Retirement can be a hard prospect to face.
It can have big connotations that our time in the workplace is done and it might make some people feel like they have nothing to offer – in bad circumstances it might make someone feel useless.
All this is wrong. Retirement is a good thing. It’s a period of relaxation, rest, and reward for the hard work you’ve put in throughout your life. It can be hard to see that, though.
That being said, it’s still hard to face – so much planning and forethought are required when we need to retire. We have to save and ensure we can support ourselves and that our younger families can support themselves. We have to ensure our care needs are met. A huge amount of thinking and planning has to take place early on, and that can sometimes be as early as thirty years before we even retire. That scope of time can be daunting, and it takes a lot of mettle to see it through.
Putting away money for retirement could be especially hard if no savings are built until the age of 40 or 50, where a huge amount of savings would need to be made to ensure financial security in retirement. It’s best to start as early as possible, and if you have a relatively high wage, it’s even easier. That being said, no matter what you are earning, you should still try and save a figure of around 10% of your annual income when you’re younger, and this percentage will obviously increase with time. The earlier you save, the better. It is very important to save what you possibly can as early as possible and ensure all debts are paid off by the time you decide to retire. Working for money allows you the best weapon with which to defeat debt, and if you can crush your debts as early as possible, you’ll have less to worry about in the long run – and the less you have to worry about in retirement, the better. Looking to the home you own (ideally) is a great way to earn a big pot of cash for your retirement, through a sale or through renting it out.
While mandatory retirement ages can vary – nobody can be forced to give up work if they do not want to. Retirement is your choice in most cases and your choice only. Forcing people into retirement can cause a great deal of stress – especially if the person is trying to save more for their retirement. If you are forced out of your role because of your age, this is actually discrimination, and you may very well have a legal case on your hands. You can also continue to look for work as well, and you should never feel like you have to disclose your age as employers should be choosing you for your skills and experience. You do not have to stop working if you do not want to and in most cases, you can look for work that is more enjoyable for you if you simply want to retire on a part-time basis. What is crucial is that you choose to close the book on your career – that is your choice and yours only!
When the time comes to consider retirement, it might be a good idea to consult a retirement planner. You’ll have a clear picture of your retirement and a better peace of mind because your retirement, tax, and estate have been planned for you by a professional.
With retirement comes serious questions that need to be asked about health. Can you and a partner operate independently at all times, will one of you require care or aid? Retirement and care facilities are on offer in the circumstance that you (or a family member) will need nursing and care so click here to find a facility near you. It’s a serious question that must be asked, and if you do need care, or know someone who does, it’s a path worth taking.
With retirement may also come loneliness and boredom. Remember at the start when we mentioned feelings of uselessness? If you can’t put your mind or skills to use, as you could at work – it’s so easy to feel that way. It’s important to keep busy in retirement. Taking up a light sport might be a good idea and will help you meet new people. Going out more for walks can get you out and about and you might consider some short drives to places unseen so you can indulge in discovery. It’s so important to build new hobbies, and it could be anything from woodworking to bird-watching. Just ensure that you do something, anything. Your mind is a precious tool and being stuck in your house all do doing nothing can do some serious harm. It’s worth finding stuff you enjoy before you decide to travel.
For instance, traveling. Health issues, conditions, and age can damage the prospect of your retirement travel plans – it might be worth making these memories before you actually retire because long haul journeys can take their toll on health. Look for frugal holidays and enjoy your travels as much as you can, while you can. It’s an amazing idea that we all have – to travel the globe in our retirement but health and cash can put a stop to that.
Retirement doesn’t mean the end of everything, though. It’s important to be yourself and keep trucking on, just as you did throughout your life. Don’t let yourself go! Stay in shape and of course, keep yourself looking good to get the best out of your retirement and health. It’s important to to push yourself too much though – you’ve retired for a reason! Just keep healthy and accept that life is changing for you and although there might be some difficult conversations to come as life changes past the age of seventy, that this is your time. Your time to enjoy yourself and the peace that comes with being happily retired.