The number of UK retirees is growing significantly as the population ages, according to ONS statistics compiled by Age UK. Retirement is a time to kick back and relax, enjoying yourself as much as you can, but if you’re unsure what you want from your retirement, what options are open to you? To help, read on for lots of ideas how you can make the most of your golden years.
Make a plan
Many people don’t conduct the planning they need to enjoy the retirement they want, with Statista figures showing 46% of people stated they didn’t have a retirement plan in place in 2020. As with anything, the more you plan for it the better. Plan what you want to do, where you want to go, and how you will financially support yourself.
Consider funding
Make sure to create a budget for your pension so you have enough money to do what you want to do. You’ll never make the most of your retirement if you leave yourself with too little, or are too reserved and don’t make the most of the money you have.
Your financial plans don’t need to be set in stone for decades, of course. If you don’t wish to spend all of your pension or boost your funds later on, for example, over 55’s can take out an equity release mortgage to access to some of the funds locked up in the value of their homes, without selling up.
Develop a routine
When you first retire, you’ll probably find it a bit of a shock to your system. To combat this, it’s advisable to keep to a routine that will help you to make the most of everyday and stay on top of what you plan to do.
Travelling during retirement
Travelling is a great way to experience the world, explore new cultures, and taste vibrant, new cuisines. If you’ve always wanted to travel but have never had the opportunity – either due to kids, work, or a lack of time – then you may wish to devote plenty of your retirement to the activity. Just be sure to budget your money accordingly so you can afford the cost, and properly consider the destinations you want to visit.
Hobbies
To enjoy your retirement fully, a great way to keep your mind and body active is to take up hobbies. The pastimes you pursue could be anything, from gardening, to sports, or joining a club or society. Definitely try to keep to an active hobby, even something light like a morning stroll, as this will strengthen your muscles, help good organ function, and boost your mental health. If you’re unsure what to do, the NHS has a helpful list of activities, split by intensity.
The most important thing to bear in mind with retirement is that you’ve earned it! And hopefully the above ideas should help you make the most of yours. How do you plan on spending your retirement? Let us know in the comments section below.
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