{"id":7755,"date":"2022-12-05T12:01:09","date_gmt":"2022-12-05T01:31:09","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/preparing-for-the-next-chapter\/"},"modified":"2022-12-05T12:01:09","modified_gmt":"2022-12-05T01:31:09","slug":"preparing-for-the-next-chapter","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/preparing-for-the-next-chapter\/","title":{"rendered":"Preparing for the next chapter"},"content":{"rendered":"
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Retirement means starting a new chapter of your life, one that gives you the freedom to create your own story, as you decide exactly how you want to spend your time. While retirement may not be part of your immediate plans, there are advantages to giving some thought as to what retirement looks like for you and how to best position yourself, well before you leave the workforce behind.<\/strong> <\/p>\n

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A time of profound change<\/h3>\n

Even setting aside the huge financial implications of leaving a regular salary behind, retiring from work represents one of the biggest life changes you can experience. <\/p>\n

For most people, the freedom of being able to do whatever you want to do, whenever you want to do it, is pretty enticing. However, it is quite common to have mixed feelings about retiring, particularly as you get closer to retirement. What we do for a living often defines us to some extent and leaving your job can mean a struggle with how you perceive yourself as well as how others view you. Coupled with the desire for financial security in retirement and the need to make your retirement savings last the distance, you have a lot to be dealing with. <\/p>\n

So, let\u2019s look at the things you need to be thinking about sooner rather than later, from an emotional and practical perspective, to ensure your retirement is everything you want it to be. <\/p>\n

Forge your own path<\/h3>\n

Don\u2019t be tied to preconceptions of what retirement is all about. Retirement has evolved from making a grand departure from the workplace with the gift of a gold watch to a more flexible transition that may unfold over several years. Equally, if the idea of a clean break appeals to you then that\u2019s okay too and you just need to plan accordingly. <\/p>\n

The same applies for your timeframe for retirement. The idea that you \u2018have\u2019 to retire at a certain age is no longer relevant given advances in healthcare and longer lifespans. If work makes you happy and fulfilled, then it can make sense to delay your departure from the workforce. <\/p>\n

Planning how to spend your time<\/h3>\n

It sounds obvious but you\u2019ll have more time on your hands so it\u2019s important to think about what you want to devote that time to. A study found that 97 per cent of retirees with a strong sense of purpose were generally happy and satisfied in retirement, compared with 76 per cent without that sense.i<\/sup> Think about what gives your life meaning and purpose and weave those elements into your plans. <\/p>\n

If you are part of a couple, it\u2019s critical to ensure that you are both on the same page about what retirement means to you. This calls for open and honest communication about what you both want and may also involve some degree of compromise as you work together to come up with a plan that meets both of your needs. <\/p>\n

Practical considerations<\/h3>\n

There\u2019s a myriad of practical considerations once you have started to plan how you\u2019ll spend your time. <\/p>\n

Here are a few things you may wish to consider: <\/p>\n