Retirement might seem like a fabulous idea but getting the timing right is really important to make the most of it. There a many factors to consider but here are a couple that need to be paramount in your decision making.

What kind of life style do you wish to have in retirement? It may be as simple as you have had enough of a hectic work life and the stresses that go with it. All you want to do is relax and enjoy the quiet of each new day and maybe do some volunteer work. On the other hand, it might be time to ramp up travel and hobbies that have been neglected over many years. And there are lots of other options too, each with their own pros and cons.

Then of course, it is important that financial considerations associated with your preferred lifestyle are carefully and strategically thought out.

The finances

If you have decided on the lifestyle you wish to live in retirement, you need to have the financial resources available to live it out. Retiring without an adequate financial supply is a dangerous move. You may believe you are at the stage where you have enough to live off but do your savings give you the flexibility to change your lifestyle or just do a “few extra things” should you want to?

Sometimes it takes two

Your relationship with your spouse could well change once you start spending a lot more time together. Hopefully, you will spend many happy years together in retirement. Open communication and giving each other the space, time and permission to pursue individual interests can be a key to a great relationship after fulltime work finishes. Once again, a bit of effort at this stage could well pay off in the longer term.

Planning

Sitting down before retirement and planning how you will spend your time for the rest of your life can be beneficial for various reasons. It might help you to realise that your current hobbies and those you wish to pursue might not be sufficient to keep you content in the extra time you will have. It might even help you realise that now is not quite the right time.

You often hear retired people say that they are as busy as they have ever been. This is often the result of good planning and a great combination of activities and relaxation. Taking the time to look at retirement strategically before you retire can be key to making your future all that you hope for.