Looking Beyond Finance For Retirement Planning
If you look at the entire process of retirement planning the only thing that most people concentrate on is how does one achieve the goals set for the time of retirement by saving and investing the necessary amounts. This might seem to suggest that the entire process is only a financial process. However, there is a need to realize that retirement planning is not just about money. There are a lot of other factors that have to be considered in the process and these have to be seen for the impact that they have on the individual and the planning process.
Dealing With Free Time
All throughout life, the time has been in short supply and suddenly after retirement, the entire situation changes. Often this leaves a lot of people completely confused. How do they actually deal with all the free time available after retirement? The sudden change for the individual will be unnerving. They need to find some companion or they need to undertake some activity that will occupy their free time. Many people develop some hobby or interest, which can use up their spare time. Some would like to use this time to play with their grandchildren and enjoy watching them grow up. For several people, there is already some interest or passion, that they want to indulge in.
In the midst of all this, one must not shift their attention away from the entire process of retirement planning. This means that money and building assets will remain an integral part of the financial planning process. This money will be used to achieve the goals of retirement planning and it will also help the individual in achieving several of their individual dreams in the process. However, for a lot of people, this is not the only thing that will determine the overall success of their planning efforts. Looking at the intangibles and then achieving the targets there will also play an important part in completing the retirement planning process.
Activities
There are a lot of activities that can be undertaken by a person after their retirement. The exact nature of the activity or the hobby that one pursues will depend upon several individual factors. Different people might choose different areas in which they would like to do something. One does not have to conform to a set of rules and regulations and hence they are free to adopt an individual line on their own. However, the person should first have a clear idea about what are the areas or the activities that interest them. They can even ask themselves the question as to whether there is something that they have always hoped to do but have never got around to doing it.
The important thing here is that the activity should be relaxing and lead to some peace of mind. If this is another case of just running around like they have been doing for their entire working life then this does not serve the purpose. There also has to be a sense of pride as well as achievement contributing to the feel-good factor.
Reading
This is a common hobby that can be developed by any person. The advantage is that it is not very expensive and a lot of material is readily available. Reading can stretch from an area like a newspaper and magazines to books relating to fiction or culture or even classics. There is something for everyone depending upon what they like and prefer.
Writing
Writing is another activity that a person can undertake during old age without stress or running around. This is an activity that one can do at their leisure. One has the liberty to choose the time that suits his needs rather than the needs or the timing of others. There are again several areas in the field of writing that one can pursue like fiction, poetry, and plays.
Collecting Items
For several people, retirement age is the time period when they are able to undertake several good collections because of the wide range of activities that they come into contact with. During this time, they come across many cultures and other experiences, and hence they can also collect several things from across the world. However, a downside to this is that this interest also requires some investment and this can sometimes be a bit too high especially when there is not a very large cash flow coming in.
Art And Crafts
Art and crafts are not only interesting but also involve a lot of creativity too. Using this route is not only an opportunity to use one’s talent and ability but also to show the kind of skills that one has developed in a particular area. This area is also linked to the kind of interest that people have and this is one area where there are no boundaries because talent and creativity can be a constant source for a new type of activities. Another benefit of this route is that it will often result in a lot of personal satisfaction being generated.
Cultural Activities
Go to any part of India and there are a whole host of cultural activities that are on in full flow. There is also a good scope for people to contribute their bit to this area. Development of cultural activities, and providing guidance to young children are just examples of the kind of stuff that a person can undertake and this is another area where a lot can be done by using the creative juices present in an individual.
Social Work
There are a lot of entities that work in the social sector. There is always the need for people who will be able to devote time and effort to these entities and there are a lot of activities that one can engage in. Depending upon the kind of interest that a person has along with the area that they want to make efforts in there are several things that a person can do. Many people set up their own units to serve the needy as a way of giving back something to society.
The time and efforts that one can devote to the activity to a large extent will determine the kind of satisfaction that one will feel. But these are very important factors that need to be considered to achieve the final results. There is another angle that also needs attention. All the activities that are undertaken will have a financial impact. This impact can occur in two areas of income and expenses. If there is a bigger income impact than the expense impact, however, if the expense impact is greater than the income impact then it has to be seen whether this is a sustainable thing for the individual.
On the income side, all additional efforts could give rise to a situation where some amount is raised and received by the individual. This is a good way of ensuring there is some financial benefit from the efforts. The expense figure will have to be checked for the extent and the area in which this is being made. The net overall situation is important and one must keep a check on this.
