Contemplating Retirement
When clients come to us to talk to us about their upcoming retirement, their initial questions generally revolve around money. How should they structure their benefits, do we think they have enough saved to enable the lifestyle they want and how should they invest their retirement fund going forwards? All very important questions, and we answer these fully and guide people carefully
towards the right decisions in relation to their financial life in retirement.
But retirement is about so much more than money, and we also encourage you to give lots of thought to the areas unrelated to your finances.
Being retired is a completely new phase of life, the activity that has occupied so much of your time, thinking and effort is no longer there – the world of work. The daily conversations with colleagues cease and indeed your sense of purpose can be somewhat unclear. It’s time for a new focus!
If you’re interested in reading up on this new phase of life and the many different aspects to consider around the whole ageing process, there is lots of great research in this area. A great place to start is with research carried out by Trinity College Dublin and The Irish Longitudinal Study on Ageing, or TILDA for short – see https://tilda.tcd.ie/. This is a large-scale, nationally representative, longitudinal study on ageing in Ireland, the overarching aim of which is to make Ireland the best place in the world to grow old. This will provide you with very valuable guidance.
However, we’d also like to give you our 5 quick tips to living a more fulfilled retirement.
Stay healthy
This is the obvious one. Life is not there to be lived in an armchair. Eat well, drink moderately and exercise regularly. You’ll feel better, will have more energy and being out and about will open you up to new people, new places and new experiences.
Stay sharp
Your physical wellbeing is so important, but equally so is your mental health. Look after this every bit as much as your general fitness. Challenge your brain in different ways. This might be by doing daily quizzes or crosswords, it might be by undertaking some study. For some people it may be about staying informed and building reading in as part of their daily routine.
Challenge yourself
We’re never too old to learn new tricks… At retirement, which for many people is in their early / mid 60s, most people are still very capable of learning new skills. Whether this is finally taking up golf, learning how to sail or learning a new language, there are an infinite number of potential activities to learn. Pick one that you are passionate about and go for it.
Stay socially engaged
With more time on your hands and less places that you must be, it can be easy to just withdraw a little bit into yourself. Be aware of this and the need to stay engaged with society. So, whether this is actively meeting friends for a walk or for lunch, getting involved maybe on a committee in a club that you’re a member of or sometimes going to an event that you’re not too pushed about, you’ll rarely regret making the effort. Staying connected is a key factor to a healthy and happy retirement.
Add value
You’ve contributed so much to a business, colleagues, and the world in general during your working life. That doesn’t just end in line with a date change – you still have so much more to give. Do you have professional skills and wisdom that you can pass on to younger members of your sector of expertise? Could you mentor someone at an earlier stage in their career? Is there voluntary work that you can do for the benefit of your community or society in general? The focus of this work may no longer be about money – it’s far more important than that. It’s now about making a difference and building a better world.
So when you think about retirement, don’t only consider the financial side. There’s a new life there
waiting to be lived.
Check out our other Retirement/Pension Tips:
ARF Withdrawals and your PRSI record
Article first produced on PPS Monthly October 2022 Newsletter.