When we approach our silver years, it becomes increasingly important that we have the funds, the support, and the plan behind us in order to live comfortably and happily for the duration of our happy retirements. For so long in life, we push plans for retirement to the back of our minds and kick the can down the road, believing we’re still young and that these concerns should be dealt with later in life.
But it’s actually responsible and sensible to make plans for retirement sooner rather than later – it’s what this article aims to encourage you to do.
Looking at Finances
Retirement feels a little strange. After a long life of working in different jobs and careers, learning all sorts of things about the world, and raising a family, you’re left with very little to do – and no source of income from your work. That’s, of course, why pensions exist – and it’s pensions that you should have begun focusing on many years ago in order to start preparing for your retirement.
Check your finances now, and check in with your pension pot to understand how much you’ll be able to play with on your date of retirement. Draw up some forecasts, and some plans. Add up the value of your assets, and consider whether you should downsize your home, or else release some of its value in the form of a lifetime mortgage equity release. With all the information at your fingertips – much of it online in the digital era – you can make better-informed decisions about your financial and personal future.
One of the deeply under-appreciated elements of retirement is the lifestyle change that you’ll encounter through dropping off from work. It’s not to be overstated, but this can have a profound effect on the way in which you live your life, and preparing some lifestyle engagements post-retirement is a very good plan to keep you on your toes, to keep you waking up in the morning without lying in, and to keep you engaged and excited by the world around you.
This is a time, remember, when all those things you placed on the back-burner can finally bubble to the surface of your life. Perhaps you always felt you should write a book, paint a masterpiece, or read the complete works of Shakespeare. Maybe you’d like to study a degree online in order to gain some incredible new knowledge about the world. Whatever the reason, make these adaptations to your lifestyle to enjoy the new-found freedom that retirement enables.
Yes, we did mention homes and mortgages and downsizing above, but given the fact that retirement is such a seismic event in one’s life, it’s worth revisiting this factor in how you can live a comfortable life in retirement. You’ll be spending far more time in the place you call home after you retire – and this is the place that you should feel most comfortable in as you approach the end of your life.
Many people approaching old age become aware of a certain amount of bodily deterioration – with their ability to walk, balance and move slightly impaired. This is, of course, natural, and is part and parcel of ageing. What’s important, with regards to your current home, is whether it’s safe for you in older life. Can you install a walk-in bath or shower, a stairlift, or handrails in your home? Can it be converted effectively? These are the questions you should begin looking for answers to as you reach old age and retirement.
Exploring and Adventuring
Many retirees choose to celebrate their new-found freedom with round-the-world cruises or similar exploratory dives into the world of travel and holidays. This is one of the most exciting times of life during which to travel, and it’s the perfect buffer between your life in full-time work, and your life without work.
Looking to the future, then, you should find the best way to leave your home, leave your comfort zone, and find yourself in different climates, geographies and continents, where all your hard work and savings can be enjoyed in the peaceful climes of whichever destination has most beguiled you over the course of your life.
Making Sound Investments
Many older people have a good amount of wealth behind them – and it’s this wealth that they should invest wisely in order to allow it to grow in a secure environment. You have plenty of options here – like investing in property, stocks, or the future of your children – it’s entirely up to you as to where you’ll choose to store your wealth in your retirement.
Here, you’ll have found the tips you need to prepare for retirement and older age – enabling you to live a luxurious and comfortable lifestyle after your work has come to an end.