If you’re nearing retirement age, putting your finances in order is likely a top priority. This is an essential step for planning your retirement, but it’s not the only thing to consider when mapping out your post-work life. There are plenty of other factors—emotional and physical—that will affect how much you enjoy this new phase of your life.
Here are five things most people overlook when planning for retirement:
- Decide how you want to spend your time. Many people enter retirement with a vague idea of what they want to do—travel more, volunteer, spend more time with the family. Whilst these are excellent goals, it can be hard to make them happen if there’s no real plan. Take some time to really think about your post-retirement life, and start writing a more detailed wish list. Instead of saying you’d like to travel more, think of specific trips that interest you. If you’ve always dreamed of touring Europe or travelling the country in a campervan, write that down. The more descriptive you are, the more tangible your goals will be.
- Evaluate your health. Ideally, everyone would eat right, exercise, and schedule regular checkups with their GP. However, many of us fall short of these health goals. Now is the time to work with your doctors and build a preventative health plan so you can make the most of your retirement. Schedule any checkups now, including an annual physical and twice yearly teeth cleanings. Ask each doctor for short- and long-term steps to improve or maintain your physical and mental health. Don’t forget to address your emotional wellbeing, too. Staying in close contact with family and friends will help fight any post-retirement blues that may arise. Speaking of…
- Keep in touch with family and friends—and make new ones. One of the hardest aspects of retirement can be a feeling of isolation. Whilst we often intend to spend more time with our family and friends, this can be difficult to do—especially if they’re still working. Make an effort to engage with those closest to you, even if it means scheduling time together. Don’t forget to make new friends, as well. It’s often assumed that permanently leaving the workforce signals the end of networking, but this doesn’t have to be the case. Joining a common interest group (or starting your own), like a book or walking club, can expand your social and support networks.
- Talk to your partner about his or her expectations. Relationship challenges can take many retirees and their partners by surprise. You may both be looking forward to spending more time together, only to struggle with the reality of it. Touch base with your partner as you plan your retirement. Will he or she resent your intrusion on their daily routine? How will you both cope with more joint decision-making? Does your vision of retirement match your partners’? Communication is key. Don’t be afraid to seek the help of a marriage counselor, if needed, as you navigate this tricky life change.
- Decide if you really want to retire. Retirement is viewed as a long-awaited reward for a life of hard work. But what if you like working? For those who define themselves by their career, making the adjustment from a full-time job to retirement can be challenging. If you’re unsure how you really feel about not working, you may want to consider making a gradual transition to retirement. Cutting back your hours over a few years could help you adjust to a reduced workload and give you time to explore new hobbies. And who knows, one of these hobbies (or a lifelong passion) may translate into a source of retirement income!
Whether your retirement is right around the corner or years away, planning early will help you get the most out of your golden years. Start envisioning your retirement life now, so you can better make these dreams a reality when the time comes.
Prepping your finances for retirement? Try our simple ways to ease into a new budget.
About Author: Momentum Life is a leading provider of Life insurance and Funeral insurance in New Zealand.
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The content provided in this article is for information purposes only. The information is of a general nature and does not constitute financial advice or other professional advice. To the extent that any of the content constitutes financial advice, it is limited to Momentum Life products only and does not consider your specific financial needs or goals. You should consider whether the information is appropriate for you and seek independent professional advice, if required.
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