Reaching age 60 and retiring after a lifetime in the workforce can be very daunting, even if you have enough financially with your superannuation and savings. This can truly mark the beginning of a new chapter in your life, I like to call the ‘Third Act’. Here are some things you may want to consider doing or looking at even if you have not reached this milestone:
Financial Planning: Even though you’ve retired, it’s essential to continue managing your finances wisely. Assess your current financial situation and make a plan for how you’ll sustain yourself throughout retirement. Consider consulting with a financial advisor or retirement coach who can help you make informed decisions about investments, withdrawals, and budgeting. We are all living longer and it’s important our money, lasts as long as we do!
Explore Hobbies and Interests: This time of life offers an opportunity to pursue activities you may not have had time for while working. Explore hobbies, interests, and passions that bring you joy and fulfillment. Whether it’s traveling, gardening, painting, or learning a new skill, now is the time to indulge in activities that enrich your life.
Stay Active and Healthy: Physical and mental health are crucial during retirement. Maintain an active lifestyle through regular exercise, whether it’s walking, swimming, yoga, golf or any other activity you enjoy. Additionally, prioritize your mental well-being by staying socially connected, engaging in stimulating activities, and seeking support if you experience any mental health challenges.
Volunteer or Give Back: Retirement is an excellent opportunity to give back to your community or pursue causes that are important to you. Consider volunteering your time and skills to charitable organisations or community groups. Helping others can bring a sense of purpose and fulfillment during retirement.
Review Estate Planning: Ensure your estate planning documents, such as Wills, trusts, and powers of attorney/guardianship, are up to date. Review your beneficiaries and make any necessary changes based on your current circumstances. Also discussing with your family now, how your Will is set out and how you would want your assets distributed can help minimize and issues or complications for your loved ones after you have gone.
Travel: If traveling is something you’ve always wanted to do, retirement provides the perfect opportunity. Whether it’s exploring new destinations, visiting family and friends, or embarking on a dream vacation, take advantage of your newfound freedom to see the world and create lasting memories.
Stay Connected with Loved Ones: Retirement often provides more time to spend with family and friends. Cultivate and maintain meaningful relationships with loved ones, whether it’s through regular visits, phone calls, or virtual communication. These connections and feeling part of a community, are essential for emotional support and companionship during retirement.
Remember, retirement is a significant life transition, and it’s okay to take some time to adjust and figure out what works best for you. Embrace the freedom and opportunities that retirement brings and make the most of this exciting new phase of your life.
Article by Marc Bineham – Money coach, speaker and award-winning author of The Money Sandwich