For some of us, the option to retire is a real possibility - although you may have had very little time to explore what this really means.
A life full of activities such as handling job responsibilities, looking after children as well as a myriad of other things might have kept you focused on day-to-day concerns with little time for anything else.
When your job comes to an end, this very often frees up the time to look over the parapet and think about what to do next. Retirement can be a welcome prospect for some but for others it may feel frightening – ‘do I need to work?’, ‘will I get bored if I give up work?’ and, ‘do I have enough money to retire?’ are just a few of the questions that can appear when exploring retirement.
Orientate Yourself
Fortunately, retirement support is something that Right Management provides. The starting point begins with orientating yourself in relation to what may seem rather alien – it’s about taking control of the future. Exploring retirement helps you take stock of your current situation while encouraging you to spend time crafting a vision of your desired future, based on your own values, drivers and other factors.
The mechanics of the program provide you with the option to speak to a specialist self-employment consultant in a one-to-one meeting, or attend a webinar focused on helping you reflect on personal circumstances as part of a group, in line with program deliverables.
It’s important to not put undue pressure on yourself and to take adequate time to think about individual circumstances. If your job has suddenly come to an end before planning to retire, this might require some reflection and recalibration. The starting point is always to take stock of your current situation, what’s important to you and how that relates to your own vision of the future.
Adopt and Open Mindset
We very often have greater freedom to act when planning retirement than we realize. For many there’s an opportunity to think about your own interests rather than simply being driven by financial considerations. Limiting constraints such as paying for mortgages, university education, schooling etc. have often disappeared as younger family members have left the home. Therefore, exploring retirement enables you to make choices based on what you’d really like to do, and provides the freedom to adopt an open mind-set.
Develop Your Plan of Action
Another key element of retirement is working towards a plan of action. It’s helpful to understand the different pieces of the puzzle that need to be analyzed and addressed so that you can consider everything necessary before moving forward. It's worth noting that adequate reflection on those key elements includes financial and legal considerations, and adopting a holistic perspective is always advised before drawing up a retirement plan.
The RightEverywhere website includes useful information on retirement planning and helpful resources that target a range of important retirement issues. These resources can help make the transition as smooth as possible, reminding you that retirement is an exciting part of your life journey that opens many new opportunities. And Right Management is equipped to support those transitioning to retirement in a productive and meaningful way.
This article is contributed by Right Management UK.
Author: David Hurst, Consultant— Right Management UK