Obviously, being in a robust financial position in later life is crucial for a happy retirement. After all, it’s difficult to be truly happy if you’re continually stressing over money and having to think of new ways to make ends meet.

That said, money certainly isn’t everything! Even if you have adequate resources and your financial affairs are in order, a happy retirement isn’t guaranteed. This means when retirement planning it might be worth coming up with a strong ‘Life Portfolio’, as well as a financial one. Exploring your ‘Life Portfolio’ can help guide you through the key choices you must make in the run up to retirement, as you’ll have made a note of the important things you want from later life.

What makes a ‘Life Portfolio’?

It makes sense to break down your ‘Life Portfolio’ or lifestyle planning into four areas:

1. People

Existing family and friends shouldn’t be the only people that make up the ‘People’ category. Why not consider getting involved with community projects or charities to meet new people?

2. Health

This relates to activities that help you stay in good shape. It’s important to think about activities that keep you happy and mentally active, not just those that help keep you in good health physically.

3. Pursuits

What will you do in your retirement? Will you want to retire fully or stay professionally active in some way? What hobbies or interests would you like to pursue in retirement? Does volunteering appeal to you?

As retirement approaches, it’s important you think about the meaningful pursuits that will keep the zest in your post-retirement life. Retirement is a huge change, and despite the prospect of far more free time, it’s not always a straightforward transition. Many have a feeling of missing the direction they once had through their working lives.

4. Places

Do you have any dream holidays or travel plans? Where do you see yourself living in retirement? Will you be close enough to see your loved ones?

If you develop a ‘Life Portfolio’ with a spouse or partner, you need to think about what ambitions are individual and what ambitions you share. Coming up with a set of joint goals for retirement whilst satisfying your individual desires is important to ensure a happy retirement together. Whether you decide to write a formal ‘Life Portfolio’ or not, creating and working towards goals outside of work is vital to being happy after you finish working.

If you have any questions around this topic, please feel free to get in touch with us directly on 01789 263888 or email hello@charterswealth.co.uk.