are likely to be losing the emotional and financial benefits that your work previously gave you and you will have to find ways to replace these. There will also be changes in your relationships and your social groups. Taking care of your physical and mental needs should become a priority.
My suggestion to clients is that your financial planning for retirement should in place as soon as possible. The other aspects of your retirement you should be looking a planning for at least 2 years before the key date and ideally about 5 years before. This will give you time to formulate your retirement plan and start the process of practising retirement. What I mean by practising is too live some of the aspects of your retirement life now so that you can improve and adjust your retirement plan. You will then get better at identifying potential obstacles and be able to make the changes necessary to overcome them before you retire.