by Antony J Waller

Created on: November 25, 2009   Last Updated: December 01, 2009

Experts often suggest you should start planning for retirement up to five years ahead of your actual retirement. Regrettably, in this modern day and age this milestone event sometimes comes along a little sooner than expected through early retirement or redundancy. However, there are certain areas where, with a little careful pre-planning, the change from work to retirement can be a smooth transition whatever time span is available to you.

Think about it and try to decide what you want to achieve in retirement and whether there are any obstacles to achieving it. Consult with or ask others. Not just professional people, but also those closer to home such as your partner, family and friends. Look carefully at your personal circumstances, finances and resources to see how they match up to what you want to do. Then you can start to draft a plan, a course of action. Here are a few helpful tips about what your 'plan' should contain.

The main areas in your plan will cover money, personal relationships, health, your home, work (yes, just because you are looking at retirement does not necessarily mean you will not work again!) and of course leisure and leisure time.

Planning ahead needs some detail so perhaps consider the following.

Legal issues and financial considerations

These are often intertwined and wisdom dictates you should refer to a lawyer, independent financial adviser or accountant. The advice of specialists and professionals will cover the areas of Pensions, Retirement income, investments, savings, and ways of increasing your potential income. Do not forget to look at your Will. It is surprising how many people do so! Inheritance planning is essential.

Health and lifestyle planning

You are going to have a lot of free time. What would you like to do with it? Holidays, weekends and days away, time with family and friends or time for yourself to do what you want to do, time to pursue hobbies and new interests. However, do not neglect your health. A good healthy regime is important. Not just your physical health but your mental health too, and even your spiritual health or well being.

Relationships

How will retirement impact or affect your partner, elderly relatives, grown up children, grandchildren? Are family or friends dependent on you? Are there potential obstacles which may affect your retirement time?

Home

Are you thinking about moving and relocating or purchasing a holiday home? Getting it wrong could prove an expensive mistake. What about your new location and nearness to family and friends, or involvement with the community. Consider aspects such as safety and security, available services, transport, the maintenance of your new home or holiday property.

Work

Do you need to consider paid work or do you want to work to remain occupied to develop that hobby into a business and self employment? Have you thought about working in the community or perhaps volunteer work?

Leisure time, education and study

Last but by no means least. Leisure is the one area usually uppermost in our thoughts when we think ahead to retirement. Perhaps it is time to follow that dream, do the things you have always wanted to do, or complete those studies you missed out on all those years ago? Planning ahead might just make the difference and bring that goal closer.

Try and plan ahead for that all important lifestyle change. After all, it only happens once!

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