Retirement

Retirement is a significant life change.  The change from work to retirement gives you the opportunity to move from working life to doing, what you want when you want.  Curiously many find this change not as welcome as they anticipated, even if they have sufficient funds to do everything they had hoped to do.

People assume that the retirement transition needs little planning.  Some feel it is an easy transition.  For those who have retirement thrust upon them the transition is usually more difficult.

With an increase in the life expectancy and forced early retirements, a retiree can expect to live up to 30 more years in retirement, almost one third of their life time.  This does take some planning.

In your plan you need to consider both your financial and non-financial needs.  This includes identifying activities that provide purpose and enjoyment in retirement.

Planning that makes the transition to retirement easier includes:

  • setting clear financial goals
  • developing an asset allocation strategy for investments
  • setting the amount of income to be drawn your superannuation.

Retirement can be one of life's most difficult transitions, comparable to other major life style changes.  Research has show that it can be a difficult adjustment if not well planned.

The best way to transition to enjoyable retirement life is to plan before the event.