Most of us go through life dreaming of the day when we will finally retire and have the entire day to ourselves – every day – to do what we want with. But does it always pan out like this or can there be problems to deal with?
When you work full time and you feel as if you are constantly chasing your tail to get everything done that needs doing, the thought of retirement can seem like a haven – a dream to focus on for the future. No one wants to wish their life away but when you are busy you might look forward to your retirement as a time when things will settle down.
Unfortunately some people struggle to adjust to the big change that is retirement. Yes – while it gives you lots to look forward to it can still be a big shock to the system, especially if you haven’t taken the time to plan or think ahead. In truth retirement can be exactly what you want it to be – and it will unerringly follow the path you lay out for it. So will you plan for an active and engaging retirement you will really enjoy, or will you have a stressful time and struggle to adjust?
Of course we all want to go down the first path and have a great time. However if you want to do this it makes sense to start preparing for it long before you actually get there. This begins with your pension. The simple truth is that the more you can save in your pension the more cash you will receive as an income from that pension when you do finally retire. As such you need to get the best pension pot you possibly can. If this means that you transfer pension fund monies to a better fund, so be it. Always get proper advice from an independent adviser before you transfer pension fund amounts of any size though.
We’ve covered the financial side of things but retirement isn’t just about building up a nice income to draw on once you get there. It is also about finding a balance that you enjoy and something that you love. You need reasons to get up each morning and enjoy the day ahead. For some there might be some obvious things they will finally get a chance to do. If you love gardening you may be excited to finally get out into your garden virtually every day. You might have another hobby you can do a lot as well. What would work in your situation?
The people who struggle to cope with retirement are those who don’t think it through before they get there. If you love working and you simply don’t want to stop, it can be a big shock if you are forced to retire at the proper retirement age for some reason. However you can still opt for a part time job and if you can’t find one of those, consider voluntary work instead. There are always options and retirees fare better when they have lots to look forward to.
So are you getting started thinking about your retirement? The closer you are to your retirement age the more it makes sense to plan ahead.