For many people, retirement brings dreams of freedom, travel, and finally having time for the things they've always wanted to do. Yet leaving behind a career also means leaving behind routines, responsibilities, identities, and relationships that may have shaped daily life for decades.
In this month's article, Steve Rowe explores why retirement is less like reaching a destination and more like stepping into a new country full of opportunities, discoveries, and, occasionally, dragons. The good news? Adventure has a way of helping us rediscover who we are.
Retirement - Travelling to new lands
As we approach peak summer months, for many of us our thoughts turn to where we will travel to, for our summer holidays.
For those that are working, this presents a sojourn into a world where we are no longer identified by what we do, the stresses of deadlines fall into abeyance and for the briefest of times, we may become who we truly are. I think the latter point is why so many people say to me, when I ask what they plan to do with their retirement, that they will travel, travel, travel.
“It is only in adventure that some people succeed in knowing themselves – in finding themselves.”
– André Gide, French author
For those about to embark upon a travel to an entirely new country - the land of retirement - it’s important to consider that:
🐉 Hic sunt dragones 🐉
For those without an interest in medieval maps or knowledge of Latin (you’re missing out!) - it means ‘here be dragons!’. Or ‘here are dragons’ but it sounds more piratey if you say ‘be’, so I went with that.
“Not all those who wander are lost.”
– JRR Tolkien, Writer and academic philologist
What are those dragons? After 30-40 years in your career, you have become institutionalised to a world of work. You are going to face these dragons:
Losing identity
I am a financial adviser, the pension fella, the money man (muppet?!). That’s what people see me as. And slowly, I become to see myself as that too. I help people get to where they want to be. When I no longer do that, how will I see myself? Will I miss people asking me in the pub? I’ll just be a normal bloke.
“Investment in travel is an investment in yourself.”
– Matthew Karsten, The Expert Vagabond
Status
It’s nice having people think you’re in the know and an expert at something. Will you miss that? Other people like the power their role offers, the money it brings and being able to show that off with cars, jewellery and trophy partners!
Workplace structure
Having set times to the day can be great. Something to jump out of bed for. Many people find not having that can make them feel listless. What can you do instead?... pack your bags and go somewhere.
“If you think adventure is dangerous, try routine; it is lethal.”
– Paulo Coelho, Brazilian novelist
Authority
Corporate roles come with built-in respect; the team leadership and ‘wins’ that can make you feel great! I have to say there’s not much respect in my office judging by the number of times I am referred to as a ‘freak’. If part of your identity has been tied to being in charge, retirement can be a good opportunity to explore new interests and personal growth. If you like being controlled/ submissive there are other places to do that too! Much more fun.
“A good traveller has no fixed plans, and is not intent on arriving.”
– Lao Tzu, Chinese philosopher
Social network
There’s always someone, doing something at work that you can join in on. Even if you don’t like them, it’s still an option to get you out or doing something different. For example, at Lucent this year we have played padel numerous times, had Friday Club after work drinks, played competitive darts and sand bag throwing, and taken part in ‘Park Run and Breakfasts’.
“A journey is best measured in friends rather than miles.”
– Tim Cahill, Travel writer
The costume
Putting on the suit, or power costume, both literally and figuratively in terms of your ‘workplace mask’ is a comforting step. Perhaps a step towards an alternative reality from who you really are. Similarly, travel opens up possibilities to become a new you.
“See the world. It’s more fantastic than any dream.”
– Ray Bradbury - author
The action
Closing deals, winning as a team and driving towards a target are all things that keep us motivated and provide purpose. How will you replace that? What if your purpose became visiting a certain number of countries? Or like Bruce, a successful retiree of ours, who walked to the top of the highest point in every British county during his first year of retirement. Maybe learn a language and go to the places where there are native speakers and give it a crack!
“Once a year, go someplace you’ve never been before.”
I went to Santorini in May. Apart from walking into a window that gave me a slight concussion on the week I returned, my main (only remaining?) memory was sitting on top of a mountain upon which the ancient city of Thera stood. Sitting up there looking at 2,000-year-old ruins, you can’t help but hear the voices and feel the footsteps of the inhabitants all that time ago.
It was the most atmospheric place I have been to for some time. The inhabitants at various points came from Greece, Italy and Egypt. They travelled and carved dolphins in stone and went to the theatre.
They travelled to a place where 3,000 years earlier another people (yes, this is 4-5,000 years ago) sailed the seas and called it home. They painted blue monkeys in their 3-storey homes. That’s right, these monkeys aren’t from the Aegean Sea, they are believed to be Langurs from southern India. People in the Bronze Age travelled far and wide.
