When we think about retirement, it’s easy to dismiss it as something older people need to worry about. After all, if you’re not yet in your 60s, it’s a looong way off.
So when is the right time to think about retirement? The reality is that, if you want to enjoy a rich, rewarding retirement, you need to think about it long before you qualify for a senior discount card. In fact, the earlier you start preparing, the better. So if you’re in your 50s or 40s now, you’re in the right place.
Why we shouldn’t leave retirement planning too late
When we talk about ‘retirement planning’, we don’t just mean checking you have enough invested in your pension. Yes, financially preparing for when you want to stop work is essential, and the earlier you get started, the more comfortable you are likely to be. (Though thanks to compound interest, even if you’re starting to save in your 50s, you can make a difference.)
But ensuring you have enough money to live on isn’t the only type of planning you need to do. You also need to prepare yourself for retirement in other ways.
You need to invest in your health today
For example, if you want to enjoy an active, (hopefully) pain-free older age, you need to invest in your body and health when you are younger. That means staying active and being proactive about your health from your 40s onwards.
If you are entitled to any NHS checks, for things like cholesterol and blood pressure, make sure you get them. And heed any recommendations given. Keep your weight within healthy guidelines and visit the dentist regularly. Get regular eye tests too, as these can help spot some health issues early.
The older I get, the more aware I am of my life choices. I eat as healthily as I can and am active several times a week; I practice yoga, walk, cycle and play pickleball. I look after my teeth and generally listen to my body and get medical help as soon as I notice something isn’t right. Not only do I feel fit and healthy now, but I hope to retain as much vitality and flexibility as I can as I get older.
Build a rich social life before you retire
Keeping fit and healthy will have a positive impact on your mental health, too. As will a rich social life, so make time for your friends and family. If you don’t have many people around you, look for ways you can grow your social circle. Not everyone needs to be a best friend; casual acquaintances and even people you say hello to each morning all make up a tapestry of relationships that enrich your life.
Don’t wait until you retire and need to fill a gaping hole in your life to make friends – build your social circle now. Not only will you get used to meeting new people, but you’ll have more fun and better mental health now too.
Find your purpose now
The same applies to finding purpose outside work and family. When you retire you’ll need a reason to get out of bed in the morning, and this doesn’t just magically appear once you stop work. It can take time to work out what you enjoy and what fulfils you. So start looking now.
I enjoy volunteering and being part of a team working together. When I was young I was a Red Cross volunteer, and as an adult I have been part of the school PTA for many years, and am now a school governor. I enjoy getting out of my comfort zone and needing to try new things, and working together with people from different backgrounds.
I know I will want to fill the creative gap left by work when I eventually retire, so take the opportunity to try different arty classes with friends when I can now. I hope eventually I’ll find a discipline I enjoy and will want to pursue more. Who knows, as a former fine art student I may even go back to painting again? I do enjoy singing, but no one enjoys hearing me sing, so I will probably keep that for the car!
There are so many ways we can start preparing for retirement well before we’re ready to think about quitting work. And it’s never too early to have your retirement life in the back of your mind. The better prepared you are, the less likely you are to find yourself shellshocked and wondering what you’re going to do with the rest of your life!
Start your retirement action plan
So what’s your action plan? Whatever age you are now, I recommend considering the four important pillars of a rich retirement:
- Money
- Health
- Community
- Purpose
For each, think how your needs in this area will be met when you retire, and what you can do now to lay the groundwork. The retired version of you will be very thankful if you do!
