Hopefully heading into a comfortable retirement, your superannuation will provide a satisfactory income stream. Converting your funds into pension phase will provide significant tax benefits. Managing superannuation and investments can become quite a hobby for those who are so inclined.
If your investment portfolio includes some shares and property, management of these assets will also take up some of your time.
Managing business interests
If your career has been in owning and running a business – in these later years you may still be on the “Board” and working with the management team to oversee running of the business. You can still have important and influential involvement in developing the strategy.
Assisting children financially and personally
This stage of life will often involve some “early release” of a portion of your wealth to assist your family. If it is affordable, it is a great way to have an impact, of which you see the benefits, rather than waiting for the transfer of wealth via your Will.
Travelling and hobbies
Post work, it’s important to have some new experiences to keep your mind active and to remain physically active. Getting stuck into the hobbies and pastimes you didn’t get enough time for during the work years and having some new travel experiences will mean there are still some fun times ahead.
Staying physically and mentally active
As mentioned above, activity to keep you physically and mentally stimulated will help stave off the “ravages of time” as you enter your later years.
Volunteering may be another way in which you can “stay connected” with the world outside your family and social network.
Ensuring succession for networks
Having grown and developed a strong contact network, you should look to hand it on so that younger members of your team and your circle can benefit from the seeds you have sewn.