Anxious About Retirement?

In the past two decades, our working lives have undergone a huge shift. The rapid advancement in technology has changed the boundaries of the workplace. Remote work, once a rare privilege, has become commonplace.

The rise of technology, automation and more recently AI, has reshaped job roles, demanding a continuous learning mindset and adaptability.

Evaluating Your Job

Particularly with younger generations, people rarely remain, or plan to remain, in the same role or company for their entire career, with retraining and switching career paths more commonplace. According to Authors and Podcasters Helen Tupper and Sarah Ellis, a ‘squiggly career’ actually makes us happier and healthier people.

How people evaluate their jobs and careers has also developed. For most people ‘work’ is more than just ‘work’ or a salary at the end of every month.

Human connection, creativity, a sense of purpose and other ‘softer’ elements all contribute to how we feel about our jobs and the value we attribute to it.

Rethinking Retirement

The past twenty years have not just changed where, when, and how we work, but fundamentally redefined what work means to us. A person’s job is more than a means to earn a living; it’s a significant part of their identity.

It therefore makes sense that how we define retirement has also evolved. From a Financial Planning perspective there is no ‘one size fits all’ retirement plan anymore.

Financial Planning for Retirement

Financially, retirement requires careful planning and foresight. The lack of a regular income when you cease work requires a robust savings plan and prudent, diversified investment strategies to be in place for some time to ensure a comfortable and secure retirement lifestyle. The rising costs of healthcare, the unpredictability of market forces, and the increasing life expectancy can add layers of complexity to this financial equation.

A critical question within this context of change, is how are people supposed to know how much they will need in retirement for a living standard they will deem acceptable to themselves? From a professional financial planning perspective, it is possible to ‘model’ retirement living standards for clients that can give financial clarity and direction to them as they prepare to enter a new phase of their lives.

Anxiety Around Retirement

But, beyond the financial aspect, the shift from a structured work life to an open-ended retirement can be disorienting for some people. The sudden lack of professional responsibilities, the change in daily routines, and the potential loss of a work-based social network can lead to a sense of loss and uncertainty.

Time for a Change?

Despite these challenges, retirement offers a wealth of opportunities.

It can be a time for personal growth, for exploring new hobbies, and for spending quality time with loved ones.

It may also be an opportunity to continue working, albeit at a reduced pace or for reduced hours, or to pursue a brand-new career path. There used to be a belief that it was more difficult to change jobs once you got older. Now, businesses are realising the value of having older, experienced individuals join their team or consult for them.

Here to Help

The financial planning options available to retirees can be complex and daunting. So can the lifestyle or career transition.

We’re here to guide you up to and throughout retirement. To help you navigate the financial complexities, and to empower you to embrace the opportunities that retirement brings. Because retirement is not just about ending a career—it’s about beginning a new stage of your life.