If you’re nearing retirement, you may be starting to think about planning the next stage of your life, so, what should retirement planning include?
Stratagem Financial Planning have laid out five questions that you should think about as you approach retirement. They can also help you get the most out of the financial planning process by ensuring your aspirations are at the heart of any decisions you make.
1. What are you looking forward to in retirement?
If you’re nearing retirement, you may be excited about the next stage of your life. Setting out what it is you’re looking forward to can help you make decisions that are right for you.
According to the Great British Retirement Survey from interactive investor, 49% of people that haven’t yet retired are looking forward to greater freedom and 42% see retirement as an opportunity for a new business or hobbies.
3 in 10 people still working think their life will improve when they retire. Pinpointing what it is that will make retirement an exciting milestone for you is crucial.
2. How will you fill your days when you retire?
While you may have big plans for your retirement, it can be easy to overlook the day-to-day when you set out your lifestyle.
3. How will you maintain social connections in retirement?
Work can play a pivotal role in your social life. So, when you retire, it can leave a gap.
4. What will give you purpose in retirement?
Much like filling your days, retiring can pose a challenge for some retirees if they feel like they’ve lost their purpose and drive when giving up work.
According to an Aegon report, just 4 in 10 people think about what gives their life joy and purpose.
Considering your driving force is a useful exercise at any point in your life and reviewing this as you retire is an important task.
5. Do you have any concerns about retirement?
While you may be looking forward to retirement, it’s natural to have some concerns too.
From worries about your finances to being anxious about the lifestyle change, thinking about your concerns is as important as setting out what you’re looking forward to.
It means you can address any worries that you have and put a plan in place to deal with them. By being proactive, you can really focus on enjoying your retirement to the fullest.
Using your lifestyle goals to shape your financial decisions.
By combining lifestyle and finances when you’re retirement planning, you can have confidence in the decisions you make. Please contact Stratagem Financial Planning to discuss your retirement and the lifestyle you’re looking forward to.
Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
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