Retirement is a significant life change. The transition to retirement takes you from your working life to the stage of doing, what you want and when you want in your new life stage, RETIREMENT.
People assume that the retirement transition needs little planning because they feel it is an easy transition, a bit like the transition from your working week to the weekend. For those who are forced to retire then the transition to retirement is more difficult.
Due to the increase in the average life expectancy and forced early retirements, a retiree can expect to live up to 30 more years in retirement, almost one-third of their lifetime. So you need to plan for your retirement as early as possible.
In your plan, you need to consider both your financial needs and the non-financial. Find activities that provide purpose and meaning to life.
Planning that makes the transition to retirement easier includes:
- setting a budget for expenses
- developing an asset allocation strategy for investments
- determining the withdrawal strategy from you all of your retirement income streams.
Retirement is one of life’s most difficult transitions, comparable to divorce or death of a spouse. It is a more difficult adjustment than getting married or becoming a parent.
The best way to transition to a meaningful retirement life is to plan for it.
To discuss your Retirement Plan and develop a strategy for the future please contact us directly on (07) 3170 3707 or email us.
