A holiday is a lovely way to celebrate retirement. It is a poor rehearsal for the Tuesday six months later, when there is no itinerary and no return-to-work date.
If you are thinking about retiring, try an ordinary weekday while you are still working. Take a day off if you can, or use a day when you have reduced your hours. Leave most of it unplanned. Do the usual things: make breakfast, run an errand, have lunch and decide how to spend the afternoon.
Then pay attention. Did you enjoy the freedom, or miss the structure of work? Did you have the company you wanted? What did you choose to do when nobody had planned the day for you?
There is no result to aim for. You may find that you want more time with family, friends, hobbies or volunteering. You may discover that you would enjoy keeping some paid work in your week. Retirement does not have to mean stopping work all at once.
Your ordinary Tuesday checklist
Try this on more than one day if you can. A single Tuesday is a starting point, not a verdict.
1. General: What was different from a usual workday?
2. Structure: Did you have enough to give the day a shape. What gave it structure?
3. People: Did you spend time with the people you wanted to see. Who did you see, and who did you miss?
4. Purpose: Did you do something you found worthwhile or enjoyable.What would you like to do more often?
5. Energy: Did the pace suit you? When did you feel most engaged, or most restless?
6. Spending: Did you notice what an ordinary day costs. What did you spend money on that you might not have expected?
7. Work: Did you notice what you would miss about working, if anything? What would you want to keep, change or leave behind?
8. What did you learn?
9. What is one thing you would repeat?
10. What is one thing you would change?
11. What is one question to discuss before retiring?
The point is not to design a perfect day. It is to learn what you want more of in a normal week, then consider what that life might cost and how you would support it.
Bring your notes to a retirement-planning conversation. We can use them to explore how your preferred working pattern and spending fit your circumstances before you make decisions about income or superannuation arrangements. Your accountant can confirm any tax implications specific to you.
Know someone considering retirement?
Feel free to share this article and the checklist with them. Instead of asking when they plan to stop working, you might ask: What would you like an ordinary Tuesday to look like?
Important Information
This article contains general information only and does not take into account your objectives, financial situation or needs. It is not intended to constitute personal financial advice.
Before making any financial decision, you should consider whether the information is appropriate to your circumstances and seek personal advice from a licensed financial adviser if required.
Any taxation, legal or estate planning matters discussed are general in nature and should not be relied upon as professional advice. You should seek advice from appropriately qualified professionals regarding your individual circumstances.
Sentinel Wealth Management Pty Ltd ABN 69 112 087 475 AFSL 336426, trading as Velaris Private Wealth.
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