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Retirement Planning

Thinking of retiring or of taking an exit package but can’t make up your mind? Here are just three points to ponder

 

stock-photo-empty-parking-lot-242447182 1. Money:

When considering retirement planning you need to base your decision on a rock solid knowledge of your future income.   If finance is “not your thing” get independent financial advice on retirement planning.  It will cost you, but it’ll be worth it in the long run. When you know your future income with certainty you can see if it will fund your future lifestyle plans or if you will need to adapt your retirement plans. The question you need to answer is “How much money will I have”?

  1. Time:

Most people work more that 40 hours a week. That’s 2000 hours a year, all of which becomes available to you on retirement. Time is precious but you need to plan how you will use it. It can be hard to decide where to park when the car park is empty and the parking possibilities are endless. Likewise your new time bonus will seem confusing if you simply drift towards it without making retirement plans. The simple question to ask yourself is: “What will I do with my time”?

  1. Relationships
    Human beings are group animals who love belonging to groups. Work provides you with a social network of friends and colleagues that, unfortunately, can vanish on retirement. So you need to focus on your outside-of-work friends and to maintain and nurture those relationships. You may have left some friendships slip while you were paying attention to your career. If so, you may need to join new social circles now that work is gone. Ask yourself: “What will be my social life be like now”?

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