Adjustment to Financial Planning
These strategies are a guide to help you maintain emotional wellbeing. With all the stresses in our lives it is vital that we understand how we can reduce anxiety and live happy, healthy lives.
ADJUSTMENT
Adapting to life without work can be difficult when there’s been a set routine and you have identified with your “professional self” for many years. Even if you are looking forward to retiring, it may take some time to get used to the change.
If you are having problems adjusting to the changes in your life, talk to someone about it – whether it’s a friend, family member or health professional.
Talking through your problems and concerns can give you some perspective and even some solutions.
BUDGETING
Having a realistic budget for everyday living is important. Set a budget and review it regularly, making changes where necessary. Think about getting some financial advice to help you manage your money on an ongoing basis.
CONTROL
Having some control of when and why you retire can assist you make the adjustment to a post-work life. Planning, making decisions, and working towards an agreed goal can help to make the change easier. Waiting until you or another family member is unwell or forced to retire can mean you are not comfortable with retiring and have not prepared yourself for retirement.
DIET
Healthy eating can improve your quality of life and assist you avoid diseases associated with ageing. There’s a lot you can do to introduce healthier foods into your diet without giving up all of your favourites. You may have to reduce your calorie intake slightly and ensure that you keep active. It’s not a good idea to follow fad diets. It can make it even harder to manage your weight over the long term.
EXPECTATIONS
Expectations and attitudes towards retirement are formed well before an individual begins the transition to retirement. Reasons for retirement are complex and involve considerations at personal, workplace and societal levels. Take the time to think about your own expectation and how you can make the most beneficial decisions.
FINANCIAL PLANNING
A sound financial situation is a strong indicator of a happy transition to retirement. Does your proposed income for retirement match your lifestyle? Start thinking about how to manage your income and assets early in your planning, well before retirement. Contact your superannuation fund or a financial planner for advice.
