Most people don’t consider what they will do when they retire. However, failing to do so means you are not preparing for your retirement.
The great news is that you can do whatever you wish when you stop working. However, often it is good to have a few suggestions to choose from. Therefore, check out these nine retirement ideas.
1. Travelling
The Financial Times has declared the age of the senior traveller has arrived. For the over 50s adventurer, no destination is off-limits. You can use your retirement years to satisfy your wanderlust by travelling to any worldwide location.
The travel organisation ABTA revealed the 75+ age group were those who were more likely to travel independently. They also report the number of 55 to 64-year-old solo travellers has increased to 17%. Many of these adventurers hope to develop new friendships while on their travels.
Travel operators are scrambling to cater to this demographic. They are offering group and solo travel packages to the furthest places. If the idea of travelling in your retirement takes hold of you, try attending events such as Destinations. These events offer a vast range of options provided by specialist travel companies.
2. Family time
You might be looking forward to your retirement, relishing the prospect of having more time to yourself. However, spending more time with your family during your post-working years means you can continue creating beautiful memories with the ones you love.
A great way to enjoy family time while removed from the stresses of daily life is to go on holiday together. A three-generation (3G) holiday is an excellent way to get everyone together for some fun family time. Alternatively, you can visit relatives who live abroad or use your spare time to organise an extended-family gathering.
If you look after your grandchildren and are under age 65, your child-minding could qualify for National Insurance contributions to your State Pension. To receive the full State Pension, you must have made 35 years’ worth of contribution payments. These do not need to be made consecutively, but you need to fill any gaps to get the full pension.
If you have gaps, looking after children under 12 could help you fill these. You can check your eligibility at the gov.uk website.
3. Part-time work
In previous years, retirement for most people has meant giving up work entirely. However, today, attitudes have changed. Around a third of people in the 60-64 age group are employed full-time. This number compares to only one-in-five twenty years ago.
Habits around part-time work in retirement have changed considerably. There are now twice as many women working part-time into their 60s as two decades ago. Thanks to your options for accessing your pension funds from 55, part-time work is becoming an excellent way of easing yourself into full retirement.
If you want to consider part-time work, you don’t necessarily have to look for a new job. Speak with your employer about your options. They may relish the opportunity to retain you part-time, either reducing your hours in your current role or placing you in a position where part-time work is more suitable.
4. Walking
Walking is not only great for your health, but it is also an excellent social activity. Consider the National Trust grounds for your rambling rather than walking a few laps around the block. They offer discounted membership to people over 60, giving you access to some of the most stunning parts of the land.
You can also join a local walking group. Organisations such as Ramblers are an excellent place to start looking for such groups.
Having a dog is a wonderful excuse to get out for a walk. If you don’t own a dog, you could perhaps borrow one. Borrow My Doggy is one service you can use to locate owners who need a walker for their dog.
5. Brain training
It is never too late in life to learn something new. Your retirement offers you the time to develop new skills and take on further information. Learning activities such as these are an excellent way to keep your brain active.
Sites such as OpenLearn provide a wide range of courses. You can find training in everything you wish for, from Algebra to Zen Buddhism. What is better is that many of these courses are free, as well as offering you the chance to study at a pace that suits you.
If you fancy something a bit more formal, you might consider going back to school or university to study as a mature student. Even if you don’t possess the required qualifications, such as A-levels, your work experience and skills can still get you a place on many courses. You might even be eligible for an education grant if you’re lucky.
For those retirees who want to get into a creative craft like sketching, woodwork, or jewellery-making, there are plenty of courses to cater to those needs. Perhaps you want to improve the computer skills you’ve learned during your career to another level. The possibilities for online learning are practically endless, and you can study these at home and at your own pace.
6. Volunteer
Volunteering is not only a means of helping others; it is a great way to meet people and make new friends. There are plenty of opportunities locally to get involved in volunteering. Do-It is a perfect first point in searching for local projects that need a helping hand.
7. Emigrate
Packing your bags and moving overseas may not be your family’s ideal wish for your retirement years, but it could be an excellent option. Many Brits spend their post-working years in sunnier climates, with Bulgaria, Spain, and Portugal being popular destinations.
Before making a move, ensure you check out the cost of living, health expenses, and welfare in your country of choice. You can get information about claiming your State Pension while you are overseas from the gov.uk website.
8. Blogging
Perhaps this retirement activity may surprise you, and you might believe it to be more applicable to your grandchildren. However, you could be surprised.
Blogging on sites such as YouTube allow you to reach a worldwide audience. You can guarantee someone out there needs the information or skills you possess.
Seniors Gramma and Ginga have already proved that blogging is not beyond the reach of retirees. At the ripe old age of 104 and 99, they still communicate with their 300,000 followers via the blog. Who knows, if you get good enough at it, you could supplement your retirement income with endorsements and sponsorships.
9. Get comfortable
Unfortunately, almost 30% of Brits feel they will not have sufficient finances in retirement. Another 15% are positive they will not, according to YouGov research.
It’s crucial to plan for your retirement and get professional assistance from a financial expert like Portafina. Doing so means you can be comfortable when you stop working, and your income reduces. Also, do you want to be able to do more of the things you enjoy when you retire? You’ll need money to do this.
The good news is that you can take straightforward measures to ensure your pension will provide you with a comfortable retirement. Check it regularly to ensure it performs as planned and your pension charges are not too high. If you need help, consult with an independent regulated financial advisor. They can help ensure you achieve the comfortable retirement you deserve.