You may have noticed that we have four sections of content on our website: money, health, community and purpose. These were chosen deliberately, as they are the four pillars of a rich retirement.
By ‘rich’ I mean a retirement that is fulfilling, happy, healthy and long. A life abundant in options, friendship and meaning.
For me, a life where you have plenty of money but are lonely or restricted by ill health is not truly rich. Equally, you can have friends and good health, but if you are struggling to put food on your table or a roof over your head, and can’t even consider going out to eat or travel, your life is going to be tougher.
I believe you need to ensure each of the four pillars is in place to properly enjoy your retirement, with as few worries as possible. If it helps you to visualise what these might look like, here’s how I am planning my four pillars of a rich retirement.
Money
I have been saving into my pension for several years through my business. As well as giving me a healthy pension pot, this reduces my Corporation Tax bill. To maximise the amount I can invest in my pension, as I didn’t start properly saving until my late 40s, I live relatively frugally day to day, with the odd luxury.
I plan to keep paying into my pension for as long as my business allows, and draw down from it when I am ready to retire. I also have a few ISAs that I save a small amount in each month.
I have two rental properties as well, one of which I share with my sister. I hope to be mortgage free on these by the time I am 60, and can make the decision then whether to sell or continue renting out.
I’m happily married and my husband has his own pension and owns our house outright. But I’ve always been financially independent, and it’s important to me to build my own retirement pot that I have control over – and can spend how I wish!
Health
I’ve always eaten relatively healthily – I enjoy cooking food from scratch – but since I’ve been in my 50s, I am more conscious about what I eat and how it affects my health. I eat a mostly vegetarian diet, with plenty of beans (I’ve learned it’s worth investing in quality beans like the Bold Bean Co). I also love Asian food so eat plenty of tofu, onion and garlic.
That said, I don’t live like a nun. I enjoy eating out with friends, love chocolate brownies and drink alcohol. For me, it’s about balance – I need to enjoy my life as well as being healthy.
I hated PE at school, but as I have got older I appreciate the need to keep my body strong and flexible. I have also managed to find forms of exercise I actually enjoy. I play two hours of pickleball every week, and go to two Iyengar yoga classes. I actually feel fitter in my 50s than any other decade!
Community
I’m a very social person and have lots of friends, who I see and stay in touch with often. I have a Zoom call with an old friend who lives up north every two weeks, and see my local friends several times a week. We also stay in touch by text daily.
I come from a large and close family, and see my immediate family as often as possible. I stay in touch with my extended family regularly, and we have an annual meet-up with about 50 of us. We have several active WhatsApp groups too.
Part of the fabric of our social life are more casual acquaintances – people who we see regularly who may become friends over time. I enjoy meeting new people through my volunteer work and the sports I play. We’ve started going out to drinks once a month after pickleball and are swapping books we enjoy.
Purpose
Who are we outside of what we do for work? And how will we fill our time once we retire? These are questions I have been pondering increasingly as I reach my mid-50s, and retirement looms closer.
I enjoy being part of a community and helping others, so became a governor of a special needs school a couple of years ago. I’ve also applied for another volunteering role, which will take up more of my time, bring me more challenge, and give me colleagues – something I do miss working for myself. I can do this work around my business if I am selected for the role.
I am mindful, when I do retire, that I don’t want to get bored and lonely, and will want structure to my week days as much as possible. I hope that the volunteering work I am starting to do will help give me that structure and purpose, while also giving me the flexibility to take time off to spend with friends and travel. (Find out why volunteering is so important here.)
Speaking of travel, I lived in Asia for five years in my 20s and traveled the world solo. I’d like to do more traveling when I retire – another good reason to keep my fitness levels up!
What are your four pillars?
So what are your four pillars? If you haven’t consciously thought about what you might do when you retire, now is the perfect time. By considering what kind of lifestyle you want, you can ensure you are putting the right things in place now to ensure you achieve it.
I find it helpful to think of planning for life when you retire in the context of our four pillars:
- Money: How much money will you need when you retire? (Find out here.) How can you get as close to this as possible?
- Health: How can you look after your body now to ensure you are as fit and healthy as possible when you retire? Think about your diet and exercise.
- Community: What’s your social life like? Are you investing in friendships and acquaintanceships? If you are lonely, how can you build a better social circle?
- Purpose: What will you do every day when you aren’t working? How will you build a life that has meaning and feels satisfying for you? How busy do you need to feel?
If you don’t yet know these answers to these questions, I encourage you to consider them now – even if retirement is many years away – and start taking action. Not only will your life be richer now, but you’ll be building the foundations of a hopefully long and happy retirement.
Hannah Martin is the founder of Rich Retiree. She is passionate about helping women plan for a long, happy and financially secure retirement.
