- The Retirement Planning Council is advising pre-retirees to consider a holistic approach to retirement.
As Covid-19 restrictions ease, the Retirement Planning Council of Ireland (RPC) is recommending that pre-retirees begin planning for their retirement now, as normal life begins to resume.
As many people begin to plan for the future once again and to reignite plans put on hold during the pandemic, the RPC is advising those approaching retirement to consider their options and to plan for more than just the financial aspect of retirement – including socialisation and how to remain connected.
Laura Farrell, CEO of the Retirement Planning Council of Ireland said: “For many pre-retirees, the financial aspect can often become the primary focus. Finance is a hugely important part of the process, but we are encouraging pre-retirees to consider other aspects of their lifestyle and wellbeing, and to include this in their overall retirement plan.”
Recent research from The Irish Longitudinal Study on Ageing[i] (TILDA) found that loneliness in retirees increased threefold during the pandemic due to the restrictions placed on older people. Emphasising the importance of social engagement and encouraging people to reflect on identity and wellbeing in retirement, the RPC highlighted five areas to consider before retiring in 2022:
- Expect to go through a series of emotions – The novelty of freedom can wear off quickly and you can experience boredom, anxiety, even guilt for not enjoying this newfound freedom. This emotional rollercoaster can lead to unhealthy coping strategies. Look for healthy ways to deal with your feelings. Consider exploring activities that positively impact on your wellbeing such as walking or yoga, building up your social network, through volunteering, exploring a new hobby or revisiting a neglected one.
- Time is probably the biggest surprise – Pre-retirement, your days were most likely structured by work, but in retirement you will have roughly 50 extra hours a week to play around with. Developing a new routine by experimenting with different activities and planning your day around timeslots is important in retirement.
- Purpose and achievement remain important – but how you find them changes. Set yourself goals for both short and long term. This is where a lot of opportunity lies – don’t limit your thinking.
- Avoid isolation – Your work life probably made up a significant element of your social network. Even with remote working, workers managed to stay connected by phone or video calls. In retirement, it is important to build social activity into your new routine. Get online and find out what groups are active in your local community. It is easier now more than ever to find like-minded individuals who may share a passion with you.
- And now for the ‘Encore Career’ – You may have retired from your previous career, but retirement does not preclude you from pursuing an ‘encore career’, as popularised by author and social entrepreneur Marc Freedman. Often this is not just about finances but rather a sense of fulfilment. Consider how you can bring all that you have learnt over your working life to a role where you can have a positive social impact.
Laura Farrell, CEO of the Retirement Planning Council of Ireland said: “At the Retirement Planning Council, we advocate for a holistic approach to retirement planning, to tackle the broader challenges retirees may face and indeed understand the opportunities that retirement brings. Our programmes are not just financially focused but also consider aspects of a retiree’s lifestyle.
We are delighted to have recently re-opened our doors to in-person courses nationwide as well continuing our online courses. Whether you are planning to retire this year, or are looking at the next few years, we are advising people plan ahead to ensure they can enjoy the transition to the next stage of living.”
The RPC offer both in-person classroom sessions at various locations, and remote learning through their online platform RPC Learn.
To find out more about RPC’s range of programmes go to www.rpc.ie.