If people of the Bronze Age could do it, so can we. Embrace the adventure whilst you can, in the land of opportunity you inhabit in retirement.
“Life is either a daring adventure or nothing.”
– Helen Keller - American author, disability rights advocate, political activist and lecturer
The Benefits of Travel on your Mental Health
When I talk of travel, I don’t just mean sitting on a sun lounger with a beer in your hand and sunglasses on. Although that, of course, has its place! I mean going to unusual places, immersing yourself in the culture, trying different foods in unfamiliar environments. All of which help to trigger neuroplasticity - which is the brain building new connections. Obviously, trying new foods can lead to stomach plasticity too. With its contents building new connections with the ground you are standing on. Neuroplasticity is great for you in old age as it helps to keep you sharp, alert and keen.
Getting away also reduces stress, gives a mental reset, a brief digital detox if you’re forever connected as I am, and sparks creative inspiration. This is not just whilst you are away, but beforehand as you look forward to it and when you return as you reflect.
Travelling with friends and family also builds bonds through shared experiences. As the state of your relationships directly influences your happiness in life, visiting far flung mates and rekindling those friendships will only make you more content.
There is much to overcome, as you travel the land of retirement. But when you do, make sure you make travel an important part of it.
We work with Lisa Savage at Travel Counsellors to help you make the most of your travel plans! Find her tips on Ubuntu (not on Ubuntu? It’s our social website for our clients. Contact us and we will give you a link).
Juggling Mind and Money
My eldest brother has learning difficulties, and I know too that some of your family may have vulnerabilities that would be exposed if they had to manage money themselves.
Here’s a picture of my brothers and I, on our annual trip to the Norfolk seaside (this is Gorleston).
So recently, I did a podcast with Rhiannon Gogh Founder of SENDA (special educational needs advice) . She and her compadre Ali Fanshawe are doing such fabulous work within the financial advice community to raise awareness of the pitfalls standard practices give to people with such needs.
For example, many grandparents will save into a Juni or ISA for their grandchildren. If one of those doesn’t have mental capacity to operate it once they are 18, they will not be able to access the money. And neither will you! You’ll need to spend a fair whack of money to get the Court of Protection to grant you access. Listen to Rhiannon discuss an alternative but equally worrying outcome in this short clip.
Similarly, leaving money in your Will to such vulnerable individuals could mean they lose access to the Means Tested Benefits they are entitled to, as well as other care arrangements that come along with those. The appropriate use of trusts within the Will helps protect against this.
Hear Rhiannon talk about why she set SENDA up in this clip from the episode. Or listen to the full episode here.
🤠 Howdy, partners!
Our annual shindig ’round the barbecue pit is on 30th July, and if you’re one of our valued clients, your invite ought’ve moseyed into your inbox by now.
If it ain’t turned up, have a peek in them junk and spam folders first. And if it’s still gone missin’ like a cowpoke at sunset, give us a holler in case somethin’s gone a bit sideways this end.
We g’on’ be enjoy’n brisket, barbecue, and maybe some pit beans. There ain’t no shine, just the finest brews and sour mash.
Saddle up partners, in denim, chaps and boots, for some line dancing!
We sure hope to see y’all there! 🍖🔥🐎
What else have we been up to?
Speaking!
This month, I presented and did role play at the CISI (Chartered Institute for Securities & Investment) Paraplanner conference, on the behavioural biases we all have and how to fully understand where people are coming from.
Similarly, in the autumn I will be speaking at the CISI annual conference and CII (Chartered Insurance Institute) conferences about the additional benefits financial planners give in coordinating many professionals from across legal, accountancy, lending and insurance, along with Michael Kothakota (who I spoke with in episode 28 of Juggling Mind & Money).
As I’ve grown older, I am being asked to do more of these presentations to help up and coming advisers and for professional educational bodies. And they’re fun! Not if you’re listening to them, obvs.
But, let’s be honest, this month we have all mainly been watching football. Indeed, I write this on the morning of the England Mexico game. I have been up since 1 am and it’s now 6 am. I walked to the office and in town there were loads of inebriated people singing and eating chips! It was fantastic to walk through at 4.30 am as the sun was coming up.
Until next month my friends, have fun and enjoy yourself, it’s later than you think.
Disclaimer: This article does not constitute financial advice. We recommend that you speak to a qualified financial planner for advice tailored to your individual circumstances and goals. Financial markets may go up or down, and you are not guaranteed a return on your investment. Past performance is not necessarily a guide to future performance. Financial details including benefits to the treatment of tax will depend on your individual circumstances and, while checked at the time of publication, may be subject to change in future.
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