As Richmond borough has been named as one of the best places to retire by The Telegraph, Nub News asked what does it mean to retire? What do people want to get out of retirement? 

Nub News spoke to Katie Lovatt at retirement planning experts, Holland Hahn & Wills Financial Planning, about the psychology of retirement. 

"Particularly in the UK, retirement is quite a taboo subject," Katie says. "A bit like a line in the sand, people say they are going to retire at 65 but they don't always think about what that means." 

Katie explains retirement is a "seismic change" when people stop working, which can result in a loss of identity. For some people who have been running a team of individuals, delegating, making the big decisions, the quiet and the change of pace might equate to loneliness and disenfranchisement.  

Gunpreet & Katie

The diversity of the workplace with its challenging conversations and stimulating problems can be hard to replace. Katie says: "To suddenly stop all that and have no set routine is a bit of a comedown at times unless you have a plan." 

From extensive research, Holland Hahn & Wills has written a white paper on the psychology of retirement, what the change in pace and responsibility means for the individual. In his paper on The Sociology of Retirement, Robert Atchley cites 5 phases of retirement; 

1. The honeymoon period, when new retirees are excited by their new freedom and opportunity 
2. The disenchantment phase, when boredom or a despair at a lack of routine begins to take hold 
3. The reorientation phase, getting to grips with the new norm 
4. The stability phase when retirees are comfortable and at ease with their slower pace of life, and finally; 
5. The termination phase – a rather morbid definition suggesting poor health and lack or loss of physical (and sometimes mental) independence.

 Many people like to plan financially for retirement, considering perhaps to downsize or move somewhere new without a commute to consider. Few, however, spend time thinking how they will fill their hours of free time. 

Lovatt tells the personal story of her own father, a doctor and academic, who, on retirement had no idea what to do with himself", whereas her mum, also a GP, had various ideas in her head of what she wanted to do. For instance, she wanted to take up playing bridge, learn Spanish, make curtains in a soft furnishings class, meet with her friends once a week. "She had a plan," Katie says. "Whereas my father didn't have a plan and it made the psychology of retirement really different."  

The Holland Hahn & Wills team

Holland Hahn & Wills can help with this. Katie says: "We talk about how we invest money for clients, but it is secondary to what clients want to achieve with their money. 

"We need to know what their goals are, what is important to them, and what they want their money to do for them." 

If you would like to receive a free copy of the Psychology of Retirement - or would simply like to find out more about Holland Hahn & Wills, enter your email address and contact number here.

It is predominantly what the clients want to do. Do they want to die with £5 in their bank account, or do they want to make sure money is passed down through inheritance. It depends what their retirement goals are: do they want to travel? Have they always wanted to design their own home? Volunteer in the community and do philanthropic work? Fund their children/grandchildren's education or help them get on the property ladder?  

The Holland Hahn & Wills team

For instance, Richard Knight (a client of HHW since 1988) became more concerned about growing his investments. With the help of Jason Lurie, Wealth Manager, Richard was able to invest larger amounts in his pension funds rather than smaller monthly amounts, growing this into quite a sizeable fund. He said he was able to track his money and reach his investment goals, as well as calibrating the 'what if' scenarios. 

Now semi-retired, Richard works just one or two days a week on a small farming estate as their Finance Director. He also helps a couple of local charities and plays a bit of golf. Richard's new lifestyle also gives me the time to play the drums in a 70's/80's disco band and a Pink Floyd tribute band! 

Julian Meers started the project in 2019. (Photo: Holland Hahn & Wills)

Others, want to do something community based once retiring. Having retired from TV production, Julian Meers wanted to channel his energy and enthusiasm into a completely different project. He started Queen's Promenade Friends, a volunteer community group which improves the green spaces by Kingston Riverside. Launched in 2019, the project helped people in the Covid lockdowns who were lonely or needed a sense of purpose.  

Holland Hahn & Wills' whitepaper on the Psychology of Retirement explores some of the emotions attached to retirement, as well as practical tips on achieving a happy and financially stable retirement. A solid financial plan can help you prepare for this phase in your life – and a discussion with a financial adviser can help you understand key factors to consider. 

As a financial planning firm, one of the most frequently asked questions is "How Much Money Will I Need In Retirement?". How long is a piece of string? The answer to this question is very personal. 

If you would like to receive a free copy of the Psychology of Retirement - or would simply like to find out more about Holland Hahn & Wills, enter your email address and contact number here.