Retirement used to be a “reward” for all the years of hard work endured, but is the concept now out of date?
For many these days, retirement may not cross their minds – they may just want to slow down, move into a different field, or they may want to give up work at 35 to live on a desert island! Retirement, or the concept of retirement, is different for everyone but it is no longer what used to be considered a traditional retirement – so much so that some have started referring to it as “Life Two”.
People become so concerned about their retirement years (whatever they may be to you):
- Will I run out of money?
- Will I lose my identity?
- How will I fill my time?
- What do I want to do?
Instead of feeling the fear, panicking for ten years or more and feeling sick about having to retire, why not set some time to think about it – get organised so you can have the best later years possible. Think of it as a project, but a fun one for your future “Life Two”.
There are three main things to consider: your identity, your time and your finances, and it is so important to think about them all if you want to feel ready for and relaxed about your retirement. Focusing too much on one may mean you have a lot of money but no idea what you want to achieve with it or how you will achieve it. On the other hand, you may have lots of great ideas about how to spend your time but no money to make them happen. All a bit pointless really! To have a successful retirement all three things need to be addressed and included in the “Life Two Plan”.
Ideally, you should probably think about this Plan twenty years before you want to retire, more if you can think that far ahead. And always seek help from professionals when looking at your finances – they can definitely help with this element of the plan – the rest is up to you.
The overall message is, don’t see retirement, or in fact, any major transitional period in life, as scary. Instead, see it as exciting and full of opportunity. Keep it balanced, mix in fun and purpose, always include those important people in your life and always remember that your retirement is what you want it to be, not what you are told it should be.
Redwood is one of the Souths’ leading Pensions, Investments, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning and Probate, we can advise on any situation. Join us at one of our Free Public Information Seminars: Book online Book Me A Place!, Call us on 01489877 547 or Email info@redwoodfinancial.co.uk to book a no-obligation Initial Meeting with us to review your financial planning needs.
