How you can enjoy a truly ‘rich’ retirement
If you’re not yet in, or close to, your sixties, it is easy assume that retirement is a long way off, and not something to worry about with any urgency yet. But if you want to enjoy a truly rich life when you retire, that assumption is dangerously wrong.
Over the past couple of years I have started researching the subject of retirement. Not because I am considering stopping work any time soon (I’m only 53 and I love what I do), but because I have realised that the earlier we plan for a life beyond work, the richer that life will be.
And I don’t just mean ‘rich’ in terms of money. For me true wealth is a life abundant in friendships, family, good health and meaning. And yes, financial security.
The earlier you start planning for your retirement, the more time you have to ensure that you have everything you need in place. And that is exactly what I want to help you do with a brand new sister website we launched earlier this year: Rich Retiree.
How Rich Retiree helps you to prepare for a more abundant retirement
I launched Rich Retiree to help people – particularly women – better plan for an abundant life once they stop work (or start working less, as many people opt for what I call a ‘hybrid retirement’).
The site is built around the four pillars of a ‘rich’ retirement:
- Money
- Health
- Community
- Purpose
To really live life to the full, I believe you need to meet the needs of each of these pillars. For example, if you have a life full of friends, good health and purpose, but can’t afford to pay your bills, you will struggle. Likewise, if you have plenty of money but poor health or no reason to get out of bed in the morning, you are likely to be lonely and depressed.
My goal is to help you start planning and structuring your life now so you are ready to make the rest of your life the best of your life once you stop working full time.
To achieve this, I publish weekly content on Rich Retiree and am developing a range of resources to help you, including our free 7-day retirement reframe, a week-long email series that helps you to start thinking about what you want YOUR retirement to look like, and take steps right now to start bringing it to life.
I’m on a mission to help one million women plan for their retirement
While money certainly is not the only thing you need for a rich retirement, having enough money is essential. And sadly, the well-publicised gender pension gap means that too many women are currently sleepwalking into poverty when they retire.
One of the reasons for the gender pension gap is women are less confident than men in talking about and thinking about money. According to research by the Money and Pensions Service, 60% of women have no plan for their money in retirement, compared to 44% of men. And just 41% of women say they understand enough about pensions to be able to make effective decisions about saving for retirement, compared to 57% of men.
Of course this isn’t the only reason why women have less money than men when they retire. We often earn less than men, and are more likely to interrupt our careers due to caring responsibilities.
But, while we may need to overcome disadvantages, there is a lot we can do to help ourselves. And that starts with being financially aware and taking positive action – even if that is just small steps.
That is why I’m on a mission to help one million UK women over the age of 45 to actively plan for their retirement. If you’d like to take your first step, I recommend using a free tool I have created: the pension gap calculator.
Our free calculator helps you to estimate how much money you will need when you retire, how much you are on track to have, and the gap you need to fill. Don’t worry if you feel you are not very prepared yet – it is not intended to be scary! But only by honestly assessing where we are can we start to take positive steps in the right direction, however small they may be.
Start planning for a truly ‘rich’ retirement
From eating the right food and taking up yoga, to saving even just a small amount each month in your pension, there is so much you can do right now to ensure you enjoy a truly rich retirement. And I want to help you take the best steps for you.
Author: Hannah Martin is the founder of both Talented Ladies Club and Rich Retiree. She is a qualified psychotherapist, hypnotherapist, and NLP Practitioner and media expert on finance and retirement.
