Retirement: Making the Transition

Retirement is one of the biggest transitions you will ever have to make in your life, for many this marks the beginning of ‘old age’.

Around 650,000 people turn 65 each year many of whom will chose around this time to retire. New models of retirement are beginning to develop, with more and more people entering into phased retirement, where paid employment gradually decreases over time.

Statistics reveal that this option is open to a third of employees, however this is more prevalent in white-collar roles. However a recent study has shown that modern perception of retirement has not gone far enough.

With people now living for 20 to 30 years after they retire, there is still a discourse in the engagement of retired people with society and in dealing with the emotional and psychological effects of retirement.

Personal attitudes towards retirement have been seen to be crucial in dealing well with this life transition. Research has shown that those with more positive attitudes towards retirement are likely to live up to 5 years longer than those with a negative attitude.

Traditionally, retirement planning focuses on the financial aspect of retiring, however the emotional and psychological preparation is just as important.

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