Time is ticking, and as it does, each moment you are closer to the day you retire. Whilst some people welcome retirement with open arms, others approach it with apprehension. Either way, it is always best to plan well in advance for such life-changing events, to ensure you don’t get a shock when it comes to it. Your whole world is about to be flipped upside down – you want to enjoy the ride!
Here we are going to explore some of the main things you need to consider as your near retirement…
Your finances
All of our adult working lives we should be financially preparing for our later years after retirement. You need to ensure that you are well-informed as to how much money you will be receiving from your pension when you go into retirement, and how it all works. That means you should have a pretty good idea of how much money you are putting away currently, as well as how much tax relief you receive (find out information on pension allowance by clicking the link).
The likelihood may be that you are going to see a drop in your income when you retire, so you must plan accordingly. If you can, it’s best to save as much as possible in the years leading up to your last working day, so that you have more financial stability and freedom when you have more time than ever to utilize it…
What you’re going to do with all the time you will now have on your hands
The previous point leads us to all the free time you will now have to play with! Retirement is an exciting time for you to do what you really love, with no work obligations holding you back. Do you love to travel? Hop on a one-way flight and explore that country that you’ve always been curious about. Or is there a particular subject that you want to learn more about? Take an educational course, learn a language, or attend pottery classes! The world really is your oyster now, so take advantage of this and let your hair down. Write a bucket list and start ticking off your goals.
A lot of people also miss the working aspect of their day-to-day lives, so volunteering or taking up part-time work is a great way to feel good about yourself and perhaps even earn a little extra cash (if it is paid). You can also meet new, like-minded people this way. Pick something a bit different that intrigues you – you might find a new hobby.
Your living arrangements
It’s common for people to change their living arrangements once they head into retirement. This could be to save money, to downsize, or because they’re no longer bound to an office location/family commitments. Whatever the reason, it is always something to consider, depending on your particular circumstances. Retirement might be the ideal time to swap the city for the countryside?
