7 reasons why retirement planning isn’t just about money

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By Leslie Greyling *

Retirement is a major milestone that marks a new chapter in your life that many of us hope to enjoy in peace and quiet. However, I find a surprising number of clients are so focused on their financial well-being in retirement that they don’t plan what they are going to do during their retirement.

Studies show that remaining in a good mental state is one of the biggest challenges that retirees face. The sudden end to years of routine, and frankly purpose, is a bigger shock to the system than many people realise.

I encourage clients to stay active by taking up hobbies, travelling, playing sport and developing new friendships. You might have enough saved to see you through to 100 or beyond, but that counts for little if your mental or physical health prevent you from enjoying your golden years.

While retirement is generally associated with the idea of relaxation and enjoying the fruits of one’s labour, it can have both positive and negative effects on your general health and wellbeing.

Common challenges in retirement

I’ve gathered 7 of the most common challenges that people face when first retiring, and possibly throughout their retirement.

For most people it takes time to adjust to retirement. Those who plan an active lifestyle tend to be happier than retirees who have not planned for their post-work transition.

If you are unsure about whether to retire or not, it may help to take extended leave, or a sabbatical to give retirement living a trail run. You can also consider reducing your workdays or work part-time, if possible, rather than fully retiring.

Finally, retiring can make you question who you are now that you’re not working. This is normal. Talking about it with your family, friends, or even a counsellor can help. Also, doing things you love or discovering new interests can help you feel good about this new chapter in your life.

* Leslie Greyling is a financial advisor at Brenthurst Fourways. [email protected]

Brenthurst Wealth Management