It probably comes as no surprise that I think getting advice for your retirement planning is critical. For me, retirement is the first time in your life that your life that has not already been planned out for you.
Right from when you are born you know you will need to learn to walk and talk, then go to nursery and school, then get a job and earn money. That pretty much accounts for the first 60 years or so of your life. You know what to do, you just need to work out how you go about doing it.
But after that, there are no rules. In retirement you can do whatever you like. That is a scary proposition if you have not made plans throughout your life for this time. Most people fail to comprehend quite how long their retirement years can last. If retirement starts at 60 and you live to 100, that’s 40 years! Think what you would achieve between the age of 20 to 60? You can, will or have already managed to pack a lot in between 20 and 60, an incredible amount. So to plan to do virtually nothing in the same amount of time following that period, other than see time pass you by is perhaps unrealistic.
Retirement could be a really exciting time of your life. I wrote a blog recently where I suggested that retirement was a bit like your permanent gap year. The time when you get to do whatever you like without having to worry about money, or kids, or work etc.
That is, of course, assuming that you plan well in advance for the personal and financial implications of being in retirement. Getting to the stage where you can go on your permanent gap year sooner rather than later and making personal and financial plans for when you get there can be really quite fun.
Yes, I just called retirement planning fun!