We’ve had a rash of enquiries of late from both Isle of Man and UK residents wondering about how to plan for life in retirement. The latter are always also driven by a ‘relocating to the Isle of Man’ idea (Thanks Ms Reeves and the UK government).
Much like the arrival of spring, retirement can be a time of fresh starts and new beginnings. Navigating this major life transition can also give retirees an opportunity to “spring clean” more than just our overstuffed cupboards and garages.
Retirees can clean out the things in life that no longer bring them joy, decluttering to make room for more growth, more fulfillment, more memories, you could say more ‘return on life’.
I love to talk to prospective new clients by finding out what planning for living their best lives from here on in looks like for them, and then helping them think differently about what the future may hold in the real world and outside of an endless holiday.
The thought of retirement through rose-tinted glasses can result in boredom and worse, such as depression, and feeling ‘cut-off’ from previously taken for granted social lives. As in everything in life it’s better to prepare than to repair!
So here’s a challenge for you. Start by looking back on your career and identifying what you liked most about your various roles, and think about how you can clear away the things that made work feel like…. work, such as:
1 – Stress
Even if you loved your job, you probably didn’t love the deadlines, targets, and high expectations that were often sitting on your shoulders.
Would you consider kicking off retirement by giving yourself a break? You could schedule a long break to celebrate this major milestone.
But, before you start filling in your new schedule, give yourself a week or two — or three, or more! — to enjoy having the freedom to do whatever you feel like whenever you feel like it.
And when you do start to build out your new daily routine, think about ways you can add stress-reduction into the mix via exercise, meditation, or journaling.
2 – Busywork
We don’t always get to do what we do best at our jobs. But while paperwork and meetings are necessary to keep a company running, they aren’t necessary if you want to repurpose your skills in retirement.
As a consultant, teacher, or volunteer, you choose how and when you work. You could take a part-time job at a charity that’s important to you or Mentor the next generation of talent in your field.
Or start your own dream company, hire yourself as CEO, and hire other people to keep the gears turning, and doing what you don’t love.
3 – Networking
Over the course of your career, you probably made some very strong connections with other professionals in your field. Some of these people might be genuine friends. And some might just be connections you needed to maintain for your professional development.
Those relocating from the UK face a bigger challenge as you’re leaving much of your network behind.
As social creatures we need a community to flourish. Taking up a new hobby such as pickleball, mountain biking, and joining a club, can open up a whole new world of potential friends!
Of course less sporty pastimes are available in retirement especially in the Isle of Man, but you shouldn’t feel the pressure to “network” with anyone you wouldn’t want to say, play a round of golf with or meet for a cup of coffee.
We can help here with the Island Influencers podcast network where many community members are featured if you’re short of ideas.
Connecting with other retirees who share your interests can enliven retirement, but it’s also important to invest more time in your most important relationships: your friends and family. If you’re lucky, this network might expand to include in-laws and grandchildren!
4 – Earning
As we’re advancing through our careers, there’s always another promotion to work towards and a bigger salary to earn.
Many of us wrap up too much of our identities and our feelings of self-worth in how high we’re able to climb, what we’re able to buy, and how secure our money makes us feel, especially in comparison to our friends, family, and neighbours.
But if you’re that focused on “keeping up with the Joneses,” are you really living the best life possible with the money you have?
And if you’re so focused on earning your next pay packet, then will you ever be ready to stop earning, crack open your nest egg, and start enjoying a better and different life?
Our Financial Planning Process can help you organise your retirement around the things that matter the most.
We’ll discuss what you’ve seen from happy and unhappy retirees, some potential retirement pitfalls that planning ahead can help you avoid, and what your Ideal Week in Retirement could look like, especially if anything I’ve written here resonates.
If you’re ready for a fresh conversation, get in touch and together, let’s get you ready for a successful retirement.
