In my profession, when I mention the topic of retirement to people it can often generates a mix of resignation/denial or fear. Many us will have seen older family and friends with declining health, unattractive lifestyles and living on reduced incomes. Unsurprisingly many of us hate thinking about retirement, never mind planning for it.
That said there is a growing number of retirees and many that I have worked with that are plotting a different approach. Living fulfilling lives that can even surpass their happiness and achievement of earlier years and I have considered what I call 4 big ideas that I believe contributes to their successful.
- Your Third Age
Improvement in health and diets has meant we are living longer and are having a better quality of life for longer, allowing many of us to have active and rewarding lives in our retirement years which is commonly termed as the third age.
The fixed concept of retirement in previous years of working to 55 – 65, retiring and spending your time pottering around is now changing. Many are now looking at it as a period of personal growth, goal achievement and fulfillment. It is when the mix of how you spend your time becomes more flexible allowing people to focus on their wider personal needs.
With this in mind ask yourself, “What are the things I always wanted to do but could never achieve due the commitments of family, career and/or debt?” A powerful question that can invigorate the mind, importantly put no restrictions on your list. They can be refined and prioritised gradually as you distill each item.
- Health
Much focus is placed on financial preparation for retirement but how are you taking care of your health today is far more important. Once clients have a certain level of income, good health and maintaining it becomes a priority in the third age.
Do you have a well balanced diet? Take regular exercise? Consult health professionals whether they be your doctor, personal coaches or nutritionist to help you make the right decisions?
It would be interesting in your next healthcare professional visit asking the question what do I need to do to maintain my good health long into my third age? There is a growing body of knowledge that recognises that our lifestyle and our diet is a significant factor in our health, meaning we have more control on our future health than previously thought.
Health is often treated as an afterthought but putting it at the core of your thinking will mean that you can plan and live your third age with more confidence.
- Thinking outside the box
There are many financial and lifestyle options available to you in retirement that can help you keep mentally engaged, physically challenged and achieve real fulfillment. I have listed some of the unconventional strategies that my clients have adopted that would not be considered traditional options. These include:
- Setting up a new business
- Downsizing or switching to a low maintenance property
- Splitting residences between countries
- Overseas charity work
- Lobbying/Campaigning for areas of interest
- Moving to part-time from age 50
This list illustrate that there are often more option available to people than the realise to help them to achieve third age life goals.
- Taking positive action
Ultimately if you want to effectively prepare for retirement a positive mindset is essential or at the very least a professional workman like approach.
As you know, success in life is as much to do with your desire and mindset more than anything else and preparing for retirement is no different. One effective approach, to prepare yourself for the third age is to talk to other people that you admire and ask them how they met the opportunities and challenges they faced. Learning from other people’s mistakes is always a good approach.
Work with the relevant professionals to ensure that you have got all areas covered and you are not missing any tricks. Take control of your retirement planning early to minimise the regret of lost opportunities later
Summary
Having worked with people planning and in retirement for many years the successful ones have applied many of the above big ideas. They see retirement as just a different stage of their development with every expectation that they will continue to enjoy life, targeting a rich list of activities and taking proactive approach to their health and financial plans.
At Trinity Financial Management we have many years of experience of working with clients to help them to plan and live a fulfilling retirement. Contact Frank on frank@trinityfinancial.ie to discuss.
This article is provided on the strict understanding that it is for the reader’s general consideration only. Accordingly, no action must be taken or refrained from based on its contests alone.
