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Retirement: Are you ready for it?

Retirement is often termed as 'second innings' or 'New Life'. Many of us look forward towards this 'new life' but very few actually plan it. By planning out time sensibly one can enjoy life to its core post retirement, reckons financial advisor Partha Iyengar.

March 21, 2013 / 15:41 IST

People make many transitions on their journey through life. For example, from school to employment, from single life to married life, to parenthood, and from one job to another. All transitions have a common element. They require you to adjust to change as you move from one situation to another.


- Elwood N Chapman and Marion E Haynes
  Comfort Zones : Planning your Future


What is the one word that resonates among half a million Indians today? �Retirement�. Yes!  Statistics reveal that in the next 2 years, half a million Indians from Public and Private Sector would be retiring from their full time service.


If you are one among them, how does it feel?  What does retirement mean to you? Are you ready for it?


According to the latest global survey by HSBC, nearly half the global respondents associated Retirement with �Freedom�. Other positive responses were � Happiness� , �Satisfaction�, �Opportunity�, �Wisdom�, �Wealth�, �Hope� and �Excitement� .


While it is wonderful to retire and look back at your accomplishments over these years, have you ever thought about what you want to do once you retire?


Some of you might want to do nothing but rest and relax. Do you think you could enjoy by �doing nothing� or �not learning something new� the rest of your life? I remember my father who retired from Public Service, tried it for a year and after that he couldn�t take it anymore. He felt so miserable because he did not have anything else to do. Day in and Day out.  Period.  After a year at home, my Dad went to work again as a part time employee in Private sector for a couple of years and then finally retired.


When I look back now, I realize that my father was so lost.  Here was a man who was so passionate about his job and his entire life and identity was centered around his work.  Of course, my father retired in 1970s! Most of the Asians including Indians [the older generation] would like to work beyond retirement years.   Incidentally, that�s what the HSBC survey on Indians says too.
45% to be precise!


My guess is that, the younger generation would most likely want to retire early! But at the same time they would like to keep themselves busy by exploring their interests in other areas. May be turn their hobbies into a neat small business!  Become an Author!  How about that round-the-world trip! Possibilities are endless�


So, what do you want to do? If you look around, you would notice that the easiest thing for most retirees to keep themselves �occupied� is �trading� in the stock markets.  But do you want to do that? Think about it. Research has proven it leads to not just losses but also leads to health complications. Which not only affects you but also others in the family?


As you go through this �transition� phase, think through clearly as to what you want to do for the rest of your �new� life.  Have a clear vision as to how you will invest your time and energy productively when you retire from your current position. For eg. What accomplishments have given you greatest intrinsic rewards? Why?  What current activities make you feel good or give you a sense of meaning and purpose? What do you most look forward to about retirement? 


What are you most concerned about retirement? Are you worried that you won�t have enough money when you retire to last you through your life time? Are you worried about your health or your spouse�s health will fail when you retire? Are you worried that you would lose �respect� once you retire?


William Bridges, author and preeminent authority on change and managing change, defines transition as the psychological process people go through to come to terms with a new situation. Therefore, overcoming challenges and taking advantage of opportunities are key elements of making successful transitions throughout life�s journey.


These are some of the questions and thoughts you might want to ponder and reflect and find your answers and solutions along the way as you enter the �second innings� in your life! Enjoy it as much as you can!


-Partha Iyengar


The author is the founder and CEO of Accretus Solutions India LLP and can be reached at partha.iyengar@accretus.in

first published: Oct 2, 2011 10:48 am

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