Making the move to retirement and the planning process that comes with it can be quite complicated. On one hand, there is the notion of endless lie-ins and easy days and on the other, there is the lack of structure and perhaps even purpose. Many of us have lived our entire lives in the workforce or at least with some kind of motivation pushing us. When we plan for retirement, we need to be aware of the reality of retirement which will help us plan for it accurately.
The most important aspect is getting your finances in good shape. Most people will have a work scheme pension and perhaps even other schemes they have been paying into for a comfortable retirement. There are also sometimes government pensions that can boost up your retirement fund. Ensure that you have a keen eye on your pension(s) to see what numbers you'll be working with.
To enjoy your retirement comfortably, you need to make sure that your finances are taken care of. This can certainly be a difficult and sometimes complex situation to maneuver in order to figure out how much total you will have as you may have pensions from old workplaces etc. Sit down and spend some time to figure out your paperwork and get a clear idea.
Long before you retire, you want to have a clear idea of your expenses which will enable you to figure out how much money you will need in order to live comfortably. It is important to keep in mind that your expenses may change after you retire, so plan accordingly. This may give you more room to play around with your budget and include fun activities!
If you are self-employed, you don't have certain benefits like insurance or a pension that an employer is contributing to. This means you need to be smarter and more prepared about your retirement even if it appears light-years away. All pension plans should be diverse but especially so for independent contractors, an ideal plan should include a mix of pensions, property, ISA's, savings, state pensions, and so on. As a self-employed person, your business is part of your pension plan.
Ensure that you do your research and have a plan in place to have yourself set for your retirement.
Health and Well-being
An overlooked aspect of retirement is staying on top of your health and well-being. Irrespective of your age, it is imperative that you should be taking care of yourself in a way that will benefit you when you retire. Once you have retired, you might find yourself with all this free time on your hands which can very easily become a source of laziness and waste. Instead, ensure that you stay on top of your health to prevent yourself from falling into this. If necessary, schedule walks and make an extra effort to eat well and healthy. Retirement is the perfect time to spend more time with yourself and with those you love. Strive for balance and find the perfect mix between being with your family and friends and being alone as both are vital to your happiness and wellbeing.
Retirement can be a scary thought for many. The idea of stretches of empty looming ahead can feel uncomfortable and scary. To make this process easier, you might consider winding down slowly. You don't have to retire and stop working for the rest of your life, instead, you can retire slowly. It can work however you want, although you will need to discuss this with your company. And if you are self-employed, of course, you can make this decision pretty much for yourself.
Wind down by reducing hours or staying on as a consultant. You can ease your workload slowly and give yourself more and more free time. This also allows you to adjust to the idea of not working 24*7 and once it comes around fully you might realize that you are very excited to retire completely. Doing it slowly will also allow you to create a schedule for yourself and discover the things you love to do.
A schedule is super important for retirement, this doesn't mean strict planning of your days. instead, it can be a way for you to have things to look forward to so your days don't feel so empty. A structure can give us feelings of productivity and keep things interesting.
There are many ways to plan for your retirement. The most important is to ensure that your finances are in order and that you will be able to enjoy your life stress-free. Ensure to seek advice where necessary so that you are fully prepared and know your options.