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Retirement can be scary!

When you have worked for 40+ years, the idea of not going to work and leading a stress free existence can be a very appealing idea. However, as the date draws closer the reality can be a little scary. If you are a business owner,  partner in solicitor firm or senior director, this can be particularly difficult as your identity often blurs with the business.

The idea of waking up on a Monday and not having a purpose can lead to feelings of being unfulfilled and lacking direction. This might sound silly, but there have been studies done that show people need to have some kind of purpose in their life. It’s why we often see successful people retire and then return to some form of work 6 months later when they are bored of playing golf all the time!

So how do you manage this transition and find your purpose? For everyone, it’s different. Often it’s about identifying what’s important to you. This can be a combination of things including…

  • Spending more time with family and loved ones;
  • Travelling;
  • Hobbies;
  • Learning a new skill, e.g. learning a language, musical instrument, etc.;
  • Learning to play a musical instrument;
  • Ticking life experiences off a bucket list;
  • Spending more time looking after your health;
  • Devoting time to a charity;

In some instances, the purpose can actually be more work. This could be starting a business venture you’ve always wanted to, consulting, coaching the next generation or combining hobbies with work.

One of the keys is aligning your finances with your purpose. Knowing that you have the freedom to pursue what you really really want without worrying about money means you can make the choice you want to. You can do things because you want to, not because you have to. Importantly, retirement (or financial freedom as we like to call it) can be exciting, fulfilling and great fun; rather than scary and a bit dull!

Happy planning!