Life is a journey, during which we all face changes and transitions from time to time. Some of these are happy, planned new chapters of our life, such as marriage, or becoming a parent, whilst others are less positive and can come out of the blue, for example divorce or ill health.
|
Transition From |
To |
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School |
Further Education |
|
Graduation |
Work |
|
Single |
Married |
|
No Kids |
Parenthood |
|
Married |
Divorced |
|
Noisy House |
Empty Nest |
|
Parent |
Grandparent |
|
Work |
Retirement |
|
Elderly Parents |
Inheritance |
|
Family Home |
Downsize or Re-size |
|
Active Retirement |
Slowing Down |
|
Feeling Healthy |
Health Issues |
|
Married |
Widowed |
|
Independent |
Cared For |
|
Later Life |
Rest in Peace |
It is possible to take precautionary action against some of life’s unknown challenges, but one can never eradicate all the risks. On the other hand planning for a desired transition in our life, should be both rewarding and fulfilling, even if perhaps it’s a little daunting and unnerving.
This may explain why in our experience, people fail to plan properly for what is often a major transition in their life – retirement.
The single biggest reason why so many people struggle with the transition from working life into retirement, is because they haven’t fully appreciated the fundamental changes that will take place.
Firstly the balance of our two key resources, time and money, are completely turned upside down when we retire. We move from having regular income, but little time to enjoy ourselves, to a place where we have abundant time, but the regular income needs to be sourced from elsewhere.
Secondly how we choose to utilise these two resources need to coincide with our core values and beliefs. Furthermore, they should also fit in with the beliefs and values of those closest to us. The trouble is, it’s not always easy to articulate what those core values and beliefs are.
Often our values and beliefs are satisfied by the non-financial elements we get from working. The sense of being appreciated for a job well done, or of belonging in a community through social interaction. Without understanding what these values and beliefs are, how can we plan to ensure they are fulfilled once we transition into retirement?
If you are contemplating retirement in the short to medium term, or perhaps you have recently retired and are struggling to make the change as smooth as you had hoped, please click here to download our free guide on preparing for retirement.