Retirement, in my view, is the beginning of the rest of your life. A time when you can exercise the greatest control over how you want to live. A time when you have more time! Well, that’s the theory anyway. Those who have grandchildren might not agree!
The definition of retirement is the action or fact of leaving one’s job and ceasing to work. It sounds very final but retirement takes many different forms and varies enormously. The way people respond to retirement also differs with many finding the transition very difficult indeed.
In recent weeks, we have helped many either retire early or manage their retirement in a seamless and effective way. We are acutely aware however, that whilst we strive to create a strong emotional connection between a client’s finances and what is possible in terms of fulfilling their dreams, we aren’t involved in the micro management of the retirement transition. For some, there is a real fear of the unknown. Retirement being about survival; being able to exist.
The vast majority of new clients underestimate their financial situation. Their glass is often half empty, even if they have ‘gold plated’ final salary schemes. The news-flow from the media doesn’t help. I have met a number of high earners who are disillusioned with the expected benefits from their company pension schemes, thinking they have to buy an annuity, not realising they have other options.
We sort out any misconceptions about money. We create stronger emotional connections to our clients’ finances. We model scenarios but what we don’t do is micro manage the personal transition into retirement. Blue Sky have therefore launched a new service called ‘bold age’ to help our clients achieve a healthy and fulfilling retirement. We have partnered with a Certified Retirement Coach to provide deeper emotional and mental planning support.
Research shows that most people spend more time planning for a two-week holiday than for their retirement. If you’re within ten years of retirement you must ask yourself what does a healthy retirement look like?
You may spend more time in retirement than in your traditional working life. You should be seeking ways to live your dreams.
If you would like more information, contact info@blueskyfp.co.uk
Written by Gary Neild.
