Retirement - What will it look like?

Retirement means different things to different people.

For some it may mean the chance to stay at home, volunteer and spend time with the grandchildren and to others, hobbies such as gardening, writing or golf.


It could be the chance to visit exotic destinations, to take that trip around the world, or to buy a cottage.

Some people will rely on government pensions, perhaps along with a company pension. Others will use capital investments but some may not want to erode the capital by drawing an income in excess of the yield.

Secret fishing place

Some wish to leave an estate to their children and others believe that their financial obligations to their children end once the children reach adulthood, and are quite happy to spend every penny before they die.

A few people dread it, unsure of what they are going to do after working, whilst others are eager to leave the workforce as soon as they can.

Some postpone indefinitely, choose to work part-time, or even begin a new career.

Deer watching

...for some (I Know) watching the deer snacking on the prized petunias...

Continuing to work provides welcome income but, if it’s the only source, a person may find themselves in a financial dilemma if they develop age related health problems.

Everyone will approach it in unique ways but they will all involve significant financial implications.

The biggest challenge for people is establishing how much money they’ll need to cover additional expenses that pensions won’t cover.

There’s a bit of a paradox at play here. Saving is most effective when young, but it’s the time when people are the least interested in doing so. It’s least effective when started later in life, but it’s the time when people are most motivated.

If you are serious about this you’ll need to get cracking on some things right away! Determine when you wish to retire then you’ll know how long and how much you can save.

The important thing is to make a start and begin to understand your own unique situation.