Some important questions to consider before retirement

With retirement funding being the complex area of financial planning that it is, it’s easy to focus only on matters such as choosing an appropriate annuity, selecting an underlying investment strategy, or choosing a suitable rate of drawdown to ensure liquidity throughout retirement.

Many retirees find the transition from work to full-time retirement a difficult one to navigate for several reasons. Besides traversing the financial shift from earning an income to drawing an income, there are several psychological, logistical and emotional issues that many retirees struggle with.

In our experience, deciding where to live in retirement is as much an emotional decision as it is a financial one. Many retirees find themselves torn between their reluctance to sell the family home and their desire to simplify their lifestyle by downscaling their accommodation. While there are naturally financial implications associated with such decisions, it’s really important that retirees unpack and understand the emotions behind the decisions.

It’s easier to remain motivated and positive if you’re working towards a clear set of goals, so take time to get specific about your retirement goals. Avoid framing your retirement objectives in broad strokes such as ‘to live comfortably’, ‘to enjoy free time’, or ‘to spend more time with family’. Rather, get specific about what you want to achieve in retirement by fleshing out your goals more vividly. For instance, if your goal is to spend more time with family, provide the detail.

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