Congratulations, it is finally time to fully enjoy the financial freedom you have been diligently planning and working towards since your 20s. Utilise your savings and investments in the most efficient manner possible to enjoy retirement.
Your assets have been focused on growth until you reach retirement which is now. Consolidating the portfolio, cashing in on growth assets and readjusting towards lower risk, regular yield generating assets is common during retirement. Keeping on top of the admin of managing your portfolio will allow you to take full advantage of the new hobbies and interests you now have time for.
A major transition
From moving into your first home, to potentially starting a family, having your first child, and achieving landmark career successes, retirement is often one of the largest lifestyle-transitions that individuals experience. It can be overwhelming going from working long hard hours, to seemingly no longer having a goal to work towards. Setting new goals and writing down a retirement plan financially and personally can both help you manage your wealth, as well as deal with the potential stress of big changes.
Busy as ever
Capitalise on your newfound freedom! With both the financial capability and lack of work/family commitments you can now pick up new pursuits, learn new skills, travel the world, delve into passion projects, and engage in philanthropy. This is the time to finally make your dreams a reality and live the future you saved and invested diligently for so many years towards.
Passive income
You have income coming in from state, private and workplace pensions. Added to this you likely have multiple streams of monthly/quarterly/biannual/yearly income from assets: dividend equity portfolios, rental income from properties, interest from bonds etc. Managing these assets and keeping a watchful eye over them will allow you to continue to enjoy retirement for many years to come.
Changing habits
It can often feel quite difficult to spoil yourself after many years of withholding from frivolous spending in favour of investing for the future – it may feel daunting to splurge on spending now that you are no longer working. Luxury purchases such as cars, holidays, home improvements and luxury-asset collecting are well earned. Having an agreed formula for spending such as a fixed percentage of monthly/yearly passive income can be a good way to overcome the psychological hurdles of treating yourself and give you comfort that you are still being financially responsible in retirement.
