Retirement – Getting it Right!

Retirement is an interesting concept. For some it means transitioning from full time employment to a life where dreams of travel, time with family and getting into 'projects' becomes reality. For others it can be a time of distress, being caught in the void - what will I do today to fill the gaps!

The key to retirement, as for all great events in life, is planning.

Some of the common issues that surround retirement are income needs, family and relationships, accommodation, health and fitness as well as interests and pursuits.

Having sufficient income in retirement is a leading factor in enjoying our life and lifestyle. When we have certainty of income; each week, month and year we have a sense of peace around our financial situation. Thinking and planning out to future years is a key element in having control over our own financial destiny.

No matter where you are in terms of time to retirement, planning now will give you the power to choose what your retirement lifestyle will look and feel like.

Consider your current financial situation in terms of assets, investments, retirement savings, income and expenses and how that might translate to retirement. What will change? For example: repay debt, downsize home, no work related costs of travel etc.

In completing this exercise, you will clarify your current financial situation and identify your starting point for determining what income you can expect to receive in retirement. This knowledge provides the basis of what needs to change in your funding strategies, heading towards retirement.

George Bernard Shaw said: "The single biggest problem in communication is the illusion that it has taken place."

There could be a number of people who may be affected by your decision to retire. The most crucial is the person you share your life with and of course there are family members and perhaps those in your social networks.

Are there any particular issues that you feel need exploring in more depth?

Will you remain living where you are when you retire? What are your options? If you plan to travel, have you considered leasing your home? What are the money considerations and what are the three key essentials that you need in your accommodation?

Research shows a diversity of interests that include activity as well as cerebral stimulation will ensure you enjoy your life in retirement.

For some, work has been all consuming, leaving little or no time for other pursuits. This is a time where we can start looking outside the work environment to see what might spark interest and warrant exploration.

Health and fitness are essential if we are to enjoy our retirement years. There should be no blocks to a healthy and vital life and lifestyle if we choose to practice good nutrition and keep ourselves active.

The saying, 'If you don't use it - you lose it' is fundamental in maintaining our bodies to the peak of their potential.

And finally, retirement from full time employment need not mean retirement from life. Keeping the spark alive is an essential element in living a life of purpose, filled with energy and excitement. What are the areas that interest, intrigue or fascinate you and will you pursue them?

Go ahead start planning your retirement life and lifestyle now to create the life you want in retirement.

Enjoy the journey,

Pamela

Purchase The Next Step Coaching for Retirement (audio and e-book) to explore in depth how you want your life to be in retirement.