Everybody understands that their retirement will come around someday. However, not everyone knows what they will do when they stop working.
If you are one of these people who is unsure, have no fears. Check out these nine things to do during retirement.
1. Do some travelling.
According to the Financial Times, the number of senior travellers is rising. For the over 50s, no location appears to be off-limits. From Kazakhstan to Kilimanjaro, or Nevada to Nepal, tour providers cater to these locations and everywhere in between for senior adventures. Therefore, if you have a burning desire for globetrotting, nowhere appears to be off-limits.
A 2018 report from ABTA showed that the over 75’s were the most likely age group to travel alone. Indeed, solo travelling is increasing across most senior age groups, with the number of 55 to 64-year-olds who travel alone rising from 6% to 17% in 2018. Of this age group, around 40% hoped they would meet new friends during their travels.
You are spoilt for choice regarding the number of tour operators offering seniors group or solo travel to the remotest of locations. If you’re unsure how to reach such operators, you should consider travel events such as Destinations, where a wide range of travel companies can assist you.
2. Spend more time with your family
There is no doubt that many people look forward to their kids having fled the nest when they retire. However, spending more time with your family can be a gratifying aspect of retirement.
Holidays that include several generations of one family, so-called 3G holidays, or an excellent way of spending quality time with the people you love. You might also consider visiting family in far-off locations when you retire. Alternatively, organising a family reunion is an excellent way of using your retirement time.
If you look after your grandchildren and are under 65, you could get help building up your State Pension contributions. To qualify for the full State Pension, you need to have made thirty-five years’ worth of National Insurance contributions. If you have gaps in these contributions, looking after a child under 12 can help you fill these. You can find details about this on the gov.uk website.
3. Keep working part-time.
Although previous generations may have considered retirement a time to stop working altogether, that is not always the case nowadays. Around one in three people aged 60-64 remained in full-time employment in 2018. This number compares to around 20% of people 20 years previously. Also, approximately twice as many women are choosing to work part-time rather than completely retire.
Pension release options that many people have at 55 mean that working part-time is now more of choice than continuing in full-time employment. Therefore, you could stay with your current employer with reduced hours or try something completely new.
4. Take up walking.
Walking is not just a great form of exercise, it’s an excellent way to meet new people. The National Trust offers you the opportunity to walk in some of the most beautiful surroundings in the United Kingdom. They provide discounts for over 60s, so you and your new friends can benefit from cheaper access to thousands of lovely walks.
Alternatively, you might want to seek out a group of local walkers. You can find such groups by searching on organisations such as Ramblers.
If you are a dog owner, you’ll understand the benefits of walking with your four-legged friend. If you love dogs but don’t have one of your own, services such as Borrow My Doggie allow you to combine your passion for dogs and walking.
5. Brain training.
You may have retired, but that doesn’t mean that you have to stop learning. OpenLearn is an excellent platform for learning all sorts of things ranging from poetry to philosophy and ancient history to music production.
The great thing about such sites is that you can learn at your own pace, and many courses are free.
Alternatively, you may wish to do your learning more formally. If so, you can attend university as a mature student, and you may even be able to get funding for this.
If you are good with your hands, perhaps learning a new skill or craft such as woodwork, sketching, or jewellery making would be more to your liking. You can find craft courses in your area by searching online or visiting your local library.
6. Do some volunteering.
Volunteering is an excellent way to meet new people, make new friends, and help others out. There are countless opportunities for you to help someone or get involved in your local community. Sites such as Do-it have millions of volunteer opportunities listed, so there are bound to be plenty that will suit your situation.
For instance, you could provide care, organise events, help raise awareness for charities, or get involved with a local environmental group. Your options in the field of volunteering are limitless.
7. Re-locate overseas.
Your decision to emigrate to sunnier shores initially may not go down too well with your family. However, the prospect of trips overseas to warmer climates could soon have them changing their minds.
Popular destinations for Brits to retire include Bulgaria, Spain, and Portugal. However, before deciding where you would like to spend your retirement years, you should do some checks. Ensure you understand the cost of living, healthcare situation, and currency exchange rate in your new home.
You should also understand how moving abroad affects you claiming the State Pension. You can get information on this from the gov.uk website.
8. Start blogging or vlogging.
Although you may consider it more suitable for your grandchildren, do not discount setting up your own YouTube channel or similar. The skills and experience you have gained over a lifetime of working are bound to be valuable to many people.
Blogging or vlogging about it is not only satisfying, but it can also lead to considerable financial reward. As your following grows, your channel could receive endorsements or advertising opportunities. You might even find that you become the next Internet sensation.
9. Get comfortable with your retirement.
The sad reality is that around 28% of Brits believe they are likely to have insufficient funds for retirement. Even worse, 15% of them are convinced that this is the case.
Planning for your retirement means you will not only be financially more prepared but more emotionally ready for when you stop working. It is critical to plan for the long term; while evaluating your pension, seek experienced guidance from a specialist such as Portafina. There are simple preparations you can make to ensure you have the retirement you desire.
One such preparation is to check your pension’s performance regularly. If you fail to check your pension, it may be underperforming or be subject to high fees. Both of these things can be detrimental to your pension funds.
Consulting with a regulated financial advisor will help you in this area. Doing so will mean that your pension is optimised as much as possible, and will serve you well in retirement.
