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Retirement is something that we all eagerly await. Gone are the 9 ‘til 5 days, and instead, it’s time to focus on what we really want to do. Sometimes, however, that can be the problem. What are you supposed to do in retirement, and how are you supposed to make use of an extra 40 hours a week? Trust us on this one; although retirement seems like a dream come true, it is difficult to get used to.
There are some things that you should know if you want to make the most out of your retirement, and we’ve noted them down here.
You need to budget properly
OK, so this is totally not one of the things that you want to be spending a lot of time thinking about, but getting your budgeting right in retirement will enable you to get out there, and make the most out of your cash. Work out how much you’ll be receiving on a monthly basis, and whether this allows you to do the things that you want to do. Then, try to stick to your financial plans.
If you’ve checked out your retirement income and you’re not too happy with it, then you may want to get a part-time job, perhaps on the weekends. This will help to keep your mind busy, and it also means that you’re topping up your income, and can go on holidays as a result. This is entirely dependent upon your own personal situation, and the size of the pension that you receive.
Deciding where to live is key
The likelihood is that you’ve got a home that you’ve lived in for quite a few years now, and as your retirement begins, you probably want to stay there. What reason would you have for moving out? However, you need to think about where you want to live, and factor your future into the equation. Sure, right now you have no difficulty walking up the stairs, but will this always be the case?
On top of this, there are many people who have always lived in their home countries, who now want to go and retire in the sun. And come on, who doesn’t want to do that? However, if you’re thinking of sunning yourself in Spain or another beautiful country during your retirement, then you need to work out how much it’s going to cost, and what documentation you’ll need in order to do it.
You need to factor your partner into things
Needless to say, if you’ve got a partner then you’re going to need to come to a joint decision about your retirement. Perhaps they want to go and live abroad, but you’d prefer to stay on home turf. Maybe you can compromise, by going away for a few months of the year. Whatever you decide to do, be sure that both you and your partner are satisfied with your retirement plans.
Another key thing to sort out with your partner is your finances, and if you’re on a limited budget, then you need to talk through your spending together. Whether you’re opting for a joint bank account or secured joint loans from Evolution Money, or you’re going solo with your cash, there are certainly discussions that need to be had about retirement spending in every relationship.
Staying social will help you
Social changes throughout retirement may feel like something that happens gradually, or they may happen straight away. Perhaps you’re used to working a 9 ‘til 5 job, and now you can’t adjust to the fact that you don’t see people on a daily basis. Maybe your kids have moved out of your home, and you’re finding it difficult to stay as social as you’d like as a result of your isolation.
Whilst it’s not something that affects everybody, a lot of people in retirement suffer from loneliness. It’s a good idea to pick up a hobby, and get out there in order to meet new people that you can talk to. Whether it’s swing dancing or a book club, there are lasting friendships to be made if you just take that first step, and go and do what you really enjoy. There should be many opportunities near you!
Now is the time to do what you want
In eras past, it has been a pretty standard thing for people to have kids when they’re quite young, get married, and settle down after buying a house. Whilst this worked out for many people at the time, and is never something that you should regret doing, the reality is that you may have missed out on experiences that many young people now enjoy, such as traveling around the world.
Working out what you want to do is a good idea in retirement, and it’s never too late to do so. Have you always wanted to go on safari in Kenya, or perhaps you just want to chill out in Bali? Whatever it is, now is your time to see the world, and to experience the things that you may have missed out on in your life prior to your retirement. As they say, there’s no time like the present, and you’re never ‘too old’!
You should make the most out of discounts
When you’re retired, there are a lot more opportunities for you to get discounts on the items that you want, and these offers are pretty wide-ranging. Certain stores offer a 10% discount card to over 60s, and you’ll also be getting reduced prices on your medical care (such as the dentist and the opticians). You can also get cheaper meals, and a whole range of other cut-price items, too.
If you’re on a budget, then this could really help you to cut back on the costs when you need to. If you’re not sure whether a shop has a discount for over 60s, then don’t be afraid to ask! You’ll also get a bus pass which can be convenient for trips into town, and there are some other things that could be included in your pension, so see where you can cut back on your spending as you retire.
Enjoy your retirement!
