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Four things few realise about retirement

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(Shutterstock)
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Cape Town - Retirement means something different to everyone and there are four things many people are not aware of about the topic, says Sharman Williams, regional head of The Wealth Corporation.

"For some, it is a welcome break from the daily drudge of work, a time to focus on one’s interests and hobbies. For others, it can be an unwelcome break, and it can come as quite a shock to someone who has not cultivated relationships and interests outside the office," said Williams.

In addition, one's employment often gives one a sense of significance and a feeling of being needed which is underestimated until one reaches retirement.

The four things many people might not know about retirement are:
 
Finances are not your only concern
 
There is a growing trend in the financial planning profession to focus more on the emotional changes and challenges people face at retirement, in addition to the financial ones.
 
"I recently read an article strapline stating, 'retirement strategy: at age 65 get divorced and marry someone who had a better strategy'. And then there is the joke about the wife who quips that she has 'twice as much husband for half the income', said Williams.
 
"What these humorous lines highlight is both the emotional challenges married couples face when one or both reach retirement, as well as the daunting prospect of losing your income and living off of your savings."

READ: Tips for planning your retirement                                                     

It lasts longer than you think
 
The fact of the matter is that the kind of retirement people face today is very different in nature and duration to that of previous generations.

"That magical retirement age of 60 was set in Europe at the turn of the last century, when the life expectancy of a male born at the time was 49. Effectively, most people didn’t get the opportunity to retire, and those that did, didn’t have the chance to enjoy it for long," explains Williams.
 
Today, longevity is a real concern for many. Healthier lifestyles and advances in medical care have resulted in people living healthier, longer lives.

"The average 60-year-old today is in very different shape to what our grandparents were at that age," said Williams.

READ: Keeping up with the Joneses can hit retirement

It doesn’t mean an end to work
 
Be it out of financial need or personal inclination, more and more people are electing to work longer, easing into retirement by reducing their hours, working part time or taking on consulting work.
 
Retirees are highly skilled and experienced individuals and many are choosing to take on charitable work, finding fulfillment and a sense of being needed in this sphere when their working life has come to an end.

This also enables retirees to challenge themselves in their areas of interest and to socialise outside the home as they did at the office
 
It isn’t the holiday you expect
 
The idea of totally changing your lifestyle at retirements is flawed, Williams points out. It is important to give yourself the time to cultivate hobbies and other interests while you are working which you can then devote more time to when you retire.

"So many aspire to spend their days on a golf course and next to a lake fishing, but unfortunately in many instances, it becomes a case of 'too much of a good thing'," said Williams.
 
"As much as one needs to prepare financially for retirement one also needs to think and prepare for the emotional and practical aspect. We all need to feel fulfilled and useful. We also all need to slow down and enjoy the ride, so to speak."
 
An integrated approach to retirement that sees you balancing work, leisure and learning in your pre-retirement years, offers you the happiest and easiest transition into retirement, according to Williams - a balance one should be cultivating throughout one's life.

ALSO READ: Three key factors for retirement readiness

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