I retired several years ago and have picked up a few basic tips to make the best of this third stage of life.

After a busy working life, many people find it challenging to settle into retirement. There are no longer any work pressures, deadlines, or the stresses and strains of business.

It’s OK to take a short time to sit back, relax and enjoy the peace and quiet of owning your own priorities.

My wife often reminds me of a quote she’d heard that goes like this:

After his retirement I have twice as much husband and half as much money!

Retirement is a significant chapter in life that promises rest, relaxation, and the opportunity to pursue passions that may have been set aside during the working years. However, to enjoy a comfortable and joyful retirement, careful planning and preparation are essential. Here are some key steps to ensure an impending retirement is as fulfilling as possible.

Assess your retirement needs. The first step in preparing for retirement is to assess your financial needs. Calculate how much money you will need to cover your living expenses, healthcare, travel, hobbies, and any other activities you plan to pursue.

It is recommended to aim for an income that is 70-80% of your pre-retirement earnings to maintain your current lifestyle.

Start saving early and consistently throughout your working years. Take advantage of employer-sponsored retirement schemes. Diversify your investment portfolio to mitigate risks and ensure steady growth. Consulting with a financial advisor can provide tailored strategies to achieve your retirement goals.

Prioritise your physical health. Maintaining good health is crucial for enjoying retirement. Adopt a balanced diet, engage in regular exercise, and schedule routine medical check-ups to prevent and manage health issues. Staying active can also improve mental health and overall well-being.

Stay connected to ensure your social and emotional well-being. Social connections are vital for a happy retirement. Cultivate relationships with family, friends, and community members. Participate in social clubs, volunteer activities, and other group events to stay engaged and build a supportive network.

Retirement offers the perfect opportunity to explore interests and hobbies. Whether it’s travelling, gardening, painting, or learning a new skill, engaging in activities you love can bring joy and fulfilment. Setting new goals and challenges can also keep your mind sharp and positive.

Consider whether your current home will suit your needs in retirement. Assess factors such as maintenance, accessibility, and proximity to family and amenities. Downsizing or relocating to a retirement living village might be beneficial for reducing expenses and enhancing your quality of life.

Anticipate and plan for future changes in your lifestyle and health. Consider options for assisted living, home modifications, and in-home care services. Having a plan in place can alleviate stress and ensure a smoother transition as your needs evolve.

Ensure your legal and financial documents are up-to-date and easily accessible. This includes wills, power of attorney, medical directives, and beneficiary designations. Keeping these documents in order will protect your interests and provide peace of mind.

Consult legal professionals; for example, working with an estate planning lawyer can help you navigate complex legal matters and ensure your assets are distributed according to your wishes. Proper estate planning can also mitigate taxes and legal complications for your heirs.

Preparing for a comfortable and happy retirement requires thoughtful planning and proactive steps. By focusing on financial security, health, social connections, and legal matters, you can create a retirement that is not only comfortable but also deeply fulfilling.

Start planning today to pave the way for a happy and worry-free retirement journey.

Ian Garner is a retired Fellow of the Chartered Management Institute (FCMI) and the Institute of Directors (FIoD).

Ian is a board member of Maggie’s Yorkshire. Maggie’s provides emotional and practical cancer support and information in centres across the UK and online, with their centre in Leeds based at St James’s Hospital.

He is the founder and director of Practical Solutions Management, a strategic consulting practice, and is skilled in developing strategy and providing strategic direction, specialising in business growth and leadership.