Being ready for retirement is necessary to ensuring the positives of change far outweigh the negatives. We have explored in our blog post, ‘Retirement: Is it all good?’ (read that here) the issues associated with retirement and the need for advance preparation.
What can you do?
Firstly, get your financials in order. Understanding your financial position and capacity upon reaching retirement is one stress you don’t need. Getting the advice and knowledge you need starts with developing the right relationship with a professional financial advisor who can assist in your preparation and step you through the process.
Secondly, it is important to understand what is going to fill your time in retirement and what you really want to do with all that freedom. Outside of work, think about what gives you the most satisfaction in life, the activities, pastimes and hobbies that you think will make your retirement both fulfilling and enjoyable. There is little point in planning to buy a caravan to travel Australia, when what you really want to do is help out your friends from Rotary or spend time fishing with your grandkids.
Finally, your social networks are going to be important. Many of us let these drift a little owing to work and family pressures as we progress through middle age. In retirement we have plenty of time to share with old friends, family members and others whose company we enjoy. If you have started thinking about retirement, it is a good time to start exploring these questions and issues and developing your plan for what should be a very exciting time.
ClearWay Advice and Financial Management is a Corporate Authorised Representative Representative No.473095 of Keystone Partnership Pty Ltd ABN 22 169 650 720, Australian Financial Services License (AFSL) No.466137.