When thinking about retirement, many envision themselves living freely with a new lease of life, never looking back to the 9-5 working week. Whilst the prospect of leaving the working world is exciting for many, there are realities that come with retirement that often aren’t addressed as often as they should be. Nevertheless, retirement provides those in their golden years with the opportunity to complete their bucket list and take part in activities they love.

There are, of course, financial implications upon entering retirement. Losing a regular income can be a hard hit for many, particularly for those who retire early. That’s why opting into pension schemes and contributing to a savings account throughout your working life is of the utmost importance. Take a look at Gov.uk to explore the different types of pension and retirement plans on offer. Additionally, there are many ways that retired individuals can cut daily costs; read our previous article to discover how.

Relationships are often overlooked when thinking about retirement. Many believe that when entering this new chapter, they will have all the time in the world to travel and spend time with their partner. Whilst this is true, retirees tend to find that the dynamics of their relationships change after leaving work, and these often don’t live up to expectations. Some feel that too much time is spent with their other half; so, to address this issue, try making sure that you spend enough time with your friends, and take some ‘alone time’, perhaps by going out for a stroll or enjoying your favourite tipple at your local pub.

One of the most attractive benefits that retirement offers is the amount of time that it grants the individual. As the typical working week for an employee is, for the most part, spent in an office, it can be a huge shock for many to gain all of this time back. Whilst this is seen as a relief for many retirees, some feel that they’ve got too much time on their hands. Volunteering is a great option for those who need to feel a sense of purpose, since you’ll be helping out for a good cause and dedicating your time to something worthwhile. It’s also a good idea to research what’s available to you locally, such as clubs you can join.

It’s quite common to feel that part of our identity, and how we think of ourselves, is attributed to the role in which we spend most of our time. Many employees who enter retirement find it hard to lose this part of their identity. A great way to address this is either by volunteering, or staying present in the working world by setting up your own business. Many retirees opt to create their own products and sell them, and it’s a great way to turn one of your hobbies into a profitable business, all while working on your own terms.

Despite the issues that retirees can often face, it is, ultimately, a time to reflect on the best parts of your working life and put greater value on the important things, such as family and living a healthy lifestyle.