Source: Unsplash | Jeff Sheldon
Retirement is a huge event in anyone’s life with much to look forward to after decades of hard work and commitment to your chosen profession. Whilst putting your feet up and leaving the world of work behind can be exciting and a big relief, it can also be a time of lost identity with the switch from work to leisure not always being as seamless as you would expect.
With a change of pace to life it may take a certain time for you to settle into your new way of living. Here’s a few tips to help you adjust if cashing in your pension is just around the corner.
Plan what you’re going to do with your time and commit to it. You have a huge expanse of time to fill now work is a thing of the past and if you’ve been in a pressure-cooker career for years on end old hobbies may have fallen by the wayside. Resurrecting these hobbies could renew old social acquaintances and help you engage with another part of your brain. You may wish to try a new hobby which you’ve never had time for.
Have you lost touch with old friends or simply want to spend more time with mates who you are close to? This is a great time to reconnect especially as your social circle will initially grow smaller when you retire. There’s plenty of clubs and evening classes around or you could just arrange a cup of tea with a neighbour.
Embrace the online world. If social media and the internet leave you scratching your head, try and embrace technology and learn how to use it with confidence. Social media sites such as Facebook can really help you stay connected with family near and far as well as learning new things. Most libraries or community centres put on free courses explaining the basics of surfing the web.
Get your finances in check
It’s also important to keep track of your finances when you finally draw your pension. There’s plenty of things to spend your money on but equally keep some aside for any health issues which can inevitably crop up over time.
When you’re getting near to retirement, you may want to think about financing for long-term care for yourself or a relative. You may even find yourself caring for someone who cannot look after themselves anymore. It’s important to set aside some of your pension for potential care in a residential home which can provide great respite support should you require it. A residential home can provide a new lease of life for you in your retirement and let you spend time with like-minded people who are of a similar age to you. You can also have your needs met by staff who are fully trained and often very experienced.
You’ll also need to consider what type of care you need and how much this will cost. It might be that your local authority can contribute towards care home costs.