Published: 29th August 2023 (2 Min Read)
‘It’s a transition,’ a colleague of mine used to tell me in the years prior to his retirement.

All that free time, to fill and enjoy. It sounds amazing however many retirees find its leaves a void which can be quite daunting. A survey by McCarthy and Stone found that 53% of over 65’s often feel lonely.

Financial security is a huge part of planning for retirement however there are other considerations to make is a success.

Morning greetings and other interactions in any workplace become embedded in our routines. The end of a career can feel like a loss, especially if it was fulfilling. Many seek out new opportunities like volunteering, interesting projects, pursuing hobbies or consultancy. There is no reason for purpose to become obsolete into retirement.

Retirement is a major life event and one most people will plan for well in advance.  Individuals do, of course, retire with varying levels of savings, at different ages, life stages and under different circumstances. High performance athletes, for example, will generally retire at a younger than average age and possibly pivot into a different career. Each individual’s circumstances are different, so they need to plan accordingly.

For many the potential cost of care means a reluctance to dip into capital until it is absolutely required. They may perhaps withdraw only the income generated from their investments, while those with greater financial resources might be more flexible. Whichever approach is adopted, the savings need to cover the drop off in earned income.

Spending assets which have been hard earned sounds easy but having spoken to many clients over the years, it can in fact be tricky. For some, saving money was a learned habit and so too is spending it.

Longer life expectancy means baby boomers, the generation retiring now, may live multiple decades post initial retirement. It is expected that from now until 2030, 10,000 baby boomers will retire each day. Some will have planned early, and others may still be paying off mortgages. All will need to consider keeping income up and expenses down as well as evaluating their options, wellbeing, goals and taxes.  Plan early and plan well.


Article written by
Fran Hamer