What is Retirement Anyway?
It has been a while since I wrote my last blog post, mainly because I have been busy working on my book ‘Retirement Compass’. I think ‘Retirement Compass’ is probably title number four or five and, although it is still subject to change, I think it encapsulates the book’s purpose pretty neatly.
The aim of the book is to provide those approaching retirement with both a different perspective and a clear direction. My intention is that after reading the book they will have a clear and inspiring foundation from which to build their personal retirement plan.
The first draft, some 33,888 words, is now complete so I am allowing myself a little time off before reviewing it.
The writing process has really made me stop and think about some of the concepts we refer to on a daily basis and what they actually mean. Perhaps the most fundamental concept I wrestled with while writing the book was the notion of retirement. What does retirement actually mean in 2017?
The Oxford English Dictionary defines retirement as “The action or fact of leaving ones job and ceasing to work” but we tend to use the term retirement in a much broader context.
I have worked with individuals who require assistance with their retirement planning despite the fact that they intend to continue working for the foreseeable future. They might wish to access capital from their pensions, for example to pay off a mortgage, without actually drawing an income.
Others may wish to draw on pensions or other assets so that they can reduce their hours at work, some may never have worked but have built up savings, investment or pensions that they wish to re-structure to improve their lifestyle.
None of the clients in these examples are retiring in the traditional sense of the word, but all would need to undertake what I would refer to as retirement planning.
Maybe we need a new term to describe the ‘new retirement’, any ideas?