Insightful articles on the world of finance and investing

8 Aug 2018
Life Planning vs Life Awareness

When you think of your retirement, what vision comes to mind? Will this be a life of leisure after work with no responsibilities? Do you think of it as the beginning of a 30 year-long weekend? Have you drawn up your bucket list yet?

Most people continue to think of retirement in purely financial terms. But if you were to ask yourself the question “Are you ready for retirement?” and were not allowed to considered finances as part of the equation at all, what would your answer be then? Do you feel you have the right attitudes, personality and outlook to get the most out of this next phase of your life?

It is far too easy to think of retirement as if it were the same as an extended holiday, and not to consider other important issues that will help you get more out of your new circumstances. Retirement planning is more about assessing how you live today, and how you want to live it in future. And Canadian international retirement planning authority Barry LaValley will tell you this sort of planning is very, very important.

Taking time to plan the rest of your life

“One of the biggest misconceptions about retirement is that it is the beginning of a new life, and that you become a ‘new’ person. Actually, retirement is a continuation of your present life. You are who you are and always have been, but your move into retirement is a very good time to sit back and assess how you think and feel about this life that you are living now and into the future.

“Some might call this “life planning,” but I prefer to think of it as “life awareness” that gets you back in touch with who you really are,” explains Barry. “If you can understand yourself, you will be far more able to develop retirement goals and plans that go beyond a bucket list, or spending winter on the Gold Coast.”

If you’d like to check just how much you really do understand about this phase of life, take this quick interactive quiz – the answers may surprise you!