When to retire and why timing is important

There is a lot to think about when you’re planning to retire. It is never too early to start making plans.

We are more aware perhaps than earlier generations of our abilities to lead a good later life. Nevertheless, our education is not done. We need to learn how to adjust to this major life change. The decisions you make from the start will form the pattern for the rest of your life.

Traditionally, we would define retirement as something to stop doing. Retirement means not simply stopping work but making life changing decisions about how you will spend your time and money in later life.

Leaving a job may sometimes be a decision made by someone else. In business, the market may change meaning you need follow a different strategy. Redundancy, retirement and exiting a business may at first seem a daunting prospect. But with careful thought, planning and action, later life can become the best years of your life.

People who welcome new activities, projects, hobbies and people into their lives find greater happiness than those who less vigorously adopt their new lifestyle. The better you adapt to this major life change, the happier you will be.

Financing your retirement

For decades, many of us took for granted that the pension funds we’d saved would fruitfully finance our retirement.

Pension regulation changes have changed in many ways. There are greater opportunities for entrepreneurs to take control of their own pension funds – with FCA (Financial Conduct Authority) approval, expert guidance and education.

Individuals can choose to invest in different types of pension scheme (drawdown, annuity, SSAS) to suit lifestyle, legacy decisions and approach to investing.

One thing is certain for everyone approaching their fifties – you need a competent, experienced, trusted financial adviser: someone you can go to for counsel in your personal and business financial future.

If you are thinking of changing your financial adviser read the Government’s Money Advice Service and Pensionwise to help you make informed decisions in this constantly changing financial environment.

The first steps to retirement

Perhaps it is time to speak to your manager about leaving your job. Or to put in place the strategy to exit your business. If you have been contemplating retirement for a long time, now is the time to act. But what should you do first?

Retirement needs careful reflection and planning for it to be successful.

Many of us don’t realise that what would benefit us most as we head for retirement is education.

We need to learn how to live in a completely different way.

Our routines will change. Our purpose will change. We are about to begin a whole new life. We must find new ways to feel a sense of accomplishment.

You will have no boss, no work objectives or targets, no deadlines, no rush-hour commute. You’ll need to replace all this with new leisure activities, hobbies and social contacts which bring meaning to your life.

It’s an opportunity to live life like you never have before. Are you ready for this kind of retirement?

How to enjoy retirement

A happy retirement depends on more than financial security alone.

Of course, our funds must finance our lifestyle throughout our later years. But it is how we spend our time and how well we take care of ourselves which determine our health, wellbeing and happiness.

When you have retired, you can be what you want to be. Create new goals. Fulfil new dreams. It is the time to do the things that matter most to you. And to spend time with the people who matter most.

You will be able to get up when you want to in the morning – and go to bed when you want to. In between, you will have the freedom to choose what you want to do, at your own pace. Your choice of lifestyle will influence your wellbeing.

A more rewarding life

Perhaps you are ready to retire.

Are you ready to plan for an alternative lifestyle?

Do you have a detailed list of things you want to do?

Are you continually asking yourself: “That’s something I will do when I no longer have to work?”

Are you feeling dissatisfied with your current job or business?

Do you dream of the day when you’ll be ‘out of office’ forever?

Have you prepared a list of rewarding activities and achievements to aim for?

Do you have ideas to create more variety in your life?

Would you like to study, learn, travel, volunteer, create?

Then you are ready for retirement. You can set your own agenda. You can choose where you live for location and lifestyle rather than because it’s close to your place of work.

Retire to luxury in Lakeshore

Come and visit the beautiful park homes at Lakeshore, Burton Waters. Arrange a viewing by phone. Or request us to call you at a convenient time.