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Plan vital for longer life

SUCCESSFUL retirement is built on two foundations – a financial plan and a lifestyle plan, says RetireInvest CEO Mark Spiers.

Getting it right is more important than ever as people now live longer after retirement Mr Spiers said.

“Lifestyle planning requires us to focus on different criteria to promote personal daily fulfillment, health, happiness and well-being,” he said.

“People need to consider their current domestic arrangements, how they want to spend leisure time and what commitment they wish to give to creative work, sport and community activities.

“In deciding what changes need to be made to achieve a more satisfying lifestyle, a person’s own needs and those of their partner need to be considered, as does their ability to cope with change.”

Mr Spiers said advisors should take a broader approach to financial planning to incorporate the lifestyle impacts.

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