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Planning for retirement has become as important as ever with changes to pensions and rises in the cost of living. And it is not just the financial aspect of retirement that people need to adjust to. Stopping working after you have worked for most or all of your adult life is a huge change and often one that people struggle with. Whilst we spend years complaining about going to work, it actually provides us with a number of important things from giving you purpose to having everyday interactions.
In the years leading up to retirement, it is a good idea to have a plan that you can work towards whilst you are still working. Here are a few considerations for your plan:
Downsizing your home – Whilst it can be an emotional wrench to move out of your family home, the reality is that it is probably too big for you now. So you will obviously be paying bills and maintenance costs much higher than you would if you lived somewhere smaller. Also, the upkeep of the house can be difficult when you’re not as active as you once were.
Some people find that it helps to move a few years before retirement so that they do not face both at the same time. There are all kinds of options for downsizing as well, you could move into a nice modern apartment, a bungalow, a caravan or take a look at park homes for sale. Some people even take to the water and choose the freedom provided by living on a barge!
Social life – When you stop working, you might find that you have too much time on your hands and it can take time to build up new hobbies or join groups. In the years leading up to retirement, think about activities that you enjoy doing and join some classes or groups to get a feel of whether you will enjoy it.
Golf is a very popular activity that is ideal for retired people that like to stay active. You might be surprised at the number of people who only take up golf after retirement. Walking groups are another way of getting out and socializing whilst staying active. Loneliness can be a real problem as people get older, so try and build up your network as much as you can.
Volunteering – You might enjoy taking up some form of volunteer role to keep you busy. Whether it is helping out a charity, a role at a community group or even volunteering to walk your neighbour’s dog! There are so many good causes out there that you may feel passionate about helping and now you will have the chance.
Financial planning – It is very worthwhile speaking to a financial advisor before you are looking to retire, to get an idea of where you stand financially and if there are any investment opportunities. They might be able to give you some good information that will ensure that your money pot stretches rather than depletes.
Knowing your weekly or monthly budget will help you to make more informed decisions on whether you need to downsize your home or try and cut back in some areas of spending.
Always do your research in terms of offers that are available to senior citizens because your favorite local café might just have a half price offer. You can also explore the different transport options available to help save money. Keep your eyes peeled for deals as they change all of the time. Take a look at articles like this to find deals that may help you to save money.