Traditionally, retirement meant stepping away from work once reaching a certain age.
At Ascent Financial Planning, we understand that modern retirement is about far more than leaving work behind, it’s about designing a lifestyle that reflects your values, goals, and ambitions.
Today, we are redefining retirement. Flexibility is more possible than ever before – with investors often opting to take less conventional retirement, but instead more fluid, periodic pauses throughout their lifetime.
Flexible retirement can be achieved by way of second income, or other opportunities such as freelancing, for example.
Retirement lifestyle planning can help you retire on your own terms, to live in the way you wish to, in line with your own values and goals, rather than being restricted by the customary age-determined approach.
So, what are the key considerations retirement lifestyle planning addresses?
Define Your Personal Goals for Retirement
It starts with your values and aspirations, what you enjoy doing and the things you would like to do or achieve when not working. This could include pastimes and interests, travelling, volunteering or more family time.
Plan Your Retirement Finances and Income Sources
Your lifestyle goals and your monetary resources will need to align. In fact, according to ONS data, in the financial year ending 2024, pensioners under 75 had an average weekly income of £455 (after housing costs), equivalent to about £23,660 per year. This illustrates why planning early is so important if you want to secure a retirement lifestyle that matches your ambitions. This means all your income sources will need to be assessed, including any savings and investments or pensions. You will need a budget that enables you to live the lifestyle you are aiming for while still making sure you live within your means. The experienced advisers at Ascent Financial Planning can help you create a clear plan that aligns your lifestyle goals with your financial resources.
Decide Where and How You Want to Live in Retirement
Considering how and where you will want to live when retired is crucial. The type of home you see yourself in, whether that’s your current home or somewhere smaller or somewhere in a different location. This will have huge implications for your financial resources.
Prioritise Your Health, Wellbeing, and Happiness
Naturally, your physical and mental health and overall wellbeing are of the utmost importance at all stages of your life, but through retirement, it becomes even more critical to eat well, stay active, and seek medical care when needed. Many retirees in North Wales find that regular hill walking or exploring the region’s stunning coastline helps maintain both fitness and peace of mind. Taking a proactive approach to your long-term wellbeing can give you greater peace of mind and independence later in life.
Stay Connected: Building a Strong Social Life After Retirement
Social connections are also important throughout retirement. Whether that’s with friends and family or with neighbours or members of your community, this is helpful for good mental health, and it can lead to a more enjoyable retirement.
Discover New Hobbies and Interests to Enrich Your Retirement
Learning something new is a great way to keep your mind active. Whether you envisage attending classes to do this or plan to pick up an old hobby, this can be an extremely fulfilling way to spend your retirement.
Keep Your Retirement Lifestyle Plan Flexible and Adaptable
Once you’ve considered all the above points, remember to keep your retirement lifestyle plan flexible. It should be set up to adapt to your changing goals, financial – and other – circumstances. It is likely your retirement lifestyle will evolve with time, as your interests or health changes, for example.
If you would like to find out more about retirement lifestyle planning, contact the helpful and knowledgeable advisers at Ascent Financial Planning today to start planning your future with confidence.
