Your retirement should be a relaxing and calming time in your life, but the success of your retirement plans is all about preparation. Getting the right steps in place ahead of time is crucial, but what should people focus on when planning their retirements? In this guide, we look at all the most important factors to consider, including finances, work, health, and support.
Getting your finances in order
In the UK, one in six over 55s have no pension savings, according to 2023 research by Unbiased. With the current State Pension providing just £185.15 per week, many people, including those with pension savings but not large enough pots, may find upon retiring that they simply don’t have enough money to live comfortably on.
To prevent this from happening, work out how much income you can expect to have with your current pensions via the government’s helpful tool, and take steps to boost this via increased pension contributions if you’re unhappy with the amount displayed.
If you are high-income or have money tied up in large numbers of securities, getting the assistance of trusts solicitors can help you make sense of your finances and get them ready for retirement too.
Stopping or reducing work
Going from working everyday to not at all can be a huge change, so it can be a good idea to start planning well ahead of time and work with your employer to gradually reduce hours.
Of course, you may wish to keep on working in a reduced manner even after you’ve reached retirement age. According to 2021 research, people who have mentally stimulating jobs have a lower risk of dementia, showing that the social aspect of having a job can be hugely beneficial from a health point of view.
Planning your health
Getting a proper health check-up from your GP can help you identify areas where you can look to improve your fitness and diet.
That way, you can enjoy a better standard of living by fending off and reducing the impact of age-related health issues that might otherwise prevent you from enjoying your retirement fully.
Staying supported
When getting older, and especially once we’ve left work, it can become harder to sustain our social support structures. These are really important, especially at a time when the UK is experiencing a loneliness epidemic.
Keeping this support contact in place is all about establishing routines. Make sure to regularly book in time to see family and friends. Start new hobbies that involve other people. Or consider taking up volunteering work that keeps you connected.
Retirement can be an exciting and enjoyable time, but it’s important we prepare properly, otherwise it might not match what we’ve had in mind throughout our working lives. Follow the tips above, and you’ll be on your way to enjoying a comfortable and fulfilling retirement.
