Discussions about retirement planning often focus on financial matters – saving, investing, accessing retirement benefits. The non-financial aspects, are often ignored, yet indeed they are a key part of retirement.

To bring these non-financial aspects to the fore,URBRA organized a webinar, which was addressed by renowned author and transformational coach, Ms Joan Mugenzi. She noted that retirement carries excitement, fun, and freedom but can also bring disorientation and disenchantment regardless of how much money one has. While finances are important, they are driven by the emotional, mental, and social human needs like belonging, family and purpose. All of these are none financial in nature and make living bearable.

You have to ask yourself some critical questions as you age and draw closer to retirement;

• Who will I be without my pre-retirement profession?
• How will I live without my employer identity?
• What will I do for over ten to twenty years in retirement?
• “Who will I spend my time with and where will I live?
• “What will be my purpose?”

Perhaps the most important non-financial consideration is to invest in relationships. “Find time to build meaningful relationships but these relationships must not be transactional; don’t only reach out when you need some cash” Mugenzi said. “Build relationships with trustworthy people who will come to your rescue when you need them, look out for you and protect you from self-seekers who want to take advantage of you. But this can only be achieved when you’re an honest person yourself and have positively touched the lives of those around you,” she advised.

Apart from strong relationships, Mugenzi advised participants to plan their estate and document their possessions in an asset inventory. This planning must include and put into account how you want your family and loved ones to deal with your belongings when you’re gone. “Develop an asset inventory to make it easy for people to support you when you are in your weak moments. People might want to support you but they don’t know where to start. Don’t demean yourself by hiding all your properties and assets. You want to leave order not chaos,” she advised.

To summarise her insights on retirement planning, Mugenzi advised participants to develop their planning around the 7-Fs framework which includes: Family, Firm, Friendships, Fitness, Fun, Faith…and Finances. With such a framework, people will realise that retirement planning is much more than just finances.