If you’re preparing to retire, there are a number of plans and adjustments that need to be made in order to aid the transition into the next stage of your life. As well as thinking about pensions, life insurance and general financial security, those entering retirement also should be thinking about having fun, too.
Here’s a few tips on how to prepare for retirement that don’t just involve staying at home; it is all about getting a good life balance!
The thought of waking up in the morning and not having to go to work is delightful but as money is not being earned through work, retirees need to check what money will be coming in to the home and how this will affect spending. Personal pensions, state pensions, remaining mortgage payments, tax commitments, state benefits and insurance premiums should all be part of a financial checklist and taking stock of these options will help you consider what sort of retirement lifestyle you may lead.
Other ways of preparing for financial security include taking out life insurance. Concerns over who will provide finance after death are answered with life insurance as the payout should help those who may not be able to afford expenses after the death of a loved one. It can also be useful if your retirement dream is to take up paragliding or other high-risk activities!
Seeing the world
Once you retire, you may notice you have a significant amount of time on your hands. Entering retirement is one of the most perfect opportunities to see the world and explore landscapes that your youth may not have afforded to you. Whether you’re taking an extended excursion to Thailand or inter railing across Europe, travelling is one of the best ways to spend a retirement. However, always ensure that someone is looking after your home while you’re away; there is even the potential to rent it out if you’re going away for six months or more.
A new home
Retirement could be the perfect time to move home permanently. You may wish to move to sunnier climates as you enter your twilight years or your current home may be too big for your current needs; downsizing is certainly a viable option that many retirees take.
If you do plan to move home – or even country – then ensure all the necessary research is carried out beforehand as this is a gargantuan move to make. This includes weighing up the pros and cons of moving, whether it is financially viable and – if you’re moving abroad – sorting out passports and visas.
If you’ve got a part-time hobby or interest that used to take up time in the evenings after work then retiring hands you a lot more time to pursue your hobby on a full-time basis. If you enjoy playing golf, baking cakes, hiking or painting, retirement is the perfect time to concentrate a lot more on enjoying these activities.
There may be some clubs or organizations that you can join in order to meet like-minded people. Start making some inquiries and focusing on your interests.
Decorating and renovating
The commitments of a full-time job may have got in the way of renovating a home; the kitchen could still be tile-less and the guest bedroom has been needing a lick of paint for years, for instance. As retirement offers up a lot of free time, it could prove to be the perfect opportunity to finish those renovations you’ve been neglecting for years.
As you enter your older years, you may need to make some additions to your home in order to make retirement easier; a downstairs bathroom or a stair lift could be essential is making retirement a lot more comfortable, for example.
Written by the British Seniors Insurance Agency. We are a new force in the UK life insurance market specialising in direct insurance services to UK residents aged 50 plus. Find us at www.britishseniors.co.uk.