52019Feb
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Retirement, the Transition

For many individuals the idea of retirement is a daunting prospect, countless view retirement as an end to their active working life and an end to their purpose – yet this does not have to be the case. Instead, future retirees should try to look at retirement as a transition – the next big step in their life. Indeed, numerous people engage in even more meaningful activities once they have moved into retirement because they have the freedom to do so.

Plan your retirement

To help ensure a smooth transition into retirement, you should consider making a retirement plan in advance. For this to be effective, you ought to think about what you find personally fulfilling and what you want to achieve from your retirement – whether it be to explore part of the world or to start a new hobby such as painting. Practicality is also essential, so consider things such as your health and whether you will be on a fixed income and incorporate these into your planning.

Retirement planning needs more than a simple bucket list. If you are planning any events or projects, it is essential that you investigate and cover all aspects of your plan. Moreover, if you are living with a spouse or partner be sure to discuss your plans for retirement with them, even if you are planning to retire first. By having a plan in place, you will be more likely to enjoy the transition into retirement.

Retirement is not a loss of identity

A change in professional circumstances, such as retirement can trigger the idea of loss of identity. After years of working full time and building a career, for many, the thought of losing that structure can be daunting – people feel that their career is such a large part of their identity that they will be lost without it. However, that does not need to be the case, the skills and talents that you have refined throughout your career can still be used during your retirement, just in a different way. Volunteering, developing your skills to create a small business or coaching a sports team, are a few examples of how you could put your career skills to use.

Achievement is another factor that comes hand in hand with working life. Accomplishments such as a promotion, paying your mortgage or raising a family are typically completed by the time you are thinking of retiring. By setting new goals, there are naturally new achievements to be made. What these new goals are, can totally depend on you and your desires. Whether you want to improve your fitness, learn a new language or support a charity, the opportunities are endless, there are always achievements to be attained.

Build up your social network

Friendships are important throughout your life and that includes retirement. Many worry that when entering retirement that they will miss the social interactions that come naturally in the workplace. By building your social network up before you retire you will be less likely to feel the effects of loneliness. Through starting different clubs and classes you will meet new people and make additional friends so that when you do come to retire you will have a number of friends to enjoy your retirement with.

Retirement can be one of the most defining and exciting periods of our lives but it is what you make of it. By planning in advance, setting your goals and doing your research, you can help to ensure that you get the most out of your retirement and enjoy the transition.

For more tips on retirement planning click here

Remember retirement is about doing what you what when you want. So if you feel you may need some extra funds to achieve the retirement you need, you may want to consider equity release. Just call our friendly team on Freephone: 0800 411 8668 for more information on equity release and your financial options.