For many, retirement planning probably starts when they first contribute to a pension. At first it seems a lot of money to lose from that pay packet, but then it becomes routine. Some might also invest money as and when circumstances allow. Apart from the occasional life event that reminds them to check up how much everything is worth, or moving job and needing to do a little pension paperwork, life after 65+ is pretty much forgotten about.
That is, until retirement is very much on your horizon. When that actually is varies, of course. There is no “official” retirement age. You may think, like so many others, that you can only retire when you reach state pension age. So, unless you’re consciously aiming for an über-early retirement (link to FIRE blog), you’re probably starting to think about retirement in midlife – your 50s and early 60s.
Even then your focus is probably firmly on the financial side:
- How much is my pension?
- What is my investment portfolio worth?
- Can I afford to leave work behind for good?
The non-financial side of retirement
What many people don’t do is plan for the rest of their retirement, which is how you’ll live your life for the next 30+ years. (It’s not surprising, as nobody ever teaches you how to retire!)
As an experienced ex-financial advisor and retirement coach, I have helped scores of local couples and individuals plan for a fulfilling and enjoyable retirement. Yes, we often start with the financial, but only because it sets a framework for the rest. Retirement is about enjoying every day, and that comes from planning your retirement in 7 other key areas:
- Family
- Social life
- Health
- Personal Growth
- Giving Back
- Leisure
- Your Purpose (a reason to get up in the morning)
So, when should I start planning?
– Ideal: at least two years before retirement
You may start getting a strong desire up to 5 years away from retirement, but I find the ideal to be around 2 years before. A 5-year timeline before your planned retirement is certainly within reach and serious planning starts from here.
Professional advice and guidance with retirement planning really gets serious and exciting around two years before your preferred retirement date. This is when it all really becomes a reality (24 months!). A 2-years in advance planning period sets you up with a midlife game plan that allows you to transition into retirement in a way that suits you, and at your pace. It also gives you time to really consider what you want from retirement.
– Stress-busting: 6 months before retirement
If you find yourself with six months left at work, and have zero idea of what you’re going to do, call me. Investing some time with me now in making comprehensive and holistic plans will reap dividends. Nobody wants to wake up on Day 1 (or any day) of their retirement and think, “What on earth am I going to do today?”
– Panic! Immediate help
If the decision to retire is forced on you unexpectedly through redundancy, ill health or other personal circumstances, call me. We’ll set a date for a personal 1-to-1 consultation ASAP where we can discuss your current position and help frame what retirement may look like both in the short and long term. With some thought, some planning and with my professional advice, you’ll be much more confident about saying “Yes, my retirement is going to be fine.”
– What next? Post-retirement
If retirement isn’t living up to your expectations, it’s good to take some time to review exactly what you are doing, what you’d like to be doing, and how you are going to turn retirement from an existence to an adventure.
Even if you made plans, they may no longer be applicable.
- You may find yourself three years into retirement with a completed ‘to do’ list and wondering what to occupy your days with next.
- You may feel your social circle has shrunk
- You may decide you want to give something back, or learn something new.
As an experienced retirement planner I can help you get your retirement back on track, and help you achieve your retirement goals.
I’d love some help with retirement planning. What happens next?
Just get in touch for your initial, no obligation discussion about your personal circumstances, goals, dreams, passions and interests. Together, we can work out the best way forward for you, either as
- An in-depth one-off review,
or
- A few sessions so you can put things into place over time
Contact me, Paul Hammond, to discuss your plans, and we can take it from there. It’s never too late to plan.