Posted on: 21 June, 2019

Retirement: how to prepare for the next chapter in your life

Whilst retirement does, undoubtedly, provide more opportunities for doing the things you love, many new retirees find themselves with much more spare time than they had initially anticipated.

Stepping out of the 9-5 working world and into the retirement lifestyle can seem an exciting prospect for many. Whilst it does, undoubtedly, provide more opportunities for doing the things you love, many new retirees find themselves with much more spare time than they had initially anticipated. Many of those preparing for retirement often forget to plan what they’re going to do with their time, and this is equally as important as planning your finances.


Plan your time

Adjusting to retirement is never easy. You’re suddenly given back eight hours of your day, and if you haven’t spent time planning exactly what you’re going to do with it, then it can be difficult to face. When you’re working hard at a full-time job, you often don’t have as much time as you would like to pursue your favourite hobbies. Upon entering retirement, this no longer becomes an issue – and you have all the time in the world to pick up old hobbies and discover new ones.


Take up old and new hobbies

Whilst you’re planning how to spend your time, ensure that you devote a considerable proportion of your time to your hobbies. This way, you’ll continue to develop skills and you’ll more than likely make new friends. If you find it difficult to adapt to the lack of a regular income, then you might think about turning one of your hobbies into a money-making opportunity. If, for example, you like to make homemade crafts, or you’re a keen writer, you can start up a small business and start earning a small income from your products.


Become familiar with technology

Although some may feel that getting a grasp of technology is unnecessary, in a world of fast developing devices and amongst a generation of avid tech users, it certainly is important if you’re wanting to stay connected with family members. It’s more important than ever to maintain social connections during retirement, and if you’ve got friends or family who live far away, this can be difficult. Learning how to use a computer and social media platforms can be highly beneficial for staying in contact, or making friends with others.


Develop your relationships with others

Upon retirement, the dynamics of your relationships will change. You’ll particularly feel this change if you live with a partner, since you’ll transition from seeing them primarily in the mornings and evenings, to seeing them for a large proportion of the day. Ensure that you’re spending enough time with family and friends, and take the time to explore social groups around your area so that you’re adding enough variety to your day.


Pay a visit to the Citizen’s Advice Bureau

Visiting the Citizen’s Advice Bureau prior to retirement can be highly beneficial to settling any worries you may have with regard to health entitlements, housing and your finances. You can either visit an advisor in person, or browse the website here.


Assess your financial situation

Before retirement, ensure that you spend some time thinking about your financial situation. Are you on track with your savings? If you find you’re a little short, create a budget and try cutting back on some of your expenses. Alternatively, have a clear-out – you might find that you have items that you will no longer need upon retirement. You can then sell these items on multiple online selling platforms; read our article about selling online for more details.


It’s also wise to spend some time researching senior discounts; you’ll likely discover ways of saving money during retirement that you weren’t already aware of.


Consider the benefits of a retirement development

Many individuals entering retirement often find that their needs are best met in a retirement development. Offering a number of social amenities and opportunities, health care and independent living on-site, these developments provide newly retired individuals with the security they need to fully enjoy their golden years.

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