Visualising what you want in retirement before you get there may lead to greater fulfilment, writes Alastair Brown of Raymond James
Like all major life events, transitioning into retirement will be an adjustment. One day you may go from your seat at the top as a powerful executive to an armchair in your living room. It is important that you are ready for that change, so you can step into your new life with confidence.
Without your career to define you, you may want to discover a new purpose. Finding the answer takes a lot of preparation – emotionally, physically and financially – and a lot of thought.
While the financial component is critical to a sustainable retirement people often forget to consider the psychological factors. If you can start visualising your ideal retirement now, you will set yourself up for a more satisfying and fulfilling one.
“AS YOU WORK TO FOCUS IN ON THE ACTIVITIES THAT WILL HELP YOU LIVE WELL ON A DAY-TO-DAY BASIS, MAKE SURE YOUR VISION IS DETAILED IN A WELL-DOCUMENTED FINANCIAL PLAN”
Experts say a steady transition into retirement makes for a more successful one. One psychologist suggests focusing on these key areas to consider the life you’re looking for:
Focus on enhancing relationships. Establish weekly game nights with friends or Sunday dinners with family, for example. Be sure to maintain or expand your social life and stay connected. Studies show having friends and family for entertainment and support significantly enhances a retiree’s quality of life.
Keep your mental and physical health a priority. Set up, keep wellness appointments and exercise daily. Don’t forget to relax. You have earned it! Take time for yourself when you need to and nap when you feel like it.
Set key milestones and make sure you feel as financially secure as possible. An adviser will make sure that your financial life is well organised, so you feel in control and won’t leave a mess behind for your loved ones when your time is up. Milestones are a bit like waypoints on a long journey, they enable you to check that you’re on course, without worrying about how much longer you’ve got to travel to get to the destination. Most people’s principal financial milestone is to get to a place where money is not something they worry about, nor holds them back from living the life they want.
“ONE DAY YOU MAY GO FROM YOUR SEAT AT THE TOP AS A POWERFUL EXECUTIVE TO AN ARMCHAIR IN YOUR LIVING ROOM”
Stay young at heart. Take up an old hobby or find a new one, learn welding or Spanish, play a new instrument. The point is to plan and embark on a new adventure every week, even if that’s tutoring a student in maths or trying a new restaurant. Find something that keeps your brain firing.
Be kind. Acts of kindness make everyone feel good. Volunteer, donate time or money, or contribute to your community in another way.
As you work to focus in on the activities that will help you live well on a day-to-day basis, make sure your vision is detailed in a well-documented financial plan. Being able to clearly articulate your vision helps to prioritise your needs, wants and wishes in order to figure out how to make them a reality.
NEXT STEPSAs you approach retirement:
- Visualise how you’d like to spend your days in retirement without a schedule to dictate your day
- Consider each psychological/emotional aspect of your life to ensure it’s being fulfilled by your retirement plans Need help? Speak to one of our wealth managers today to ensure the financial plan you have in place will make your vision a reality