On a beautiful morning, as I arrived at the car park to make final preparations for the pre-retirement seminar for which I was invited as a resource person, I overheard a conversation between two gentlemen. One of them asked his friend if he planned on attending the seminar, to which his friend replied that he was tired of hearing about money and that his primary focus was the quality of his social life at retirement. On another occasion, I discovered that some retirees, primarily men, expressed dissatisfaction with their social lives and sense of relevance during retirement. While financial considerations undeniably play a crucial role in ensuring a comfortable retirement, it is essential to address other aspects that can contribute to additional fulfillment during this phase of life. Interestingly, many of these areas have interconnected financial implications. By paying attention to these aspects, including your finances, you are taking a step in the right direction.

Health is a major concern for many retirees since ageing may most likely come with deteriorating health. Being intentional about both your physical and mental health can save you a lot of money and improve your quality of life. Eating right, exercising regularly and prioritizing self-care are strategies you can adopt to maintain good health. Planning towards your health care needs and long term care at retirement is critical. Consider health insurance as well as other services you may need. The saying “no man is an island” remains true even at retirement. The value of social connections is often undermined. Normally, transitioning into retirement may involve the loss of valuable relationships that were fostered during active employment. Relationships are vital for a fulfilling retirement. Taking intentional steps to build and nurture meaningful relationships before and during retirement can significantly prevent feelings of loneliness and boredom in retirement. Cultivate and nurture relationships with family and friends by making time for regular interactions and creating opportunities for meaningful connections. Plan activities that allow you to stay socially engaged, such as attending social gatherings, joining clubs, volunteering, or pursuing hobbies that involve interaction with others etc.

The typical person's working life is often filled with numerous activities, from early mornings to late evenings, balancing work and family obligations. However, upon retirement, many of these activities come to an end, leading to a potential sense of boredom and loss of purpose among retirees. It is important to consider what you want your retirement to look like by considering your desired lifestyle, activities and hobbies. Find and develop hobbies and interests that bring you joy and fulfillment.  Additionally explore new activities and pursue lifelong passions that provide a sense of purpose, enjoyment and keep you mentally stimulated. Retirement is a new phase of life that can bring a mix of emotions, including excitement, uncertainty, or a sense of loss. Like every phase, it comes with its own opportunities and challenges. Considering these and planning ahead can greatly enhance your emotional preparedness for this stage. Additionally, prioritize your emotional well-being by staying connected with loved ones, seeking support when needed, and engaging in activities that bring joy and fulfillment.

For numerous retirees, housing or accommodation is a significant aspect to consider. The primary objective for the average Ghanaian retiree is to own their own home. However, many individuals spend considerable time and financial resources constructing homes that may not be suitable for retirement, often overlooking the fact that their children will eventually leave. In certain situations, it may be necessary to contemplate downsizing or relocating. It is crucial to carefully evaluate your living arrangement during retirement and develop a housing strategy that aligns with your desired retirement lifestyle. This decision could provide financial benefits, reduce maintenance responsibilities, or offer a change of environment that aligns with your retirement goals.

Quoting a well-known biblical verse, "A good man leaves an inheritance for his children and his children's children," it is evident that many individuals, after years of hard work, aspire to pass on valuable assets to future generations. However, in addition to this, it is important to consider leaving a positive legacy and making a meaningful impact by giving back to the community or supporting causes that hold personal significance. These desires should be incorporated into both your financial and non-financial considerations when planning for retirement.

When it comes to transitioning from work to retirement, there are numerous aspects to consider in order to enhance your overall well-being and fully embrace this exciting phase of life. While financial planning for retirement is crucial, it is equally important to adequately consider and plan for other areas that can contribute to a more fulfilling and satisfying retirement journey.

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Axis Pension Trust partners workers throughout their retirement planning journey to ensure they are on track to achieve a dignified retirement. For more information on our services or general enquiries, send an email to This email address is being protected from spambots. You need JavaScript enabled to view it. or call 030 273 8555.