Planning for your retirement is about far more than organising your finances.
Mapping out your best retirement should start with your dreams and desires. So, before you stop working, take time to focus on what matters to you, what drives you, and the lifestyle you want to be living in the future.
This is your starting point. But thinking about yourself, your hopes, and aspirations may be unfamiliar territory. For successful international expats, thinking solely about what you want instead of chasing the next great career opportunity can be particularly daunting.
As ever, we’re here to guide you, with a simple six-step plan to ensure you’re emotionally ready to live your best life when it’s time to retire.
1. Map it out
Whatever happens next, retirement is likely to represent a huge change. Instead of revolving around work commitments, your days will be a blank canvas ready for you to do as you wish.
This can be both a pleasure and a curse.
While having days with no structure can be refreshing in the short term, vast empty spaces in your calendar could become something you dread.
To avoid slipping into a routine devoid of fun, take time to prepare for the significant change of pace, of day-to-day structure, and of social interactions.
Having a plan for how you hope to spend your time, however vague, will give your days and weeks much-needed structure and – hopefully – meaning too.
2. Pace yourself
Retirement has evolved. These days, there’s rarely a pre-prescribed route dictating how your retirement will unfold.
With an ageing population, more people are opting to stay working for longer.
As well as offering you more options and flexibility when accessing your pension, employers have also altered their attitudes.
Some employers offer a transitionary period, sometimes over several years, allowing you the possibility of working part-time – which could help steer you towards a smooth landing before your career comes to a complete stop.
If you’re a business owner, making your retirement a gradual process could help increase the value of your business, as it has time to adjust and operate without depending on having you at the helm. Alternatively, you can use the time to ensure the succession process goes smoothly.
3. Find your new purpose
The jobs we do often dictate who we are, but tying your identity to your profession can leave you adrift in retirement.
Maybe you’re already very clear about your purpose, having put it on hold as your passions took a backseat to your career. If this is the case, you’re good to go.
If not, spend time contemplating where your passions lie, so you can create a new purpose for this next stage of life. What excites you? What lights you up? What will get you out of bed every day when you no longer have a job to do?
Knowing what energises you can help you identify your future purpose and centre your days around activities you most enjoy.
4. Find forgotten dreams
Imagine what comes next. If you don’t already have one, start by writing a bucket list.
While bucket lists often feature far-flung destinations, you may instead prefer to stay in one place.
Dreams take many forms – maybe you’re an avid reader and yearn to open a bookshop, or you get your kicks from “property porn” and are keen to find a sprawling doer-upper to create a magnificent family home, with a B&B side hustle to enjoy a steady stream of new people into your world, while giving your income a welcome boost.
If you’re looking for something more sedate, you could explore new technology. Although it can be frustrating to begin with and may appear a solitary pursuit, tech could help you widen your social networks…
5. Grow your social circle
For most people, the workplace is their primary source of social relationships. Once you retire, you may want to find opportunities to expand your social circle.
Being part of a community means you can find shared interests to explore together, form new friendships, and support one another through difficult times. You may want to attend a local club or join forums.
To find like-minded people while pursuing your interests, find out if there’s a u3a group that might be up your street. Otherwise known as University of the Third Age, u3a is a worldwide organisation that runs group activities for retired people. In Singapore, courses are run by SACE (Singapore Association for Continuing Education).
While there are fewer offerings than in other parts of the world, at the time of writing, in Singapore there are opportunities to join a dance class, indulge in drawing, learn how to edit digital photos, get involved with a gardening group, or sign up to a variety of natural health and mental agility-related events.
6. Don’t go it alone
Whichever retirement route you choose, we’ll be right beside you.
You don’t have to navigate alone. Being financially ready for retirement is important, but being ill-prepared for the emotional change could leave you off course.
To find out more about how we can help ensure you’re both financially and emotionally ready to enjoy your retirement, please get in touch.
