Why a successful retirement isn’t just about money
Life After Work
There is no doubt the financial preparation for retirement is the basis of a sound retirement plan. As Financial Advisers we spend a considerable amount of time to make sure this element of our client’s life is met. But there is another element of retirement that may be just as crucial. An element that cannot be quantified, but is key for you to have a fulfilling and successful retirement.
We touched on this in our last article: “Five Quick Questions for the Quintengarian.” The first question we posed was: “Do you really know what your retirement will be like?”.
Embrace the Change
Transitioning your life to retirement may not be as simple as you think. Much like moving from being a student to the workforce, the whole dynamic of your life will change.
Ted Kaufman and Bruce Hiland have looked at this very issue in their book “Retiring – The Next Chapter is About Much More Than Money.” They set out many facets of your life that will change. I have set out a few below for you to start to think about your own retirement and how the book’s title rings true – it’s “About Much More Than Money.”
- The “Rhythm” of your life will change. Our lives have had so much structure to that point, we were ‘anchored’ by something, whether that be a job or family. Our days, weeks and months revolved around that anchor. Remove that anchor and the structure is gone.
- Your status will change. Throughout your working life you have been given titles. You work hard to succeed and to progress to the next title. Your titles gave you some level of respect and privilege. Retirement is a great leveller in this respect – everyone is a retiree.
- Your Relationships. The majority of our relationships during our adult life are formed at work. Relationships that you may see as strong may waiver when the common connection of work is removed. This may cause some angst in retirement causing retirees to feel disconnected and lonely.
The life changes that you go through will be different for everyone. But it would be remiss not to address them before you enter retirement.
Start your Planning
Kaufman and Hiland do set out strategies to assist those approaching retirement, too many to give justice in this one article. However they did mention one that rang true with me as I see many clients retire.
This is the idea of an creating a new “Anchor.” Something that you can build your days, weeks and months around to give you structure and purpose. This may be volunteering, further education or learning a new skill. Giving you meaning and a sense of achievement through your retirement.
As Financial Advisers, we can help you with your finances. If this is something you need assistance with, contact us for a no obligation meeting. However having a fulling and successful retirement is something more personal. In the lead up to your retirement, take the time to really plan what you want your retirement to look like.
Kaufman T and Hiland B 2021 Retiring? – Your Next Chapter Is About Much More Than Money Houndstooth Press
The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. Louella Jorge is an Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429. This editorial does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information, you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser before you act