Planning for your golden years

Those approaching retirement can often be concerned about how to fill their days after a long career.

Common concerns include boredom, loneliness or even feeling anxious by having more time but less money to spend.

These fears may sound surprising to anybody looking forward to the freedom of retirement, but in my experience it is always best to have a plan which incorporates changes in lifestyle, social interaction and financial circumstances.

An often-overlooked approach is to consider a transitional period in the latter years of a working career.

Reducing responsibilities or taking on different roles within an organisation can help promote a healthy work/life balance while offering an insight into retired life.

From a business owner’s personal perspective, this could be interlinked with a planned exit and passing over the business to others, which helps align business interests and personal goals.

Once retired, most retirees look forward to enjoying their early (or golden) years of retirement whereby they can travel, partake in leisure activities, visit friends and family or undertake charitable work - all great ways to enjoy retired life.

As the years go by, most retirees look forward to the simpler things in later life which may include spending time with loved ones and just enjoying a slower pace of life.

At this point, the need to finance an active retirement tends to reduce, although the focus may turn to the funding of future care and/or leaving a legacy to loved ones.

As always, the earlier a plan for retirement is considered and implemented the greater chance it will be successful.