Have you started retirement planning?
When thinking of retirement planning, remember that many of us will now spend more time retired than we do working. That’s a big change.
We need to plan retirement like it’s a second career to make sure it’s both comfortable and fulfilling. Research shows that many people spend more time and effort in planning an annual holiday than they do on their retirement planning.
Retirement planning is about so much more than money. It’s about how your priorities change, how you spend your time and money to lead a full and happy life.
And so, retirement planning and coaching addresses the issues that are supplementary to wealth management and helps you to plan for an active and successful life after work.
Retirement planning Ireland and coaching
Most experts agree, a successful retirement needs:
- Income: we will of course, help you with this
- A social network of friends, family and loved ones
- Interests and new purpose: without a career to focus on you’ll need new ways to fulfill ambitions and creativity
- Personal development: learning new skills or improving physical fitness
- Happiness: this is what you’ve worked all your life for afterall, and it should derive from getting the other four things in this list in place
Nearly every client we speak to wants a plan for income, but most haven’t considered the other factors.
Retirement coaching helps prepare you for the more personal aspects of retirement planning. Using our experience, social science and research, we’ll help you understand the mental, social and physical adjustments you may need to make in order to enjoy retirement to its fullest.
It’s easy to underestimate this. However, we’ve seen that many people struggle with retirement life simply because they don’t plan for not working – this is especially the case when people plan to go abroad and retire. Often the only experience of life overseas is during holidays and vacations, and approaching your retirement as a 40-year holiday will actually make it less enjoyable and fulfilling.
Yes, there will be a honeymoon period, but after a few months without any retirement coaching you can lose purpose and become bored, and this decline can become cyclical.
You can read more about Retirement Planning FAQs
Help with Retirement Planning
It’s true that often people don’t realise how much they liked working until they don’t need to anymore.
One thing we often find is that, when work is removed and not replaced with new behaviours and practices we reduce ourselves to defaults and biases – and this means you simply do more of what you know. However, because you have more time to fill, the same routines and activities are repeated too often and lose value. Furthermore, you don’t pursue all the new things you wanted to achieve with more time, simply because you haven’t planned how to.
But by simply reading this page, you have a chance to rectify the mistakes that many people make in retirement, and should you choose to work with Imperius Wealth further, you will be able to really prepare for life after the day job.
We can really drill down into the structure, purpose, routine and social interactions you used to get from your job and if we need to factor in suitable replacements.