Retirement is one of those things that young and middle-aged people seldom think about. We overlook its significance because it’s something that happens in the distant future. But, it does creep up on us and we should appreciate that we could spend at least the final third of our lives in retirement.
When people think of preparing for retirement, they automatically focus on financial security … and with good reason. However, there are many other considerations that are deserving of our time, like: how to adjust to life outside the corporate world; how to stay fulfilled in what must feel like an eternity of free time; and most of all, how to live happily ever after (excuse the cliché).
In general, there are two camps out there: those who look forward to retirement, and those who worry about it. Irrespective of which category you fall into, you should dedicate time each year to run through the five points that follow, to remind yourself of the things you look forward to when you retire, and also to take measures that will mitigate any lurking worries you might have.
Financial security
Fundamental to a comfortable retirement is being financially secure. This is achieved by exercising due diligence throughout your working life – in the form of monthly contributions to pension funds, retirement annuities and a host of other investments.
To minimise your risk to property bubbles, stock market crashes, hyperinflation and other economic crises, make a concerted effort to diversify your total net wealth across multiple asset classes including property, cash, equities, offshore holdings and safe-haven commodities such as gold.
It’s best to seek the services of an accredited financial advisor who can gauge your lifestyle costs and financial position, and then help you navigate a path to financial freedom upon retirement.
Hobbies
The biggest transition from working life to retirement is the sudden deluge of time. Although this may be daunting to some, it’s a transition that every one of us can prepare for long in advance.
In truth, retirement gives us the opportunity to explore all those hobbies that we never really had time for while working. Hobbies could include photography, pottery, bird watching, growing your own vegetable garden, cooking, reading books, learning to play bridge, flying radio-controlled aeroplanes, or even writing that novel you’ve always had bottled up inside you.
The most important thing, however, is to establish these hobbies in the years leading up to your retirement. This helps to cushion the shock of retiring because you already have interests and a network of friends outside your work environment.
Sport
Sport is another wonderful pastime that helps ease the transition into retirement. Golf, fishing, bowls, darts, walking, running, swimming, and more recently, mountain biking are hugely popular amongst retired communities.
Most of us have either tried or actively participated in these sports in our younger and middle-aged years, but as we get older, we’re more likely to adjust our sporting choices and ambitions to suit our age and circle of friends.
The benefits of sports speak for themselves: they keep you active, they get you outdoors and they add immense value to your social life. So, it’s a good thing to nurture some level of proficiency in these sports before entering retirement, as they’re sure to keep you both busy and healthy.
Travel
The wonders of travel are boundless. Many of us long to travel the world – or even the extents of our own country – but cannot take enough time off to do so. Retirement offers the perfect opportunity to travel and gives people nearing retirement something amazing to look forward to.
Of course, post-retirement travel requires suitable preparation and financial planning, so it’s up to us during our middle-aged years to make sure the foundations are laid to make it possible.
Family and friends
One of the greatest joys of retirement is spending time with family and friends. Family can include immediate family such as sons, daughters and grandchildren or even extended family. Some retirees thrive on being involved in their grandchildren’s lives and take every opportunity they can to take them on fun excursions, read them stories and spend good old-fashioned time with them.
Thus, it’s important to decide on things such as where you plan to retire to, so that you’re in close proximity to the people who are most special to you.
Live your dream in retirement
They say that ‘good preparation smooths transition’, and this is certainly the case when it comes to retirement. Make sure your retirement dream is turned into reality by preparing for it now. You deserve it!
Date Published: 29 July 2018
