Transitioning into retirement

Introduction

When you’ve spent your career dedicated to your patients, you might be itching to get some time back for yourself. But if you don’t know how you’ll be spending your days once you retire, you could find yourself a bit lost.

With so much more time on your hands, it helps to have an idea of how you’ll fill it. Whether you want to try your hand at volunteering or see more of the world, having a plan in place will help you transition into a healthy and happy retirement. 

How to make your retirement a success

Stopping work can be a shock to many, especially when you’re used to long hours and a busy schedule. You may struggle to find the same sense of fulfilment and purpose that your medical career gave you.

Many charities and organisations recommend that you approach retirement like starting a new job. This could mean planning activities you’ve always wanted to do – and achieving them will be the focus of your new ‘role’.

You may have always had a life goal in mind, perhaps you want to write a novel or learn how to ski? Or maybe you just want to adopt a slower pace, tending to your garden and visiting loved ones.

Whatever your ideal retirement looks like, setting yourself some goals is a great way to give yourself some purpose. And if you need financial advice to help you achieve them, your Specialist Financial Adviser from Wesleyan Financial Services is always on-hand to support you. Advice charges may apply.

Prioritising your mental health

Research from Age UK has found that engaging in social, creative, physical or community activities can contribute more than 20% to wellbeing in later life.

Google is your best friend for seeing what’s on in your local area, as is social media. Most communities have Facebook groups that promote nearby clubs and organisations. And don’t forget your local leisure centre.

Whether you’re already active or you’d like to start moving more, your physical wellbeing works in tandem with your mental wellbeing.

Psychologists suggest it takes around 66 days (on average) to form a new habit, so try not to be too hard on yourself if you find regular exercise difficult to stick with at first. If you’re not enjoying it, you can always try something else.

Volunteering and working

Perhaps you want some structure to your days? Volunteering is a fantastic way to give back.

It can help you feel fulfilled, and you’ll gain a sense of community from the volunteers around you. From animal shelters to local allotments, there are many ways you can volunteer in a way that suits your passions.

If you’d like to earn some extra cash or get back to what you do best, you might decide to dip your toes back into working life. If you want to stay within your sector, you could take on some private work or see what’s available through the NHS. You could also use your expertise for research or education.

Before you take on a new role, you might want to consult your Specialist Financial Adviser. They’ll be able to help you adjust your retirement plans, review your income and see if there are any potential pension or tax implications to consider.

Keeping an eye on your financial health

When you’re busy enjoying your retirement, you might not be thinking about what’s funding it. After all, you’ve worked hard for a healthy pension, now it’s time for it to work hard for you.

However, it’s important to review your finances regularly to make sure you can enjoy the lifestyle you deserve. Having regular check-ins with your Adviser is one way to keep your finances in good health.

They can provide advice and support to help make sure your money is working hard for you throughout your retirement.