I recently spoke at the GPCE Conference in Sydney. It was great to catch up with some familiar faces over the three days, and to meet some new ones too.
I ran a workshop entitled ‘So you think you’re ready to retire’ which considered the issues outside of the financial ones which impact on how successful or enjoyable your life after full time work is.
Retirement itself is a bit like a wedding: it is an event that marks the transition from your working life to the next stage of your life, like a wedding represents the transition from single to married life. Some people get so caught up in planning for their wedding that they don’t give any thought to life beyond that, a period that will hopefully last for very many years, and the reality of it can come as quite a shock. In the same way, some people have focused on getting themselves in a position of financial security (which is obviously important), but then they simply retire without having considered how they will replace work in their life. Is it any surprise that they find themselves bored after a short time, and that a significant number suffer the effects of depression?
The need for planning is particularly the case for doctors who have devoted themselves to their profession, and who as a result have found themselves with limited time to devote to other pursuits outside of their family and medical career.
The other issue is that for many high achievers, a life of perpetual leisure does not provide anywhere near sufficient stimulation and meaning – even though it may seem attractive in the abstract based on our enjoyment of weekends and holidays.
The challenge then is finding a new source of meaning, something that will get you out of bed every morning and provide your life with purpose.
The good news is that being financially secure (or knowing that you are on the final path to reaching that) can provide the breathing space to start contemplating these issues and to start planning for life after your career.
Even if you enjoy your work you have undoubtedly sacrificed a lot to reach your current position. You therefore fully deserve to enjoy your life when you decide to wind down your professional career.
When was the last time you stopped and considered your overall financial position? If you haven’t done so for some time I invite you to complete our 9 Point Financial Health Check. Upon completion we will email you a personalised report, together with a suggested course of action if we feel it is warranted. Click here for your checkup.
Or if you would like to talk to us and obtain a Second Opinion on your plans and the strategies you have in place to achieve them click here to contact us.
