What are the things you think about when considering retirement? All those holidays you’ll now have time for? Downsizing, or spending more time with family?
While there’s plenty of time for travel and adventures, it’s good to remember your day-to-day living will have the biggest impact on how your retirement plays out.
There will be financial changes, but don’t discount the emotional, social and physical changes that will also occur. Your retirement will probably last decades, so it’s important to give as much attention to these other aspects as you do to your financial strategy.
How will you spend your time?
Some people can struggle after finishing work for good. It’s important that you find a purpose and look after your mental and physical health as you get older. A recent study found a correlation between having a strong purpose in life, healthier lifestyle behaviours and slowing chronic illness.
Regular exercise is a great place to start. Staying active reduces the risk of health problems and also improves your social life. It could be as simple as a regular walk with friends, or joining organised classes or a sporting club.
What will my daily routine look like?
Having a daily routine and scheduled activities helps to create a sense of purpose and community in retirement. It’s best to think about what this could look like now, so you can start to focus on what interest you.
A recent poll of retired people found that retirement was spent travelling, working on their fitness and chasing passion projects like crafts or music.