Putting one’s own needs and requirements first is something that some people may find difficult to do, especially during their working years. However, it becomes imperative during your superannuation phase if you want to have a happy retirement. The key to ensuring a secure and hassle-free retirement is planning ahead.
If you are currently in your 20s or 30s, you may think that it is too early to start planning for your post-retirement phase. However, some may argue that it is not the case. Either way, it is better to play it safe than being sorry. Retirement is a phase that ought to be as comfortable as possible for you as well as for your loved ones. If not, the lack of a primary source of income may make it difficult to take care of routine expenses as well as any medical needs that might arise later in life. This could hamper your chances of walking into a financially secured retirement.
Steps to a Happy Retirement
It is better to take steps today to ensure that your tomorrow is financially secure. Here are a few ways you can work towards a happy retirement.
• Start planning now
If you are already earning, you may consider looking for the suitable retirement plans for yourself. If you expect to have dependents during your superannuation phase, or any major goals you may want to fulfil then, you may consider financial instruments that suit your requirements.
• Set goals
Your plan for a happy retirement may lack the required steps if you have not set any goals. Start with how you would want your life after superannuation to look like. It may include only you and your partner, or your family including your children and grandchildren. You may also want to travel more frequently and check destinations off your travel bucket list. On the other hand, you may be more inclined towards living a quieter life with your partner or family in your second home away from the bustle of the city.
Once you have a clear idea of what you want retirement security to look for you, you can then proceed to plan the steps to take to be able to achieve it.
• Maintain social connections
After retirement, some people may lament the lack of social connections. This may make them feel lonely and might lead to frustration in some cases. For a happy retirement, consider taking steps to build and maintain your social connections. Apart from spending quality time with friends and family and many other things you can do, you may consider joining social clubs and groups for senior citizens. This may open you up to new activities and hobbies.
• Engage in hobbies
You may end up with a lot of free time after retirement. It is important for your physical as well as mental health that you work towards making the suitable use of this time. Spending time pursuing your hobbies may be a good idea after retirement. Find things that you enjoy and ensure that you pursue them regularly. Furthermore, you may also like to learn something, such as a simple skill or a foreign language.
• Scale your lifestyle accordingly
For a few people, the idea of happy retirement may mean that they get to spend all their money. However, that may be a risky approach. You should remember that there may be no active source of income once you retire. Thus, you may not be able to afford to spend all your money inconsiderately. It is essential to plan your expenses and ensure that you save something for a rainy day. Retirement security is as much a result of spending wisely as it is of planning your finances well. Try to live within your means and cut down as many unnecessary expenses as possible.
• Stay active
Healthcare may become a common requirement for many after they retire. People may not picture this as a part of the happy retirement they seek for themselves. It is important for one to stay active to increase their chances of leading a healthier life.
You may take up a sport like tennis, or start a yoga practice by joining a class. Pick options based on your choices.
• Seek help when needed
A secured retirement usually means that you are independent. However, it does not necessarily imply that you will be entirely on your own. You may face instances where you may need to ask for help from those around you. Recognise when seeking help is necessary and reach out to those you trust, be it for financial, emotional, or other requirements.
Retirement Security through Retirement Planning
Choosing the suitable retirement plan is crucial to ensure that you are prepared for the retirement of your dreams. When looking for a retirement plan, one should first look for a retirement calculator. These will help you get an idea of how much you will need to contribute today to ensure a financially secure retirement for yourself tomorrow.
There are a variety of plans available that can help you with your retirement planning. Whichever you may choose, you may also prefer a life cover in your old age, especially if you have dependents.
To ensure that the transition from your working days to your superannuation phase is seamless, it is important to plan ahead, especially financially. Moreover, it is also necessary to keep yourself active and engaged after retirement.