Although financial considerations are likely to be praying on your mind as you enter the transition to retirement, there are various other concerns you will need to think about.
Finishing work for good can lead to all sorts of emotions coming to light that you may not even have contemplated – and these can have more of an impact on your loved ones than you realise.
When you retire, your decision will in many respects have as much impact on your partner as it will yourself.
It will be the case that your partner is already retired, or is still planning on working – either situation can lead to all sorts of emotions coming to the fore.
If your partner has finished work, the prospect of spending so much time together can be daunting, especially if you are not accustomed to it.
Alternatively, a working partner may find it tough to adjust to the fact that you no longer head out to the office every day.
Either situation needs to be addressed by both of you – discuss what your situation will be like once you retire and what your plan is, as this will help minimise conflict when the time does finally arrive.
There is also the chance that your children will find it difficult to adjust to the fact you are no longer working, especially if they are still financially dependent on you.
If you have children who still live at home, take the time to discuss with them the changes you will all face in retirement, namely that money will be more restricted than it has been in the past.
Children who have left home might also find the situation difficult to cope with initially – it is not uncommon for retirees to look after their grandchildren in their post-work years.
Should your own offspring ask you to help out a little more, think carefully about how much of your free time you are willing to sacrifice – after all, you only ever get one retirement!
With any luck, you will have some friends who have already retired and who you can enjoy spending a bit more time with.
For those who are still working, it can be tough to maintain contact when your schedules no longer work in sync – bear this in mind when considering your social schedule.