Being a speaker at over 200 retirement seminars during the past 8 years, with financial organisations such as AMP, Catholic Super, Mercer, Local Government Super, Bridges, Money Max – New Zealand, to name a few, I have recently been reflecting on what I have learnt about how people handle moving from worklife into retirement – the ups & downs. I have learnt a lot about what pre and post retirees find challenging about retiring.
I have learnt that :-
- Financial planning is not the only preparation we need, for a successful life in retirement. Life planning is just as important, especially as we are living 20-30 years longer than people 100 years ago and have more time to fill in.
- Some people in R have a very large ‘nest egg’ but are too scared to crack their eggs open to enjoy their retirement lifestyle.
- Some people cracked too many eggs too quickly, then regretted it and aren’t enjoying their lifestyle either.
- Financial planners who organised the seminars for their clients, found that they were able to work together more effectively with their clients on their financial plan, when their clients developed a life plan.
- People who are prepared to invest in a quality of life as well as investing financially for their retirement, are more likely to live a happier, healthier life in R.
- I have learnt that people who have other interests during their life, besides just work, transition into R more easily with a new sense of purpose, than those who didn’t. It also creates new friendships outside of just work colleagues.
- Heading into R is like getting your “L” Plates all over again! Learning how important it is to develop a life plan as well as a financial plan, has steered many people towards getting their “P” Plates so that they start to transition more confidently into this new stage of life. As one door closes, another one opens.
- Communicating clearly with your partner before you retire is so important, to see if you are on the same wave length, to avoid unnecessary stress later.
What I have valued so much from being a retirement speaker on the life planning side of retirement, is the wonderful feedback I’ve had from both financial planners and their clients. Instead of fearing this new stage of life – “What am I going to do all day?” so many people have told me how much more confident they feel about retirement and the things they can start doing to prepare for it. Also, people’s feeling of self-worth stays strong.