Why you need to plan for a successful retirement

Plan for a successful retirement

It is important to consider the kind of lifestyle you want before you retire. Start to make plans for a successful retirement, and even implement some of them, before you leave work. A person who carefully plans for retirement is more likely to feel positive about it, while a person forced into early retirement due to redundancy or illness may find it harder to cope with the transition.

Research has also shown that people who plan for the future tend to be healthier, more active, and enjoy being retired more than those who don’t plan.

What’s key to a successful retirement?

Many people think financial planning is all that is needed when considering retirement. Yes, a financial plan is important but it is really only a portion of a complete and successful retirement plan. So make plans for your financial future, but also make plans for your lifestyle, relationship, family, hobbies and part-time or volunteer work.

Financial security

You should determine the amount of money you will need for retirement, including living expenses and medical costs. Depending on your circumstances, you may want to seek financial advice from a financial planner, accountant or similar. One way to help preserve as much of your money as possible and maintain the lifestyle you want is to create a budget. If you can, set aside some money for emergencies and unexpected events.

Work options

Many retirees take part-time jobs. Glide Outplacement’s retirement planning consultants can help you decide whether you want to look for a role related to your previous career, investigate new career paths or start your own business. They can also help with developing a resume and identifying job opportunities, and give you tips on networking and interview skills.

Building and maintaining social networks

Generally, being socially involved usually goes hand-in-hand with an enjoyable and successful retirement, a healthy lifestyle, and a positive sense of oneself.

Volunteering

Volunteering is a good way to expand social networks while also doing something good for neighbours and community. It can be a satisfying way to add structure and purpose to your life, and there are many community organisations to choose from.

Maintaining physical and mental health

Exercise improves physical health and boosts cognitive abilities such as memory and logic. Joining a gym, walking club or team sport can also add a social element to your weekly routine. Put time and energy into much-loved interests. Being alert and engaged means your brain is getting some exercise. If you are feeling persistently depressed or sad, see your doctor.

Lifelong learning

There are always new things to learn and retirement provides the time to learn them. Further your education with a short course or university degree, and meet like-minded people at the same time.