Changes to consider
Retirement is a time of practical, financial and emotional change and for some this may be a worry. Thinking ahead about how you’d like to spend your retirement can help ease the path.
For advice on preparing financially for retirement please read our budgeting section.
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How to spend your retirement +
Work provides us not just with an income but can also offer opportunities to socialise, provide a sense of purpose and a structure for several days a week. Some people choose to work part time or move into a lower paid job connected to a favourite hobby. This can be a great way to move into retirement and boost your income at the same time.
If you don’t want to work, think about how you’d like to spend your time.
- Perhaps you’re looking forward to helping with your grandchildren.
- Are there any new hobbies you’d like to try and may be take up?
- Are there any volunteering opportunities you’d like to get involved with locally?
- What else is going on in your community?
There are many events and activities that are either free or have reduced prices for those over 60 such as museums, galleries, theatres, cinemas, gardens and exhibitions.
Having a plan as to what you want to do in retirement may help ensure you have an active and enjoyable retirement.
Preparing emotionally for retirement +
Socialising with like-minded people provides us with a better quality of life and a greater sense of wellbeing. Strong relationships can help ease the transition from working full time to being at home but remember to give yourself time to adjust.
If you’re married or live with a partner, you’re probably not used to spending all day every day together and there is no rulebook to say you should. Consider finding a new pastime you can enjoy together as well as your own interests.
Talking is very important, both when planning your ideal retirement and throughout retirement itself. Talk as much as you can.
Share your expectations, discuss how you’d like to spend your time together plus how much personal space and time you’d both like and how you’re going to spend that so there are no surprises and no disappointments to deal with.