Is it time to re-visit how we think about retirement?

Retirement, comes with a whole lot of negative baggage. Traditionally, we relate it to the closing years of our lives, restricted lifestyles, bad health, and a sense of being devalued by society. But is this the whole truth? That old vision of retirement has been around for too long and thankfully, things have really changed!

As technology and medical science have advanced, we are likely to live longer and many of us now have the capacity to enjoy a richer and healthier life in our later years. Now we see fantastic statistics that suggest people are likely to be living for much longer periods after 65.1  Add to that the fact that many people, money issues aside, do not wish to retire when that big date comes around -  some of us prefer to continue working voluntarily, part time or even full-time.

A time to effect long-held dreams

True, there is no doubt that mother nature is slowing us down in many ways, but it seems with all the new energies that good health brings and the opportunities that science puts at our fingertips, this latter phase in our lives is now more like an Indian summer rather than a bleak mid-winter. More than ever it is a period which is fast becoming a time to effect long-held dreams and embark on new and exciting adventures.  

But this subtle creeping change has left many of us unprepared for the newer positive feel to retirement and this is perhaps one of the major reasons we are tending to be left wanting financially.

In-roads are being made though. Pensions are in the headlines. The government has made important moves in getting everyone on the pension train through auto-enrolment at work. There are more opportunities through pension freedoms when reaching 55, and it does seem that people are more alert to the necessity to prepare early. Here at Portafina, as pension specialists, we are proud to offer no obligation pension reviews to help you keep up to date with where your savings are.

Getting the mindset right

If people see their retirement as exciting, they are more likely to prepare for it, monitor long term finances, keep it front of mind and have a chance of making those dreams a reality. And it’s not just us oldies -  the right mindset will help to motivate our young people in preparing earlier for retirement too.

This phase in our lives should be about beginnings, opportunity and anticipation. The word retirement speaks of little more than slowing down, devaluation and endings. It is a possible factor of that period – not necessarily a definition of it in itself. To spur people into preparing physically, spiritually, practically as well as financially throughout their lives, they have to want to – not just need to. So, is it a time to reinvent how we refer to what could be the golden years of our lives?

What do you think?

What we need in the 21st century is a word that encapsulates opportunity, and fresh adventures. A word that motivates and triggers the imagination at any age so that preparing for that time is exciting.  Maybe a bit like preparing for a holiday…

Any ideas? If you agree and have a word or phrase which helps to describe that later phase in our lives – tell us about it. Comment below – we would love to hear from you.

Call 0800 304 7288 for a friendly chat about your pension

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