It goes without saying that being in a strong financial position in later life is important for a happy retirement. After all, it’s hard to be truly happy if you’re constantly worrying about money and having to devise new ways to make ends meet.

However, money isn’t everything. Even if you have your finances under control and adequate resources, a happy retirement isn’t a given. This means when retirement planning it might be worth coming up with a strong ‘Life Portfolio’, as well as a financial one. Looking at your ‘Life Portfolio’ can help guide you through the important decisions you must take in the run up to retirement, as you’ll have made a record of the key things you want from later life.

What makes a ‘Life Portfolio’?

For the purpose of the Life Portfolio, it makes sense to break down your lifestyle planning into four areas:

Health

This refers to activities that help you remain in good health. Health here shouldn’t be limited to just physical health. It’s also important to think about activities that keep you happy and mentally active.

People

Existing family and friends aren’t the only things that make up the ‘People’ category. You should also think about community organisations you could get involved in to make new friends.

Places

Where do you see yourself living in retirement? Do you have any travel plans or dream holidays? Will you be close enough to see your loved ones?

Pursuits

What will you do in your retirement? What hobbies or interests do you have which you’d like to pursue in retirement? Does volunteering appeal to you? This also relates to whether you’d like to retire fully or stay professionally active in some capacity.

In the run up to retirement, it’s important you think about the meaningful activities that will keep the zest in your post-retirement life. Retirement is a big change, and despite the prospect of much more free time, it’s not always a seamless transition. Many experience a feeling of lacking the direction they once had through their careers.

If you develop a ‘Life Portfolio’ with a partner, you need to think about what goals you share and what goals are individual. Coming up with a set of shared goals for retirement while meeting your individual needs is important to ensure a happy retirement together. Whether you choose to write a formal ‘Life Portfolio’ or not, devising and working towards goals outside of work is key to being happy after you leave full time work.