It is a good idea to plan for your retirement well before reaching retirement age (62 in Singapore). Here are some tips to help you plan for your retirement well-being to avoid the negative effects of retirement.
While retirement is a major change in your life, it also impacts the people around you. Talking about your plans gives the people close to you a better picture of your retirement and a chance for them to adapt to your retirement. It also makes them better prepared to provide you with support during this trying transition.
The feedback you receive when talking about your plans also lets you determine if your plan is a realistic one and to make the necessary adjustments
A realistic view of retirement allows for a smoother transition to retirement. When you visualise your future, think about when you wish to retire, what are your goals in retirement and how are you going to achieve these goals.
Bridge employment is a temporary position you can take while you transition from full time work to retirement. Bridge employment eases you into retirement by slowly reducing your work responsibilities.
Fortunately in Singapore, you have the option of re-employment if you are deemed qualified by your employer. If re-employment is available to you, you can try to negotiate for less work hours and less workload in your re-employment contract.
Learn more about second careers here.
As you age, you might lose the people close to you. Leaving a job might also contribute to this loss if you do not actively keep in touch with your colleagues. Diversifying your social network before retirement can help manage the effects of social isolation.
Putting aside time to concentrate on planning for your retirement lets you really reflect and decide what you want out of your retirement. Many people have an idea of what they want but do not take the time to actually plan out their retirement, which might give them an unrealistic expectation of retirement, leading to disappointment in retirement.
While we are focusing mainly on retirement wellness, financial retirement planning can impact your retirement wellness. Having the resources to pursue the leisure activities you wish to can greatly impact your retirement satisfaction. Ultimately, retirement financial planning goes hand in hand with retirement wellness planning.
Even the best-laid plans can sometimes go wrong. Staying flexible in your retirement plans allows you to make better decisions in difficult situations. Recognise that retirement is a new stage of life and keep an open mind.