3 Legal Ways to Spend Your Time During Retirement

HOW TO SPEND YOUR TIME DURING RETIREMENT

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Did you know that many people spend the first 15 years of their retirement, working out what to do with their time? So this brings to light the importance of retirement planning and not leaving things to chance. So here we're going to explore the keys to a successful retirement. And this is important for all ages to get retirement planning as early as possible. So recently some studies have shown that many people spend the first 15 years of their retirement working out exactly what to do with their time. And that is just such a big waste of all those precious years. So if we put that into a bit of context, if you are lucky enough to retire at the age of 60 that means you could be 75 years old before you know exactly what you want to do with your retirement And if you wait until you are out of state pension age, you'd be in your 85s before you,

 

We know exactly how you want to spend your time. So that is just such a big waste. And then by the time you've worked all that out, you may find that you have to cross off Lots of things from your aspirations list, because you're no longer physically capable of doing them. So this is why it's so important to plan early for your retirement. And the earlier you plan the better chance you have of having a successful and happy retirement. The studies also showed that only about 50% of people are happy in their retirement, and retirement is When guys ask the expected. So the other 50%, then they're probably not happy at all in retirement, and it's not meeting their expectations.

So be sure to plan ahead and make sure you fall into the right Camp Research into what makes a happy Retirement has uncovered three keys to success and three keys to failure. So you need to make sure that you're planning for success And to plan successfully for a happy retirement. The keys are,

·         firstly, to have a budget.

·         Secondly, to have a close Circle of friends and family, and

·         thirdly, to have a plan.

And that plan is crucially important because, without that plan, you don't know what your budget requirements are for your retirement.

 The three keys to failure are

·         firstly, having no plan So that people don't know what they're doing from one day to the next, and they lose their purpose in life, And that can mean they can end up wasting away and losing their zest for life as well.

·         Secondly, is taken on too much responsibility. So doing too many things and spreading yourself, thin lie. And that can lead to lots of stresses and pressures upon yourself as well. And

·         thirdly, failing to put boundaries in place. So that means you're exposing yourself to your family, having too many demands on your time. So, For example, looking after the grandchildren, what you need to do is make sure you've got that balance so that you are there to help out your family as well, But also figuring it out around your own plans and what you want to do with your time as well.

So now we're going to start looking at the importance of having a good plan in place for your retirement and Planning ahead because planning ahead there means you can factor that into your pension planning financially as well. Financial planning for retirement is absolutely crucial, and there's lots of information available to you to help you with that financial planning Journey. But sadly, many people stop there. But that lifestyle planning is equally important and the emotional preparedness, because people need to know what their sense of purpose will be when they do hit retirement and how they're going to spend their time. But there are resources available,

So now we're going to explore the emotional side of planning for retirement. And this is a really important part of your retirement planning, because without this emotional preparedness, then you could end up just drifting through retirement and spent in those 15 years working out what you want to do. And that's what we're here to avoid. So when it does come to retirement, then you've got it Thinking about how you were going to fill your days, and do not underestimate just how much time you're going to have on your hands. Whilst we are working. A lot of our time is taken up with our job, Not only the hours that we actually put into our work Be that 37 40 hours, or even more per week.

 And the commuting time that is an awful lot of time that will suddenly have free to do with whatever we choose. So it is a lot of time to feel. So how are you going to be filling that time? Seven days a week? This is where the planning comes.

Many people do actually have very strong emotional ties to work, Whether they love their job or hate their job, They can still be that strong emotional title work and that sense of purpose. And a lot of people can feel that they've lost a major aspect of their life when they do come to retirement. So this, again, is something we want to avoid.
But we run through this little bit of an exercise now, which can be useful to help you with your retirement planning. So for many of us, our work as actually take up a big portion of our life. And if work is basically the main aspect of your life, then the exercise here shows that your life actually looks like this. So you've got your life, which is represented by this square, and that is just all consumed by work.

So then you take work away, and then you Left with this big void. And it is this big void. we can be a big emotional shock to people when they hit retirement because we don't know how to fill that void. So many of us actually lived through our life with our life out of balance, with too much focus on one particular area in our life.

So again, no matter what age you are, getting your life into balance is really important. And that, if then feeds through to your retirement planning as well. So in this exercise, you can take a grid and fill this grid with what aspects you focus on In your life, and then try and get this balanced. And then the beauty of doing that is if you have a balanced life, then if you do suddenly lose one aspect of that, then the whole isn't anywhere near as big. So in this example here, where we've got a full grid, which represents how we spend our life each day each week and how we actually fill our time, then that shows up. We have a really good balance. So here in this grid, we've got nine squares filled with Hobbies, work, personal growth and development relationships, friends having time alone time with your family, etc.

 

So that shows you live a very full life. So you could fill this gradient according to how you spend your time. And this way that if you do something, you lose one aspect of this grid. Either you give up your work for retirement, or you lose your job, or a relationship comes to an end. Then you have more resilience in your life because your life is full. So in this full life model, it shows that if you have lots of different areas of your life where Not actively engaged, Then your work isn't the be-all and end-all to your life. And that means you are better prepared for retirement, because one's work goes when you retire, and you have that empty Square in this grid.

 

Then you have all these other areas in your life that you can start focusing your attention. And then they can all encroach on this free time that you suddenly have available. So the keys to a happy retirement is to plan well ahead and know exactly how you're going to fill your days. And to do this, you could be asking yourself some Key questions, Such as,

·         what is it that you really enjoy?

·         What do you want to get out of life?

·         What are the key things on your bucket list that you've always wanted to do?

·         What kind of holidays do you want to have?

And all this can help them frame your time give you purpose when you do actually hit retirement And also help you with your budgeting for retirement planning as well, Because if you do want lots of exotic holidays and go visiting traveling the world, Then you do really need a very large retirement fund. But if you have more modest aspirations Nations, then that can help frame your retirement budget as well.

 So as you can see, the emotional planning for retirement and the financial planning to actually go hand-in-hand. And if you neglect to know what it is that you actually want to do with your retirement, then you could find that you're way off Target, and you do not have the funds to cover what you actually want to do. So once you have formulated your plan of what your aspirations are for retirement, then budget and budget ruthlessly, if you want, those exotic cruises work out how much they're going to cost, How often you're going to go on them and then budget that into your retirement planning, or if you have particularly expensive Hobbies, if you like playing golf, how much the membership costs, how much else you need to be paying for supporting that Hobby and activity. All these things need factoring in and factoring into your financial planning for your pension.

 So once you have done this, you may find that you need a rather large pension fund. If so, can you actually increase your pension contributions to afford that lifestyle? Or do you need to rationalize some The things that you intend to do with retirement so that you can have that right balance and make it affordable? So it is really important to consider all of this. And the early you start doing it The greater chance you have of been successful in your retirement planning and having that happy retirement Also as your retirement draws near, then it is good advice to actually start living on what your retirement income will be. So you could still be working at the time. But then you start choosing to actually live on less money, Which would reflect your actual retirement income. And one of the benefits of this as well is that you could then be diverting more of your actual salary into your pension fund to give you that extra boost in the last few years, As you do approach retirement. And by doing this, by the time you hit retirement, you have adjusted to living on that lower at retirement income. So the key message here is, do not neglect that lifestyle planning and have that running in parallel with your financial planning for retirement. And that means you can be prepared better.To both emotionally have that sense of purpose know how you're going to fill your days when you do actually hit retirement and being able to put it throughout your working life so that you can afford to have the lifestyle you aspire to when you do hit retirement. So hope you enjoyed this video and found it useful. Please hit that like share comment and subscribe. And as always, thank you very much for watching.

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