The Do’s and Don’ts to Consider Before Retiring

Retirement is life changing.

And, even when you decide the time is right for you and your family, there’s a lot to consider. Unfortunately, there’s no manual for retirement!

But we’re here to help simplify things for you.

In this week’s blog, we discuss our ‘do’s’ and ‘don’ts’ of preparing for retirement because it’s never too early (or too late) to plan for the life you want.

Do’s

Have the Talk

Although you may not know the exact time and date, you’ll be able to retire, there will come a point when you feel financially and mentally ready. This can be an exciting yet daunting time, so you should always talk your plans through with your family.

This is especially important if you are married or in a long-term partnership, as both partners play a role in the retirement process. Whether it’s saving money, cheering each other on, or adjusting to a new lifestyle, you both have a big impact on how well retirement goes. Planning and prepping for retirement as a team helps you transition smoothly into this new phase of life, supporting each other and sharing your goals along the way.

While there’s many topics to be covered regarding retirement, here’s some we recommend you start with:

• When you’d like to retire.
• The bucket list of things you want to see and do.
• Where you’d like to live.
• What lifestyle you envision.
• How you’ll spend your free time.
• Any hobbies or interests you want to pursue.
• Your healthcare needs and plans.
• Financial goals and budgets.

Remember, it all begins with being honest about your finances, which is something our experts at Joslin Rhodes can help with!

Know Where You Stand

In the years leading up to retirement, it’s a perfect time to assess your financial situation. If you have outstanding debt, review it to understand how much you owe. It’s wise to pay off large debts first, so you can then focus on smaller amounts.

Once these debts are cleared, you can track your spending to see where your money is going. This will help you understand the bigger picture. And, if you already have a budget, that’s even better!

Focus on Building Healthy Habits

Take action on your lifestyle before you retire. That shouldn’t be a surprise though!

While retirement can be amazing, it can also take a while to adjust to.

It’s easy to fall into the trap of thinking you don’t have time now and postponing things until retirement, but it’s essential to make the time to avoid turning these plans into false promises or setting daunting targets for when the time actually comes.

You’ll also likely experience a range of emotions during retirement, so having established healthy habits will help ease the change.

Start with small steps like improving your diet, exercising more, or exploring new hobbies. Possibly incorporate a bike ride into your weekly routine or take leisurely walks on Sundays. Perhaps experiment with cooking homemade meals on weekends. Above all, remember to enjoy yourself—don’t view it as a chore.

Don’ts

Don’t Rely on Your Inheritance

Discussing inheritance can be challenging, but it’s necessary. It’s important that you don’t solely depend on any money you could get. While you might expect a sizable inheritance from your parents now, the actual outcome may differ. With people living longer and the impacts of the cost of living crisis, you should think carefully about relying on inheritance as a primary source of retirement funds.

Another important factor to think about is the cost of healthcare. Just because people are living longer doesn’t necessarily mean they are in good health. As more and more people require care facilities, the expenses for these services increase significantly. For instance, paying for nursing care out-of-pocket in a care home averages about £5,640 per month (£73,320 per year) according to carehome.co.uk. So, this is always something to factor in when relying on inheritances for your future.

Don’t Underestimate the Importance of a Support Network

After years of working and being around people, it might seem nice to eventually have some alone time or just be with your partner. And yes, this will be great, probably for the first few weeks at least. But there is a possibility that you could start feeling lonely or isolated after a while.

To avoid this, start connecting with people now. Send a quick message to an old friend, set up monthly meet ups with coworkers, or simply make a point of keeping in touch with friends outside of work.

Surrounding yourself with people who energise you will give you a positive outlook and help you enjoy your retirement years. It’s definitely worth the effort to stay connected!

Don’t Google Whether You Have Enough

We often hear from people who’ve checked online to figure out if they’re financially set for retirement. But when the numbers don’t match up with what they’re expecting from their pensions, they tend to put off planning. Don’t fall into that trap!

A happy retirement depends on many factors—like where you plan to live and what you want to do during your retirement years. And everyone’s situation is unique, so relying solely on a random number from Google isn’t really going to give you the answers you need.

Remember, retirement isn’t one-size-fits-all. It’s unique to you. That’s why it’s important to consult a professional Financial Adviser that specialises in Pensions & Retirement and Estate Planning.

At Joslin Rhodes, we’re here to not only help you prepare for retirement but to build you a Financial Plan that gives you confidence that everything’s going to be ‘ok’.

With over 20 years of experience helping Teessiders retire with peace of mind, you can count on us. We’ll look at your numbers, do the maths, and let you know if you’re on track, need adjustments, or have extra funds.

If you think this could help, we offer free initial consultations at your convenience. Come and chat with one of our expert Financial Planners about your situation and let us help you retire with confidence.

Joslin Rhodes Pension & Retirement Planning – Real Advice, For Real People