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While some will be jumping for joy at the idea of retirement, others may feel a little hesitant. It’s a huge step that alters your entire lifestyle and day-to-day routine, so feeling overwhelmed by it is perfectly normal. If you’re unsure of how to approach the prospect of retirement and could do with a few pointers to help prepare for it, keep reading.
Think about your goals
Setting goals for when retirement comes can be a helpful way of managing expectations and adjusting to your new day-to-day. The working day takes up a significant proportion of your week, so you’ll benefit from having activities or projects lined up so that you can prevent any impending boredom. It’s a great time to set yourself a target for something you’d love to achieve.
Check your options
Managing your finances may look completely different when it comes to retiring. It’s important to make sure you know how your pension is doing and how well-placed you are to set to fund your new lifestyle. Doing a survey of your financial situation is a good habit in general but is especially important when big changes arise. Then it’s a case of understanding how you can raise funds if needed. Some look into equity release so that they can release tax-free funds, while others stay on top of any benefits or discounts, they may be eligible for.
Consult with a specialist
Seeking financial advice can be a useful way to cover any gaps that may have slipped your attention, such as hidden costs you can cut out or perhaps some investment opportunities. You can also seek advice on setting and managing new budgets while assessing how spend-happy you can go – because let’s face it, there may be more of a tendency to spend money with lots more time to play with!
Look into a new hobby
With new gaps appearing in your routine, this is the perfect time to take up something new. You could go for something that promotes a healthy lifestyle, such as a sport or fitness class. Otherwise, something with a strong social element might be beneficial to replace the usual socialization you might have with past colleagues. Staying sociable is important for maintaining your mental health too, as retirement can become lonely if most of your friends or loved ones are still working.
Think about your living situation
Retirement is a good point in life to pause and consider switching up your living situation. Big life changes and new routines can prompt the desire to try a new space. You might want to move somewhere with a garden for example or move somewhere with better amenities to help with your new routines. In some scenarios, it may make sense financially to downsize and others may even want to retire abroad.
Do you have any tips on how to manage retirement? Make sure you share them below!