# Why companies need to rethink retirement – Tips for ensuring a happy life in later years Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-07-27 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Rethinking Retirement Planning for Financial Wellbeing Meta Description: Discover how to rethink retirement with guidance from Pro-Vision Lifestyles. Help employees plan for a happy, fulfilling post-work life. URL: https://financedigest.com/why-companies-need-to-rethink-retirement-tips-for-ensuring-a-happy-life-in-later-yearshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/7-2-1736838120375-compressed.jpg) By Michael Middleton, director with Pro-Vision Lifestyles The Financial Services sector has taken a battering both from the impact of the global pandemic (the United Kingdom was one of the hardest hit countries of any major European economy) but also   Brexit, the resulting exodus of many wealthy individuals from the UK and the rumours that many businesses will follow. ![Michael Middleton, Director,Pro-Vision lifestyles](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/picture9-450x672-1736838120356-compressed.jpg) Michael Middleton, Director, Pro-Vision Lifestyles These circumstances highlight the importance of giving people access to guidance throughout their working lives to help them make informed choices and be better prepared for retirement, both [financially but also emotionally](https://www.financedigest.com/how-financial-brands-can-appeal-to-consumers-emotions-with-sms-rmm.html "How Financial Brands Can Appeal to Consumers’ Emotions with SMS/RMM"). Wellbeing is an area that the financial services sector has not traditionally prioritised and yet [employers are among those “best able” to help employees](https://www.financedigest.com/why-more-companies-are-asking-new-employees-to-commence-employment-before-christmas.html "Why more companies are asking new employees to commence employment BEFORE Christmas.") improve their ‘retirement prospects’ in any industry. Realising that “retirement” is a gradual process not an abrupt “here today, gone tomorrow” is essential, and employers have a huge [role to play](https://www.financedigest.com/why-the-bank-branch-still-has-a-role-to-play-for-consumers.html "Why the bank branch still has a role to play for consumers"). From the moment we join the workforce we are bombarded with messages urging us to [save for retirement](https://www.financedigest.com/student-loans-hurting-workers-ability-to-save-for-retirement.html "STUDENT LOANS HURTING WORKERS’ ABILITY TO SAVE FOR RETIREMENT"), but never to plan for what we want.  Company pension provision is often a huge source of this problem. [Saving just for the sake of it is of limited value](https://www.financedigest.com/savings-efficiencies-and-greater-reliability-in-entity-verification-processes-of-a-combined-annual-value-of-650m-to-the-financial-services-industry-identified-in-new-research-into-legal-entity-ident.html "Savings, Efficiencies And Greater Reliability In Entity Verification Processes Of A Combined Annual Value Of 0m To The Financial Services Industry Identified In New Research Into Legal Entity Identifiers"). Ironically when we are clear on what we want out of life, it is easier to make [smarter investment decisions](https://www.financedigest.com/the-cfo-of-the-future-smarter-systems-better-decisions.html "The CFO of the future: smarter systems, better decisions").  Yet little if any advice is given by [companies to help employees](https://www.financedigest.com/hundreds-of-tyson-foods-employees-to-depart-as-company-closes-offices-wsj.html "Hundreds of Tyson Foods employees to depart as company closes offices – WSJ") develop future plans. This is a [key area for businesses to help their employees](https://www.financedigest.com/5-key-things-you-need-to-know-before-hiring-your-first-employee.html "5 Key Things You Need to Know Before Hiring Your First Employee") address. Helping people think about and [plan their whole life](https://www.financedigest.com/are-the-over-55s-accessing-their-pensions-early-failing-to-plan-for-later-life.html "Are the over-55s accessing their pensions early failing to plan for later life?") has the added benefits of not just improving their wellbeing, but also helping the business keep them employed in a useful role – breaking the “full time or nothing” mindset too many managers still have. Retirement is a 130-year-old concept that is long past its sell-by yet it remains something people strive for throughout their [working lives](https://www.financedigest.com/homebuyers-live-work-and-play-at-neo-stepney.html "Homebuyers live, work and play at NEO, Stepney"), almost as a rite of passage. The reality of retirement rarely turns out to be what we expect, and something most people dread. So how can the financial [services](https://www.financedigest.com/how-financial-services-companies-can-successfully-utilise-low-code-and-no-code-technologies.html "How financial services companies can successfully utilise low-code and no-code technologies") sector start rethinking how they help their staff have a happy and not just a financially comfortable retirement: - [Retirement is often seen as way over the horizon so planning](https://www.financedigest.com/5-annuity-tips-to-know-for-2023-retirement-planning.html "5 Annuity Tips to Know for 2023 Retirement Planning") can wait. [People need](https://www.financedigest.com/banks-need-to-digitise-financial-wellbeing-support-to-help-young-people-manage-through-this-recession.html "Banks need to digitise financial wellbeing support to help young people manage through this recession") to think about it seriously much earlier, ideally in their 40s.  Employers need to engage with their staff sooner and help develop a [retirement plan](https://www.financedigest.com/should-i-roll-my-old-retirement-plans-into-a-roth.html "Should I Roll My Old Retirement Plans into a Roth?") that ensures individuals remain both physically and mentally  active  as this will benefit both parties now and in later life. [Employers have a lot to gain from helping employees](https://www.financedigest.com/neyber-brings-on-board-james-malia-to-leadership-team-to-support-employers-success-in-driving-employee-financial-resilience-goals.html "Neyber brings on board James Malia to leadership team to support employers’ success in driving employee financial resilience goals") identify the things they love to do and keep doing them, the risk of not doing so is that of losing purpose in life. - A [plan is not a simple list](https://www.financedigest.com/volkswagen-investors-question-plan-for-ceo-to-lead-porsche-listing.html "Volkswagen investors question plan for CEO to lead Porsche listing") of things that would be “nice” to do. It is essential to help employees properly understand themselves, their abilities, whether they want to carry on [working in some way](https://www.financedigest.com/what-are-the-best-ways-to-become-more-productive-working-from-home.html "What are the best ways to become more productive working from home? ") beyond retirement, or perhaps using their skills in other ways. - Too often [people leave considering changes they want to make in life](https://www.financedigest.com/life-post-brexit-people-must-take-precedent.html "Life post Brexit – people must take precedent") until the last minute.  One consequence is a difficult or even failed emotional transition to a new life  where  retirement aspirations are seemingly snatched away. Employers can help staff to see their [pension as an enabler for their future which is a time](https://www.financedigest.com/the-pensions-deficit-abyss-the-time-to-review-your-situation-is-now.html "The pensions deficit abyss – the time to review your situation is now") of life that should be one of excitement not dread. - Running a series of workshops to help people discover more about themselves and how they want to spend their [future is a good way](https://www.financedigest.com/5-ways-to-protect-your-wealth-for-future-generations.html "5 Ways to Protect Your Wealth for Future Generations") to improve engagement with the company pension and also a good way to discuss how people can work more flexibly as they get older. [Companies need](https://www.financedigest.com/anyone-can-write-assignment-need-people-able-apply-new-skills-workplace-says-top-investment-management-company.html "“Anyone can write an assignment, but we need people to be able to apply their new skills to the workplace,” says top investment management company") to rethink how they see retirement and encourage their employees to see it as an opportunity to discover what they really want out of life and the sooner the better. **_Michael Middleton_** _is a director with Pro-Vision Lifestyles (_ [_www.pro-visionlifestyles.com_](http://www.pro-visionlifestyles.com) _) and a financial advisor with 30+ years’ experience. He has helped 100s of people to turn their “retirement” into the most the most fulfilling phase of their [working lives](https://www.financedigest.com/love-living-and-working-at-lavender-fields.html "Love living and working at Lavender fields")!_ --- This blog is powered by Superblog. 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