Do you feel anxious or excited when the topic of retirement comes up? Some people cannot wait until they retire and skip out the door excited about the next phase of their life.
For others though, the thought of retirement can lead to levels of anxiety and stress and they often struggle setting the date. Below are a sample of the concerns they experience:
- “I’m worried about drawing on my own capital to fund my lifestyle Now that the income-tap is turning off.”
- “Can I continue to enjoy the same lifestyle I’ve enjoyed whilst working?”
- “Will we be in each other’s way at home all the time?”
- “Will I have enough money?”
- “I’ve worked in this vocation my whole career. I feel like I’m losing my identity.”
- “What will I do with all that time?”
It is very natural to have some of these concerns. What we’ve found however is that although they’ve experienced some of the above concerns, after several months into retirement, they wonder how they ever had the time to go to work!
When completing a retirement plan for someone, you will often here us quote the following, “you need a whole lot of health, a little bit of wealth and something to do”. Typically two out of three can be met…
Whilst a financial planner can assist with some of the above concerns, specifically related to the financial issues, sometimes it might be necessary to speak with a Retirement Coach or counsellor about transitioning into this next phase.
A key ingredient for us as planners is to help you understand how much you spend. This will help us determine whether you will have enough money, how long it might last or whether there are any gaps.
We encourage people to start planning their retirement the day they start work, but we understand most people don’t start planning until they are in their 50’s. Remember it’s never too late to start planning your retirement so get onto it now!
If you, or someone you know, has any of these concerns about their retirement, please tell them about the important work we do.