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dealing with the transition to retirement can be difficult

Nov, 13, 2012 | No Comments | news, Retirement Planning

The transition to retirement is often a period that people don't think about – they tend to focus on the end goal rather than the process of getting there.

The thought of giving up work for good can be an exciting one, but have you considered how you will cope during the transition period?

Adjusting to life without work is easier for some than others, which is why retirement planning will vary from person to person.

These are some of the common worries that face retirees and ways to overcome them.

Money matters

One of the major concerns for those who are approaching retirement is money – and who could blame them?

If you have been working for the past however many decades then the thought of suddenly living on a restricted income can be daunting.

This is why it is important to seek super advice sooner rather than later – this will help put your mind at ease and give you a better idea of how much money you will have to live on.

Staying social

Another major worry during the transition to retirement is a lack of social contact.

For many people, going to work is about more than just fulfilling the day's tasks, as it also has a lot to do with socialising with colleagues and staying connected.

There is no reason why this should stop during retirement – before the big day arrives, why not look into what is going on in your local area and see if anything appeals?

It might be that you decide to join a special interest group or get involved with voluntary work – the world really is your oyster during your retirement!

Meeting goals

Retirement is usually seen as the perfect time to do all those things you've always had your heart set on.

These could take a number of forms, ranging from learning how to play an instrument to sky diving, it really doesn't matter!

You might want to strive towards more personal goals such as spending more time with your family or going to visit friends you haven't seen for years.

Making a list of all the things you want to achieve in retirement is a good way to give yourself something to work towards, which will help alleviate some of your anxiety.

Retirement is supposed to be one of the best times of your life, but making the most of it really is up to you!

ipac is one of Australia's largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.

 

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