3 Less Common Considerations before Retiring

Most of the information floating around related to retirement tends to deal with finances – how much you should be saving during your working life, where to invest, how to never touch your retirement savings before actually retiring, the beauty of compound interest, and so on. But retirement is not just about money, so here are three lesser talked about points you should also consider.

Where do you want to live?

When you retire, the world is essentially your oyster (depending on your finances, of course). You’re no longer tied down to a job, so, for all intents and purposes, you could well dump everything and go travelling for months on end. But is that what you want to do?

Deciding both where and how you want to live is important, and often requires forward planning. For example, many retirement villages in Christchurch have a waiting list, so if you want to go that route, you best sign up sooner rather than later.

What about family?

What happens to your family and sense of belonging if you opt to retire in a different part of the country or world? Conversely, what happens if you choose to move in with family members? It’s one thing to dream about doing either, but the practicalities are quite another – are you prepared?

How will you be fulfilled?

Many people struggle in retirement, not because of poor financial planning but because they’re not mentally or emotionally ready for the life change. Establishing and investing in hobbies, interests, causes, and friendships before entering retirement can really help smooth over the transition period and allow you to continue feeling fulfilled despite no longer working.

So, if you’re looking to make the most out of retirement, a good place to start is to plan in advance – not just financially, but holistically.