On the financial planning front, you might be absolutely sorted for your retirement. Super fund full to the brim, established investments generating income, notice given at your work – you're ready to go!
But before you ease into it, you should take a minute. We won't take long, we promise. There are a few surprising challenges you'll encounter in retirement that we think you should be prepared for.
1. You'll have a whole new timetable
The freedom of retirement also means a lot of free time, which also means a far less rigid schedule. You will find yourself missing the routine of working nine to five, and maybe struggling to keep yourself occupied. You may become much more acquainted with the world of daytime television, which can make watching paint dry look thrilling by comparison.
In short – you can struggle to fill your time with enjoyable, meaningful activities. However, there are some quick fixes. Investing in a Netflix (or similar) account means you have complete control over what you watch, rather than succumbing to infomercials and starting a collection of steam mops. Check your local council or library for activities during the week that you can get involved in. Make a list of the hobbies you've never had time for, and pick your favourite.
A complete reworking of how you spend your time does not mean you have to get bored – it's an opportunity to make all of your time a great time.
2. Your grandkids can become your best friends
One way you'll get to enjoy a lot of time in your retirement is with family – especially your grandchildren. Without the forty hour working week, you can spend time adventuring and playing with these young delights, teaching them and learning from them as you go.
Having them to visit in the school holidays, joining them on family trips, getting them to look up from their smartphones and generally being a source of wisdom and fun – growing your relationship with grandchildren is often an unexpected but incredibly rewarding part of retirement.
3. You'll have to adjust to finite income
Even if you have spent decades working on an investment strategy to ensure a comfortable and fun retirement, you still have to adjust to the fact that you aren't working. The money you spent on a trip to a ski resort – it's not going to reappear when your next salary comes in, unfortunately.
We grow so used to the regularity of our wages that when they stop, it can take some adjusting to. All of a sudden, you have a definite and finite set of resources to work with, which can prove a challenge as you try and make the most of retirement.
However, with the right financial planning it doesn't have to be a problem. We can help you draw down income from investment property or build a strong super fund that sets you up for many, many years. We can recommend a few good TV shows on Netflix as well!
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
Invest Blue Pty Ltd (ABN 91 100 874 744) and Subsidiaries trading as Invest Blue, is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited, Australian Financial Services Licensee and Australian Credit Licensee.