For many Brits approaching retirement, this is something you have dreamed of for decades. For others, the very thought of it and considering how you will fill your time fills you with dread.

6 questions to ask yourself:

1. What do you want out of your retirement?

Consider this carefully.

At 65, a man can expect to live for another 20 years. A woman can expect to live for another 22 years. It’s very possible you may live even longer.

This is a long period of your life and if you’ve planned for it, the opportunities are endless.

Whether you enjoyed your work or not, you are now finally free from it. Now is the time to really enjoy yourself; you’ve earned it.

The key to a happy retirement is in the planning

Write down your goals and things you want to achieve.

By having a clear plan and structure, you’re significantly more likely to achieve these goals.

2. What do you enjoy and what would you like to spend more time doing?

This could come in a variety of forms. Below are some ideas which could add meaning and value to your life.

3. Who do you want to spend time with in retirement?

Dr. Jonathan Collie, co-founder of the Age of No Retirement tells us that “by far the most important element [in retirement] is a person’s social network.”

If you only have work and your immediate family to rely on, this can be a frequent cause of retirement depression.

Consider who you would like to spend time with. Some possibilities are:

• Spouse or civil partner. Do you already participate in activities together? Are there new activities you could start?
• Family. Do your family live close by? What can you all do together? Do you need to travel to see them? Would you consider moving to be closer to them?
• Friends. What activities do you like to do together? Do you like to entertain and stay socially active?
• New friends. Would you like to meet new people? How can you go about doing this? Consider clubs, classes and organisations.

4. Do you wish to travel?

For every retiree, there comes a time where you can no longer do the things you were once able to do.

This is a reality for all of us.

In our experience, we have found that if someone retires at 65, the first 10 years of retirement are often spent doing the things they have dreamt of for the last 30-40 years.

This often includes travelling the world.

Travelling is a fantastic way to spend your time in retirement as not only does it allow you to explore new places and cultures, it can also be a very social way to spend your time, particularly if you’re doing group package holidays or cruises.

Some points to consider are:

• What types of holidays excite you? This could be at home or abroad, city breaks, historical sites, cruises, adventure. The list goes on!
• Do you wish to purchase a holiday home? If you like to visit the same place frequently, this could make life a lot easier for you. If it’s large enough, it could also be a good way to get your family to holiday with you. Nothing attracts family members like free accommodation!
• What transportation will you use for your holidays? Plane, car, train, bus, motor home, motorbike. Do you need to invest in any of these to make your life easier?
• How often will you go on holiday? Will you have a big trip each year, or will you space these out to every 2 or 3 years?
• Who would you like to come with you? Family, friends, tour groups?

5. How will you stay mentally and physically active?

How you will take care of yourself should not be underestimated. This includes both mental and physical well-being. Some ideas are:

6. What do you want your legacy to be?

Retirement objectives can include helping others.

How much time you spend on this will have an impact on how you are remembered.

If this is important to you, then consider how you can spend your time and resources on the things which matter to you. This could be family, friends or charitable causes.

Conclusion

Having a retirement vision is as important as having enough money in achieving a fulfilling retirement.

By clearly outlining what you wish to achieve and how you wish to spend your time, you are significantly more likely to enjoy your new found freedom. Take action today

Start the conversation that could change your financial future. Book a Discovery Call with NOVA Wealth and see how we can help structure your finances for success. Book a Discovery Call now.

Capital at risk. This article does not constitute personal advice.