Whether it’s something we dream about or dread, retirement is one of the biggest transitions we are likely to face. However, good planning can make all the difference.
“It’s never too late to plan for retirement but international research shows that three to five years before the event is the best time to start planning,” says Patrick Murphy, a retirement and life-planning specialist with www.retirementplanning.ie.

Not only should people consider the financial aspect of their retirement, they also need to work out a strategy for their new lifestyle, according to Murphy.

Make life plans
Make sure work isn’t your only social outlet; if you haven’t got hobbies and interests, start developing them now.

“It’s very important for people to ensure they have a life outside of their job,” warns Murphy. “In the current work environment, people may work longer hours, spend more time commuting and come home exhausted. As a result, our social life falls by the wayside. Then, when you retire, you find yourself retiring into a social vacuum.”

Don’t be a space invader
Discuss with your spouse or partner the impact your retirement will have on both your lives. Then draw up a list of hopes and concerns for the future.

“One of the expressions used for retirees arriving in someone else’s space is the ‘space-invader syndrome’,” explains Murphy. “The spouse or partner, who might have been at home, feels their freedom is being restricted and the person retiring feels rejected and unwanted. Find things you can do together but also things you can do separately,” he advises.

Don’t become obsessed with DIY
It’s not uncommon for new retirees to start tacking every job around the house in their first flush of enthusiasm.

“Too often, the person who has worked outside the home tries to demonstrate their fantastic managerial and organisational skills and starts to re-organise the house, never thinking to ask what the other person’s opinion might be,” says Murphy.

Use it or lose it
Just because you’re retiring from your job doesn’t mean to have to become a couch-potato. Get involved in activities that will keep your mind sharp – join a book or film club, take a course of study, join an interest group or volunteer with a charity you support.

Develop new social networks
Think about the things you never had time to do (such as cycling, golf, public speaking, hill walking or cooking) and try to develop new friendships from your new interests. They can replace some of the old relationships from work.

Status anxiety
“If a person has defined themselves by the job they did rather than the person they are, then this can lead to a retiree having an identity crisis,” says Murphy. “When you retire, you’re the very same person with the very same qualities but now you’re using them for yourself rather than the organisation.”