HOW TO HAVE A FULFILLING RETIREMENT

A look at 12 key areas you need to balance to ensure a fulfilled and successful retirement transition.

I have written some articles in the past that highlight the different nuances of retirement. We know that retirement is much more than just making sure that there is enough money to retire comfortably. In fact, there are many key areas that one needs to balance to ensure a fulfilled and successful retirement transition. For this article’s sake, I will focus on 12 key areas.

So, how do you shape up? How satisfied are you with your retirement? Take a step towards a more fulfilling retirement by completing the retirement transition wheel and find out …

Follow this link to my retirement community. Click on “resources” and scroll down to questionnaires. Click “Retirement wheel” and follow the prompts to complete the exercise.

Once you’ve completed the retirement wheel, you’ll have a visual representation of your retirement readiness. Is your retirement wheel perfectly round or egg-shaped, or does it look like some strange plasma cell with the shape all over the place?

The areas you’ve rated four or lower may need your attention to ensure a fulfilled retirement. Even if you have a perfectly symmetrical circle, all numbered three, there is still work to be done to move all areas of retirement closer to the perfect happy number seven. This will ensure a retirement where you are content with all aspects of your life.

Let’s elaborate for a moment on the 12 areas that impact retirement. These areas are in no particular order of importance:

Attitude about ageing

This is more about accepting ageing and the challenges associated with it. It is also about acknowledging that even though one will age and probably physically deteriorate over time, you are still a valuable member of the community who can add tremendous value to others. Embrace ageing and age gracefully.

Sense of new identity and purpose

This is one of the biggest challenges once retired. Waking up to nothing is soul-destroying. It is crucial to start preparing for retirement well before the day you retire. Find something of interest that you look forward to, something you can wake up to every day and create that purpose that all of us need in life. Distinguish between who you are and what you are. This is often a challenge for retired professionals who still try to be what they were when they worked.

Physical health/ exercise routine

The old saying that a healthy body leads to a healthy mind remains true. This becomes especially important when retired. Over the age of 40, one loses approximately 5% to 8% of strength every five years. Although one cannot avoid this, one can delay the process. It is also not just about strength. It is about retaining suppleness, balance, coordination, etc. The blood flow created by physical exercise feeds valuable blood to the brain and helps delay mental disease. Join a group and make exercising fun; it does not have to be a stressful experience.

Mental/emotional health

Just like physical health, mental and emotional health plays a crucial part in retirement. Keeping the mind “fit” not only delays dementia but also supports emotional health. Many retirees suffer from depression and other mental challenges once they retire. See my article about the benefits of PERMA, where I address the importance of positive psychology and positive emotions. Get the mind fit by participating in “mind developing/challenging” games, studying something of interest (get that long desired degree), doing creative art, building models, reading, and teaching others a special skill you may have. Once again, keep it fun.

Social networks/friendships

This is important from a support perspective and a social belonging perspective. Here, quality trumps quantity. We have a questionnaire where one evaluates the quality of friendships, which I will share soon. Sometimes, one should say goodbye to a friendship that is either toxic or draining. Find like-minded people with similar interests and similar moral standards to associate with. Friendships become even more important once you retire. As one loses loved ones and friends, a circle of supporting friends is crucial. The support (receiving and giving) during times of pain and ailing health enhances the feeling of belonging and purpose.

Leisure plans/activities/travel

Retirement should not be only about “getting old.” This is the second part of life, and one should enjoy the fruits of many years of hard labour. That includes planning for holidays, travelling, and joyful activities. These activities will change as one ages, but don’t leave it too late. Our company motto is “Live life fully now”. Too often, we encounter people who have bucket lists that never get emptied. Dying rich without fond memories should not be an objective. Ageing with lovely memories should be. We often encourage people in high-pressure jobs to retire earlier than they intended for this reason. Don’t be one who constantly says, “We should have …” or “If only we did it then …” Be part of the discussion when good experiences are discussed. Don’t be the person who envies others for their past and current good times.

Spiritual life and or community

Traditionally, spirituality refers to a set of religious beliefs. Modern spirituality refers to a quest to find meaning and purpose and find a way to connect to something larger than oneself. It is about your relationship with whatever you link your beliefs to. It can be religion, nature, a higher power or anything related to spirituality.

Spirituality can be divided into internal and external aspects. Internal spirituality refers to living in alignment with one’s personal values; it does not contain religious connotations or require a belief in a higher power. External spirituality focuses on an outward essence, which may be a higher power, humanity, nature, or the universe.

Spirituality will determine thoughts, behaviours, and decisions. When our actions and behaviour reflect our values life feels good and people experience a sense of satisfaction and contentment. When our actions and behaviours don’t match our personal values, life can feel awkward or “out of sorts” and cause stress and internal conflict. 

Retirement can be much easier if a person develops a plan that matches and honours their values. Does your retirement plan match your values?

Marriage/significant other

I previously posted a questionnaire for spouses to complete. It is eye-opening to realise just how often spouses have different perceptions and expectations of retirement. What is scarier is how often spouses are unaware of each other’s wishes. Apart from the importance of being on the same page (you don’t have to agree about everything, but at least you should know the other’s desires and wishes), having mutual respect is just as important.

Home/residential/location

I am often surprised when I ask couples where a survivor will live should the other pass away. One partner is often surprised by the other’s answer. This leads to the conclusion that there are cases where one party of a married couple may not be very happy with where they are currently living. You and your partner must be happy in your living environment, and your home must suit all your needs. That includes access to medical facilities and specialised care that becomes more important as you age. How content are you and your partner with your current home?

Volunteering

This ties in with a few of the areas mentioned above. Helping the helpless, either through donations or time spent helping or teaching them, provides a feeling of belonging and self-worth. Being part of a community where you are respected and appreciated can complete your retirement circle.

Part-time work/starting a business

Like some of the other points, part-time work or starting a business contributes to a more complete circle. Sense of identity and purpose, mental health, social networks, and financial security all benefit if you participate in an activity where you can not only add value to the lives of others but also generate some income to add to your retirement nest egg. Although financial gain should not be the main motivator, it will certainly add to the “feel good” factor if you earn money from your post-retirement efforts. The main reason to consider working part-time or starting a small business is to get to the point where you have something to wake up to. It will support your sense of belonging and improve your mental and emotional health. The main motivator is to avoid boredom.

Financial security

Achieving financial security in retirement starts many years before retirement. It takes a long-term commitment and discipline to ensure a financially independent retirement. Once retired, this effort must continue for the rest of your and your spouse’s lives until your wealth passes hands to your loved ones. It is important that your investment strategy should change from wealth creation to wealth protection. This is not the time to speculate or aim for maximum returns. Appropriate returns to reach your goals should be your objective. It may also be the time to get your support team of professionals in place to assist you with investment strategies, tax affairs and estate structuring if you don’t have them already.

I trust that the above is valuable to you, and I hope that you get your perfect retirement circle soon. If you want to chat about any of the above, you are welcome to contact me at 082 428 1529 or email me at marius@wealthup.co.za.

Retire fulfilled!