Welcome to Part 2 of the Planning for Retirement blog from Elk Recruitment. Here we cover the emotional, social and health aspects of retirement.
Here are some items to consider:
Health and Wellness:
Possibly an even more important consideration than financial security is bodily health and wellbeing. Many people will develop health issues as they age and it’s advisable to take precautions in that regard. If you have private health insurance while working, it is advisable to maintain this into retirement. Examine what cover you'll have when you retire and ensure it aligns with your healthcare needs.
If you don’t have private health insurance, you could look into opening a plan to protect you in the event of developing illness in the future. Depending on your retirement income, this could be a heavy financial burden and difficult to manage. You’ll have to make a judgement call if there’s a conflict over the cost of it. Some retirees qualify for a State Medical Card which somewhat relieves their worries about healthcare.
It's important to prioritise your physical and mental health and establish healthy habits such as regular exercise, balanced nutrition, and stress management techniques. Consider how you'll stay active and engaged during retirement. This is an important consideration as you’ll now have a lot of time to fill in the absence of your job.
Lifestyle Considerations:
Think about how you want to spend your time in retirement as you’re likely to have a lot of it on your hands. If you have a hobby, you’ll now be able to spend more time at it. This can be a mixed bag as you may become bored with it because you can do too much of it now. Some examples of hobbies are golf, art and fishing among many options and if you don’t have any hobbies when you retire, you’ll have the time to take some up now.
Travelling is another thing that you’ll have more time for. Once you reach the standard retirement age in Ireland, you’ll receive a free travel permit for public transport. This allows people to travel by bus or train for free and opens up the country to retirees. You’ll also be free to travel abroad during off peak times and take advantage of bargain deals.
On the flip side, you’ll also have more time to give to others and might consider volunteering in your locality. There are always organisations looking for help and would welcome your efforts. This is a win/win scenario as it will allow you to make new friends and connections while also giving you a sense of fulfilment as you contribute to your community.
Part-time employment is another consideration. People who really enjoyed working may miss the structure of it and opt to continue working in some regard. This could be a necessity for others if their pension is small and they struggle to make ends meet.
For those with family, i.e. children, grandchildren, elderly parents etc. they’ll have time to help them out now. Many grandparents find a new lease of life by having more time to interact with their grandkids. Some retirees help with school runs, hospital appointments and other items, and are a boon to their families.
Depending on the particular couple, the dynamic between spouses and partners can change considerably when retirement kicks in. It can allow them to do lots of things that they enjoy doing together but were always restricted from because of work, or it can lead to conflict if they find they are spending too much time together and it interferes with old routines. As with all things in life, change needs to be managed!
Social Connections and Purpose:
It’s very important to maintain your social connections and retirement also gives an opportunity to cultivate new friends. It can be a difficult time for those whose social group was centred around work, as those people may still be working and unavailable for much of the time now. It can also be difficult for 'loners' who no longer have the feeling of comradeship that their workplace gave them. These people may find it difficult to make friends and suffer from social isolation. Joining clubs and organisations can prove beneficial in developing a network of people to interact with.
Retirement is also an opportunity to explore activities or pursuits that give your life meaning and purpose. It can offer the chance to pursue passions and interests that may have been neglected during your working years. You could walk the Camino, visit the Pyramids, run a marathon, write a book or anything else that you always wanted to do but couldn’t reach on while you were restricted for time.
Stay Flexible:
Finally, remain adaptable and open to change during your retirement years. Your plans may evolve over time depending on your health, fitness, financial means, family circumstances etc. Life is ever changing as the saying goes!
Remember, retirement is a significant life milestone, but it's also the beginning of a new life chapter filled with opportunities for personal growth, exploration and enjoyment.