Things to do within 5 years of retirement

''Retirement is the longest holiday of your life''

Retirement

They say retirement is the longest holiday of your life. Preparing for it certainly is similar to getting ready for a trip. Never seems to go quite as planned, but the better the plan, the better the outcome. You never know what retirement will be like until you get there, but putting plans in place can make the transition from working life to retirement smoother, as well as giving you the flexibility to adapt to changing circumstances.

 

You may only be currently used to a couple of weeks of holiday per year. At retirement that could all suddenly change to 52 weeks of unoccupied time on your hands. It might be a good idea to start making plans or even practice retirement while you are still working.

 

Here are a few ideas that could help your transition into your golden years:

Change working hours

Depending on your employer, you could consider cutting your hours as you approach retirement day. Starting the transition from working life to retirement slowly can help the whole mind-set process. Many people 55 and over have reported that their employers allowed them to switch from full-time to part-time schedules.

Go ahead and move!

If you’re nearing retirement and believe you will want to re-locate. Whether that’s a different area or just into a care-home it could be a good idea to start making plans now. Often ideas and places can sound wonderful, until you move there and realise it wasn’t what you expected. Visit the area for a holiday or take a tour of the retirement home, inquire if it’s possible to spend a few days there to see if you like it. Talk to locals or other residents and find out how/why they enjoy living there. This could give you more years to enjoy the place you love, set some roots and make new relationships.

Make friends who are already retired and doing activities you enjoy

A good social life is an important factor to happiness. While you are working you will most likely spend the majority of your time with work colleagues/friends. But once you start your retirement, they will still be working and your interests are likely to change. Friendships aren’t made overnight so you should consider making new connections early instead of waiting until you retire.

Rekindle old hobbies or start new ones

Did you have hobbies when you were younger that you miss? Are there things you’ve always wanted to try but never had time? Now might be the perfect time to consider these things while you’re still earning money. You’re never too old for most things. Many skiers start at mid-age or older!

If you’re staying in your home, make repairs now

Whether you fancy a full remodel or just upgrading new appliances it’s sensible to start planning now. Sure, you might have more time once you retire, however your mind set may change along with other aspects of your life. When you hit retirement you could see a drop in regular income and some people could find it difficult psychologically to make lump-sum payments. If you don’t want to start now an idea could be to set aside money for the project in a separate account for when the time comes.

Try living on your retirement income

Could you live on less and enjoy retirement? If you are expecting to live on a smaller income, test it out now. You won’t really know until you try and if you struggle, you will at least have some time to address the issue.

Rekindle your most important relationships

If you’re retiring with your partner, whether you’re married or in a long-term relationship, you are going to be spending A LOT of time together. Coming up with new ideas, for activities or dates can keep things interesting and fresh. The same thing goes for your closest friends. Make plans with the people you connect most with so you have stronger bonds as you transition into the new phase of your lives.

Try something new

A lot of people like routine: a morning, daily or even weekly routines are sometimes accepted by the older generation. But this isn’t for everyone, sometimes trying something new now and again, or on a regular basis, can prevent some routines turning into ruts. Being open to new experiences can also help anyone at any age to adapt to change. Even if it’s watching something on TV you wouldn’t normally.

You should always remember, a little planning can help you to be better prepared for retirement and strengthen the chances of wonderful opportunities and experiences.

 

If you would like some help planning for your retirement get in touch with Savvy today! 

Savvy Financial Planning, Hinton Business Park, Tarrant Hinton, Blandford Forum, Dorset, DT11 8JF

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