How your financial plan provides purpose and helps combat loneliness in retirement

Loneliness Awareness Week is organised by the Marmalade Trust and this year runs from 10 to 16 June. Its theme is “Random Acts of Connection”.

The latest figures from the Office for National Statistics (ONS) confirm that more than a quarter of UK adults feel lonely at least some of the time. But making connections, whether with friends, family, or like-minded people, can help.

So too can having a robust and carefully considered financial plan based around a fulfilling life with a strong purpose.

Jane Smith Financial Planning can help here. Keep reading to find out how.

A robust financial plan can help you to achieve fulfilment in all areas of life

This year, Marmalade Trust is encouraging us all to make “micro-connections” to help ourselves and others.

They suggest many ways to make these connections, from calling a loved one to signing up to a local online chat site or trying a new hobby. These steps can be especially helpful at the end of a long career when the move to retirement can be jarring for some.

Putting a financial plan in place provides the perfect opportunity to think about what you want your future to look like.

Your ideal retirement will likely include:

  • Spending quality time with family and friends
  • Being in good health, physically and emotionally
  • Enjoying an active social life with hobbies that interest you.

That’s why, when we sit down to discuss your long-term financial plan and goals, we’ll ask you about your lifestyle, not your finances.

A financial plan can help you recognise the importance of key aspects of your life now and after work

Your long-term financial plan will be based on your circumstances and lifestyle goals. It will provide you with a purpose, helping you to stay fit and healthy, socially active, and avoid loneliness. Here’s how:

1. Factoring mental wellbeing into your long-term goals

A financial plan – alongside our personal service – gives you the freedom to make life’s big decisions with confidence. You can be sure you’ll have all the relevant information and the best chance of arriving at the right choices for you.

This gives you peace of mind and a sense of control over your future, leaving you free to enjoy the present.

2. The importance of physical fitness in retirement

An active lifestyle is key to good health, especially in later life, so think about the exercise that best suits you and make it a part of your weekly routine in retirement.

The NHS recommends adults aged over 65 should aim to be physically active every day. Even light activity counts, so a daily walk would make a great start. You might consider joining a walking club to enjoy a social boost alongside the exercise.

Remember that your brain is a muscle. A mind workout might be as simple as a daily sudoku or reading. A book club could help to provide regular social interaction with like-minded people.

3. An active social life provides purpose and can help avoid loneliness

Adjusting to life after work can be tough so think about those things you are passionate about.

As we have seen above, you might like walking or reading, but is there a once-loved hobby that you abandoned, maybe when you started a family or your career took off?

Reigniting a passion for painting, or music, say, could help to provide a focus and purpose that your career once provided. You might sign up for a local art class, join a choir, or find a local tutor to help you learn a new instrument.

4. Retirement means more free time to spend with loved ones

Thinking seriously about retirement might make clear just how much free time you’ll have, and how much of that you can arrange to spend with loved ones.

Helping to look after grandchildren might be just the purpose you need, providing fresh air, social interaction, and plenty of exercise!

As Marmalade Trust say, making connections can be as simple as phoning an old friend or going for a walk with your family.

5. Financial wellbeing is key to physical and emotional health

A long-term financial plan aligned with your goals means that you can enter retirement with the money to live the lifestyle you want.

We will listen to the ins and outs of your life to ensure we make the right decisions for your specific circumstances. We’re all about providing freedom to make the big decisions you need to get to where you want to be. This goal ultimately gives you something to work towards and can provide a sense of purpose in retirement.

Of course, life doesn’t always go to plan and your circumstances can change. But a robust plan is an adaptable one and we’re always on hand to help.

Get in touch

If you have any questions about your retirement plans, speak to us now. Please contact us on info@janesmithfinancial.com or call 01234 713131.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

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