Retiring after devoting yourself to decades of demanding work can be both an exciting and daunting phase in your life. Here are a few things that may change when you are no longer working:
Budget, budget, budget – Instead of HAVING to do stuff you now have more free time to do things you really WANT to do – these may include hobbies, lunches, renovations and possibly holidays. So be realistic with your budget, plan carefully, so that your pension income does not fade away.
The truth about health expenses and underestimating life expectancy – Plan for longevity, as the reality is that people are starting to live well into their 80s. You need a well-set plan to cover medical aid or have enough saved up for medical care. This will bring you peace of mind on your road to a long and happy retirement.
Panic over existing investments – The Market will always rise and unfortunately fall. Avoid panic over your investments by speaking to your financial advisor on a regular basis, so that you understand the facts and know you are safe and that your investments are growing.
Beat the Boredom – Keep your retirement a positive and exciting experience. Create a routine and include activities which explore your passions. Become involved in your community and participate in charities. Elderly have a wealth of wisdom and life experience to impart, don’t underestimate yourself and your talents. Remember watching television can be part of your routine, but should by no means ever become the key focus of your day.
Finally enjoy the time to do things you have always wanted to do and Mondays may just become your favourite day of the week!