GEORGE BUSINESS NEWS - “Retirement” means something different to everyone. For some it is a welcome break from the daily drudge of work. For others, it can be unwelcome and quite a shock to someone who is unprepared. In addition, employment often gives us a sense of significance and a feeling of being needed.

1. It lasts longer than you think

In reality, the kind of retirement we face today is very different from that of our grandparents. The magical retirement age of 60 was set in Europe at the turn of last century, when a man’s life expectancy at the time was 49. Effectively, most people didn’t actually retire, and for those who did it wasn’t for long.

Today, longevity is a real issue. Healthier lifestyles and advances in medical care have resulted in people living healthier, longer lives. The average 60-year-old today is certainly in very different shape to our grandparents at that age.

2. It doesn’t mean an end to work

Be it for financial need or personal inclination, more and more people are electing to work longer, easing into retirement by reducing their hours, working part time or taking on consulting work.

Retirees are highly skilled, experienced individuals and many choose to take on charitable work, finding fulfilment and a sense of being needed in this sphere when their working life has come to an end.

3. It isn’t the holiday you expect

The idea of totally changing your lifestyle at retirement is flawed. It is important to give yourself the time to cultivate hobbies and other interests while you are working which you can then devote more time to when you retire. Many people aspire to spending their days on a golf course or next to a lake fishing, but unfortunately it often becomes a case of “too much of a good thing!”

An integrated approach to retirement that balances work, leisure and learning in your pre-retirement years offers the happiest and easiest transition into retirement. In fact, this is a balance we should be cultivating throughout our life.