One of the things most people thinking about retirement are asked to consider is what they are retiring to.
Often we think about the money aspect of retirement only. Of course, vitally important, but we also need to consider what our retired lifestyle is going to look like.
No amount of money is going to help if we are bored, lack energy, lack companionship, lack ambition, and so on.
We need to ensure we have activities, people and challenges that fill our cups so to speak. That make us enjoy our retirements to the maximum. Get us out of bed in the morning.
Although that sounds fairly obvious, it does need mentioning. There are so many stories of people retiring and losing their purpose.
Work provides non financial benefits too
As much as some work may be disliked by many people, there are many purposes (outside of money) that work serves. Like meeting our needs for a challenge, or providing companionship. Even status for some.
So as important as it is to think about what you are retiring to, I think it’s equally important to think about what you are retiring from. For example, it may not occur to you to make new social connections in retirement, but upon leaving work you may realise you don’t actually have much social interaction outside of work.
What non financial benefits do you get from work? How are you going to replicate that in retirement?
Some common themes for consideration of things many people miss about work include:
Companionship
Status
Variety
Regular pay check
Feeling of accomplishing something
Meeting challenges
Learning new things
Mentoring younger employees
Feeling valued
Consider which things are most important to you and how you will seek to replicate them in retirement. The answer is not necessarily to work longer! Especially if you don’t particularly enjoy your job or would rather being doing something else. It’s hopefully to find new ways to achieve these things.
But by understanding ahead of time what you are leaving behind, you will be that much better prepared for your next stage of life. Getting to spend more time making the most of your new life, instead of trying to scramble to figure things out later.
This is my last article for the year.
Have a great holiday and see you back soon.
If you need help with your personal retirement planning, then get in touch today.
The information contained on this site is the opinion of the individual author(s) based on their personal opinions, observation, research, and years of experience. The information offered by this website is general education only and is not meant to be taken as individualised financial advice, legal advice, tax advice, or any other kind of advice. You can read more of my disclaimer here