If you’re under 40, chances are that your eyes glaze over when someone mentions the word “retirement”. What is sorely needed, is a change in mindset around what can be an extremely rewarding and satisfying time in one’s life – with the right planning in place.
Time really does fly, and yes, you will get there too – even though it seems hard to believe right now. As with any other journey in life, you need to be prepared.
The retirement journey is not one you can make up as you go along. Many mistakes at this point can’t be rectified without the luxury of time, so this means that planning during your youth is vital.
But enough fearmongering. Journeys are meant to be exciting…
Re-imagining your future life
Think of all the things you want to do, see and experience. But for most of us, career, family and other responsibilities take the centre stage during our working years, leaving unfulfilled dreams as we approach retirement. This can be an exciting time to try new things, but to do these things, you need money and, of course, physical and mental health.
The five phases of retirement
There are five broad phases that most people will go through.
- Pre-retirement phase. This is where you re-imagine how you see yourself and plan the next stage of your life.
- Full retirement is the second stage, often called the honeymoon stage. You’ve just stopped working and are enjoying your new life.
- The third stage that can set in is the disenchantment phase. The honeymoon stage has ended, and this is where you may become disillusioned if you haven’t planned properly.
- Re-orientation comes next. This can be the most challenging stage as it involves analysing why you’re disillusioned and creating a new identity so as not to feel a loss of purpose.
- Reconciliation and stability is the final stage, and this could even be up to 15 or 20 years after you’ve retired, given that people are living longer. This is where you feel contentment, are less anxious and more fulfilled.
Five ingredients for a successful retirement
Industrial psychologist and author Professor Johann Coetzee lists five key ingredients that need to be taken into account for a successful retirement:
- Health, energy and stamina – your health is key and your physical health affects your mental health.
- Relationships – being able to relate to your partner, children, grandchildren and friends is vital.
- Finances – having adequate funds enables you to do the things you want to do.
- The broader macro-environment also affects the quality of life. Maintaining contact with a financial adviser will go a long way towards ensuring your portfolio remains well-positioned.
- Meaning – Focus on the joy of life. Stay productive and make a positive contribution where you can.
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