It doesn’t matter what age you are, at some stage you’re going to need to start thinking about how your life’s going to look when it comes time for you to retire from work – and the years beyond. Everyone’s circumstances are different, but whether you plan on living a life of luxury, or are content to just live modestly in your later years, it will pay to have at least some kind of a plan in place.
Here are three things you should consider.
Pay Attention to your Biggest Asset
No, it’s not your car and not even your house; your most important and valuable asset is your health. No amount of money or material wealth can compensate for bad health, and if you don’t take care of your body it won’t serve you well in your retirement. You should be making a lifelong commitment to your health, whatever your age, because neglecting it will cost you dearly – not only in medical expenses, but also the physical lifestyle you’ll be able to maintain. Join that gym, take that walk, make healthy eating choices and ensure you have regular dental and medical check-ups – in a nutshell, just respect your body for the wonderful machine it is and never take your good health for granted. Put simply your health is your wealth!
Get your Pension Plans in Order
While words like pension drawdown, annuity and tax certainly don’t roll off the tongue with the greatest of pleasure, making financial plans for how you’re going to survive when you come to the end of your working life is vital. Don’t be tempted to put organising and managing your pension plans in the ‘too hard basket’, and even if you think you might have left things too late, take heart in the fact that it’s never too late to improve on what you’ve got. The best advice is to engage a good independent financial advisor who’ll be able to advise you on the best wealth growing and pension set up for your individual situation. They may suggest things like a pension drawdown or an annuity to give you an income, they’ll be able to ensure you remain compliant in terms of your tax, and they’ll give you expert, tailored advice in order to give you the best possible life after you leave the workforce. Remember, just because you’ve never heard of a pension drawdown so far, it doesn’t mean it can’t be in your future!
Think About Life Outside Work
In the hustle and bustle of our busy lives it’s all too easy to get bogged down in stress as we focus on work, work, work. Of course, in most cases it’s absolutely necessary to put in the hard yards in order to earn the big bucks so you can actually plan for that comfortable retirement, but it’s just as important to remember what really matters in life. If you make a commitment to maintain a sensible and fulfilling life/work balance, everyone (not just you) will reap the benefits. Factor in quality time with your family, get out into nature as much as you can, and give back to your community on whatever scale you feel comfortable with – whether it’s volunteering or financial support.
Live a Balanced Life
When most people think of retirement planning, they think of the financial aspects, however it’s also extremely important to consider your physical, emotional and spiritual needs once you leave the workforce. It’s all about the balance…
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