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Top retirement planning tips in Ireland

Research shows that there is a broad range of emotions amongst people approaching retirement. The diversity seems to be down to how well prepared the individual is. Those who have planned for their retirement, know what to expect, and have their finances and plans in order are overwhelmingly more likely to be looking forward to their retirement. Those who are closing in on retirement without a plan, both financial and for life, seem far more likely to be nervous or apprehensive about the impending changes.

Below are some of our top tips to help you be one of the excited people by taking control of your retirement planning.

Retirement planning for the initial change

Going from full time employment to having very little to do can be harder than you’d imagine. While the idea of a rest might be initially appealing, the novelty soon wears off and boredom, sometimes even panic, can start to take hold.

To minimise the disruption caused by this transition it can be a good idea to have a phased exit from work. You can achieve this by coming to an agreement with your employer, or simply by using up your holiday entitlement to cut back to a three or four day week. This creates a period of time where you can acclimatise to your new circumstances.

The length of the transition period will depend on your own personal circumstances, but can be anything from six months up to approximately two years in length. For most people, the longer the better. This transition period helps you avoid the sudden cliff of a large immediate change.

Replace some of your work hours with you hours

As the amount of time you spend at work reduces you will have more free time. While it can be great to have some time to do nothing, as time goes on you may want to rediscover old hobbies or take up new ones.

As you have more free time it can be too easy to lose motivation to do anything. A hobby or two will help to keep you stimulated mentally and physically. Most of us have things we’ve put off for years, retirement can be a great time to learn a new skill or take classes in something you’ve always wanted to try.

As you transition to full retirement this will help you to maintain a schedule where you have things of interest to do throughout the week. Don’t be afraid of having a busy schedule.

Plan to afford the life you want to live

A huge part of retirement planning for most people is making sure they have the funds they need to do the things they want. The earlier you start this the easier it is. However, you’ll still have plenty of options if retirement is closer.

Seek the help of a financial planner that can help you assess how much you’ll need to cover all of your regular outgoings, as well as living the lifestyle you want, whether that involves travelling, helping family, or none of the above, knowing you’ll be able to achieve your goals can bring a lot of additional peace of mind.

Once the required figure has been established, we can look at your situation and create a solution tailored to your specific needs. We’ll look at keeping your costs as low as possible will maximising your income and protecting your capital.

Build positive new routines

When we have full time work and family commitments our schedule is largely dictated to us. However, you’ll have more control over your retirement schedule than you’ll be used to. If you don’t take a proactive approach to building new routines, it’s all too easy for bad habits to start to creep in. Some people with no retirement planning start developing a negative routine, such as getting out of bed increasingly late, as well as eating, drinking, and how active we are all taking a hit.

Timing the switch

Leaving at the right time of year can make a difference in getting you off on the right foot. Although it might not be the first thing that springs to mind when you think of retirement planning, leaving just before the summer makes it easier for you to make the transition into fully retired living, as it’ll be easier to get out and stay active. Retiring in winter doesn’t just make activities more awkward, it’s also the time of year when we are most likely to be a little more downbeat. Choosing the right time of year for you will help to maximise your chances of a smooth transition.

Take advantage of the skills you have

While retirement can be a good time to learn something new, there are also lots of organisations and charities that would be grateful to have the help of someone that’s skilled in a specific discipline. Whether you volunteer as the secretary for your local community group or become a mentor for young people who need guidance, try to choose something you relate to and will be easy for you to become invested in. However, don’t be too generous with your time, you still need time to enjoy other more selfish pursuits in your retirement.

Choose professionals in retirement planning to ease your mind

We have a customer centric approach. While we are financial advisors, we look beyond the figures and think about how they will impact your day-to-day life. Approaching retirement planning from a human perspective, rather than a purely financial one, has helped us to deliver exactly what our clients wanted for their retirements.

Our relationships with clients are always longstanding, so we like to set the right tone from the beginning. This why we approach all our clients with respect, enthusiasm and passion. You can contact us without obligation on 01 969 5786. We love to hear from you and are always happy to help, even if that just means an informal chat. If you’d rather chat by e-mail than send us a message to info@masonwealth.ie or complete the contact form on our website. If you’d rather pop in and see us, you’ll find us in Lower Leeson Street in Dublin.