The 6 important areas of a holistic retirement plan: how to Retire Right
Written by Glen James
Host of the Retire Right & money money money (formerly my millennial money) podcasts & author of The Quick-Start Guide to Investing.
Retirement planning isn’t just about having enough money, although that does come into consideration. It’s about all aspects of your life that you need to think through. You’ll be going through changes in all areas and being adaptable sets you up well to enjoy the changes as they roll through.
Moving into retirement can feel scary. But how much change have you already experienced in life? So much! Embrace the new and look forward to building your next phase of life – think of this as a new beginning. To learn more about this listen to this Retire Right podcast episode with Professor Joanne Earl:
Here are the 6 areas involved in a holistic retirement plan:
#1 Wealth
This is why we make the Retire Right podcast! Listen to the episodes about superannuation, the aged pension, how to manage any income you do earn, and think through the bigger events you might want to enjoy like travel, and the basics like managing your expenses week-on-week.
Aside from the usual superannuation and pension conversations we share on the podcast, here are 3 things you can do to make plans around your wealth needs:
Create a budget that reflects your retirement lifestyle: develop a realistic budget that includes all your expenses and stick to it. Even sitting down with a pen and paper to do this can be helpful.
Take advantage of discounts: look for senior discounts at stores, restaurants, and entertainment venues. Maximise these!
Declutter and sell unused items: generate extra cash by selling items you no longer need online or at a garage sale. Minimising the items you own is also a great way to simplify. If you don’t know how to sell items online (on things like Facebook marketplace or Gumtree), ask your grandkids or friends to help you! You’ll be surprised at what others find valuable.
#2 Health
One thing we all know is your health may start to look different as you age. Growing more mature is no joke! But rather than treat this as a restriction, build your life around the things you can do, and prioritise as much preventative healthcare as you can. As with any health advice please follow the guidance of your general practitioner, or other health care provider according to your own needs.
Here are 3 things you can do to make plans around your health needs:
Schedule regular check-ups: keep up with your regular doctor appointments and screenings to catch any potential health issues early. Please listen to and follow the advice provided by your healthcare providers.
Take daily walks: never underestimate the power of a simple walk around the block! Incorporate short walks into your daily routine to stay active and enjoy the outdoors. If you are not physically mobile, do whatever you are able to do to get outside for some fresh air, sunshine and a chance to wave hello to your neighbours.
Organise your medications: chat with your GP about having your medications packaged by your chemist. As you age you might be taking multiple medications for a number of overlapping conditions and managing that can be a headache. Whether it’s a pill box, a Webster-pak or a sachet, choose the organisational method that will work for you.
#3 Social
A strong social network provides emotional support, practical help, and a sense of belonging. Staying socially active is crucial for your overall well-being. This is especially important if your partner passes away or is away due to illness – build resilient networks of people around you.
Here are 3 things you can do to make plans around your social needs:
Stay connected: you don’t need to be a wizard with technology but use technology to stay in touch with family and friends, especially if they live far away. You might not be ready for social media, but even learning how to use Facetime can be a great way to connect.
Attend local events: participate in free local events, such as festivals, concerts, or community meetings. Local libraries and councils organise a lot of fantastic events, many of which are free to attend. Give them a call and see what’s coming up.
Join clubs or groups: participate in local clubs or groups that interest you, such as book clubs, hobby groups or fitness groups.
#4 Cognitive
Keeping your mind active is vital for maintaining cognitive function as you age. Engaging in activities that challenge your brain can help keep it sharp.
Here are 3 things you can do to make plans around your cognitive needs:
Read regularly: make reading a daily habit to keep your mind engaged and informed. The power of a good book, nothing beats it! If you find reading difficult ask a tech-savvy friend to show you how to listen to audiobooks (recordings of someone reading the book). This is another great accessible way to enjoy stories, and some libraries allow you to borrow them for free.
Practice mindfulness meditation: spend a few minutes each day practising mindfulness to improve focus and mental clarity. If you’re handy with a mobile phone you can download apps that provide soundtracks while you meditate, even for 10 minutes with some headphones. If you’re unsure how to do this, grab a tech-savvy grandchild or family member to assist in showing you how.
Write a journal: keep a journal to document your thoughts, experiences, and reflections. This is also a great way to process how you are feeling as days come and go – it’s important to validate your emotions and express yourself.
#5 Emotional
Emotional well-being is about managing stress, maintaining a positive outlook, and seeking help when needed. It's crucial for overall happiness and life satisfaction.
Here are 3 things you can do to make plans around your emotional needs:
Laugh often: a good laugh is a cure for many things! Watch comedies on television, or spend time with people who make you laugh to boost your mood. If you’ve learned how to listen to the Retire Right podcast, then do a search for some comedy podcasts! There’ll be something out there to lift your spirits.
Seek support: don't hesitate to talk with your general practitioner if you're feeling overwhelmed or depressed. There are many support services out there that can provide you with the help you need – please speak out.
Validate your feelings and give yourself grace: emotions are an important part of who you are. Accept how you are feeling, welcome it, and work on processing your emotions as you need to. Don’t be a hero – be gracious with yourself and feel what you need to feel.
#6 Motivational
Staying motivated and having a sense of purpose is essential for a fulfilling retirement. This is especially important as you start to wind working down and eventually out of your weekly rhythms. Work takes up so much of our time, and if you’ve also had children you’ve been busy! But as these areas wind down, find you projects and activities that give you a sense of purposes and mission. You’ll feel energised to keep moving forward.
Here are 3 things you can do to make plans around your motivational needs:
Establish a routine: you’ve probably lived a whole life around routines! But perhaps these routines need to suit your new retirement lifestyle. Develop a daily routine that includes activities you enjoy and tasks that keep you engaged.
Connect with like-minded individuals: surround yourself with people who share your interests and passions to stay motivated and inspired.
Give yourself a project or two: identify and pursue personal goals that excite you, whether they're related to travel, hobbies, or learning. Whether it’s a hobby or craft, gardening, writing, music or cooking, kick start some projects that will give you something to do and look forward to each day.
There’s plenty to enjoy in retirement, and having each of these areas addressed means you’ll have a great framework for your life. Be confident, celebrate the enjoyment and love your retired life.
Subscribe to the Retire Right podcast!
You only retire once, so retire right.
