Are you really ready to retire?

For most Australians, retirement planning is a financial exercise. If you have done the ‘right’ things, contributed to your superannuation and accessed quality advice on managing your nest egg, then you’ve taken the first steps towards a successful retirement.

However, it is far too easy to think of retirement as a financial number you achieve and an extended holiday. This approach is fraught with danger and misses a crucial part of preparing for your new circumstances.

You should consider several key areas as you create your retirement life. 

1. Understand what kind of life you want

Far too many pre-retirees make the mistake of thinking that the financial and retirement plans are the same things – that the life part will take care of itself.

This stage of your life deserves a more holistic look, and plan to understand what you want your life to look like. What changes do you anticipate as you navigate retirement? How will you get the most out of each and every day?

These are important questions as you contemplate your move into this next phase of your life.

2. Mental & physical aging

Healthy aging is a major part of your retirement plans and lifestyle.

While the aging process is normal and affects us all in different ways, there are some things that we can all do to ensure that we “put time on our side” by looking after ourselves.

Most people think that being healthy physically is the key to healthy aging. In retirement, healthy mental aging is just as important (some say even more so). Keeping yourself mentally active each and every day will ensure you nourish your mind to maintain your mental health. Engaging in the many options available to keep you physically active will support your overall well-being by maintaining your mind, body and soul.

3. A positive definition of ‘work.’

Even when you leave the traditional workplace, you will still have a need to share your workplace strengths and skills. If you have a positive attitude towards the workplace, then the desire to have a retirement free from any kind of work becomes irrelevant.

Work doesn’t have to be full-time, it doesn’t have to be something you don’t like to do, and it doesn’t even have to be for pay! Many retirees use volunteering as a way to replace the things they miss most about their previous work.

The grey army is recognised for its value in today’s society and often fills the workforce gaps due to a skills shortage.

4. Family & personal relationships

Our close personal relationships define us, give us a purpose for living and encourage us to create life goals.

In retirement, our friendships and close relationships may offer us the validation that we may have received in the workplace. Researchers have found that people in satisfying personal relationships have fewer illnesses and higher levels of good overall health, adding to your retirement enjoyment and years of your life!

5. An active social network

As you get older, your social support network becomes increasingly important.

Successful retirees generally have robust social networks that provide them with friendship, fulfilling activities and life structure. As part of your retirement plan, consider the important connections you have created and what you can do to continue growing your social network.

6. A balanced approach to leisure

We all enjoy leisure time, but things change when leisure becomes the central focus of our day-to-day life. By its very nature, leisure loses its lustre when it is the norm in our life rather than a diversion.

In retirement, leisure activities often replace workplace functions to meet our basic needs. Successful retirees balance their leisure over many different activities and take the opportunity to do new things and not get into a rut.

When assisting clients through the transition to retirement, we encourage clients not only to consider the financial aspect of retirement and what lifestyle areas to explore for a fulfilling retirement. You can have all the money in the world. However, your retirement may not reach the heights you had hoped for without a plan to achieve it.

Speak to the JBS Financial team to discuss your plan for the life you want to live in retirement.

Jenny Brown – CEO