Many people let retirement creep up on them without putting much thought into what they'll do once they finish work. You might think, "I'll do what I want," and this is true. However, here are nine things that financial advisors, Portafina, suggest doing in your retirement.
1. Travelling
Adventurous travelling is on the rise for people in their 50s to 70s. According to the Financial Times, there is nowhere which appears to be off-limits from the Amazon to Zimbabwe. So, if you develop wanderlust in your retirement years, you'll be in good company.
According to ABTA, the proportion of 55-64 year-olds traveling on their own during 2018 was 17%. This figure was a rise of 11% on the previous years. For those aged 75 and over, the number was even higher at 22%.
Around 40% of retirees were hoping to meet new people and make new friendships during their travels. Travel agents recognize this trend, and they are offering adventurous travel-packages for groups and solo-travellers to far-flung destinations. Destinations are one such travel agent if you need help in deciding where you might like to go.
2. Spend More Time With Loved Ones
One of the significant aspects of retirement is that you'll have much more time to spend with your family. You'll have more opportunities to create meaningful memories with the special people in your life.
There is no better way to do this than through a multi-generational, or 3G, holiday. Getting away from the stress of home-life and enjoying each other's company is quality family time.
Retirement also allows you to visit relatives who live far away or that you haven't seen for some time. You will have more time available to organize reunions or gatherings of relatives and old friends.
Spending more time with a grandchild can be financially beneficial. To be eligible for full State Pension, you need to have built-up your National Insurance Contributions (NIC) for 35 years. If you have had gaps in paying NIC, you can make up for these with Childcare Credits if you look after a child under 12 years of age. You can check if you are eligible at the Gov.uk website.
3. Do Some Part-Time Work
Although thoughts of retirement used to present a vision of giving up work altogether, many people’s attitudes are changing, and quite a few want to keep working beyond the average retirement age. In 2018, one-in-three of the workforce was aged between 60-64. Part-time jobs were taken on by twice as many women in this age-group as men (27% compared to 13%).
New pension choices available mean that you can now retire at 55, giving yourself the option of working part-time to supplement your pension. Many people present their employer with the suggestion of retraining for a new part-time role or reducing the hours in their current position to become part-time.
4. Take Up Walking
Walking is a fantastic, low-impact exercise to get into when you retire. The National Trust provides some beautiful grounds to walk around, and membership for over 60s is discounted. You can also look for local walking groups, and Ramblers is one place to find like-minded people.
If you have a dog or like taking dogs for walks, you can offer to exercise your friends’ or neighbours’ pets for them. What better way to enjoy a canine companion while keeping fit at the same time.
5. Keep Learning
You may well have maintained life-long-learning throughout your working life. Even if you haven’t, there is no better time to start than during your retirement. OpenLearn is a great learning resource, offering courses in a vast range of subjects. The courses are designed so that you can go at your own pace, so there is no pressure to make any deadlines you don't set yourself.
There is also a chance for you to go back to school! If you want to get more traditional qualifications, you could consider enrolling in a university as a mature student. You might even qualify for a grant!
If you find it's time to release your inner creative being, try taking up a craft course. There are likely to be many craft courses in your local area for woodwork, jewelry-making, drawing, and so on. You can find details in your local library or do an online search.
6. Volunteer
Becoming a volunteer is a great way to stay occupied, meet new people, and help out the community. There are plenty of organisations looking for voluntary support, and you can find a project that interests you by having a look on the Do-It website.
Supporting carers, organising events, or helping out with a local nature or wildlife group, are all voluntary tasks in great need. If you have the skills, you could organise a baby or toddler group to help local families.
7. Emigrate Overseas
Moving abroad is not for everyone, but there is a time in everyone’s life when they at least think about it. If you've harboured thoughts of having a life overseas, then your retirement might be the time to give it a go. Bulgaria, Portugal, and Spain are deemed popular retirement destinations, and they are not too far away from visiting relatives.
Before making the decision to emigrate, you should check your welfare and medical rights in the country of choice. You can get information about State Pension for those living overseas by going to the Gov.uk website.
8. Become a Blogger or YouTuber
You might think that blogging and vlogging are activities more suited to your grand-children. However, these activities take time, and in your retirement, you'll have more time on your hands. So, why not try to emulate Gramma and Ginga's efforts, the siblings with 203 years of life between them who are lighting up the online world with over 300,000 subscribers to their chalk and cheese musings. With this level of followers, you could earn yourself a tidy sum in endorsements and advertising.
9. Get Comfortable
According to YouGov research, more than a quarter of Britons believe that they are unlikely to have sufficient funds to sustain their retirement. Another 15% are convinced that this is the case. Starting to plan for your future will allow you to be more financially prepared to have a comfortable retirement.
To get yourself into a comfortable retirement position, you can do a few things to ensure that your pension is staying on track to where you want it to be. Paying out on charges, fees, and your pension under-performing means that you may not have enough in the pot when the time comes that you need it. One thing to do is to keep a regular check on how your pension is performing. Hopefully, it will be okay, but you may need to reconsider your payments or make top-ups to get it back on track.
Conclusion
These nine activities should give you something to think about doing for when you finally retire. Hopefully, adopting one or some of them will help give you a more enjoyable, happy, and comfortable retirement.
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