Making the transition to retirement is a huge life decision. The average person in the UK spends one-third of their life working, and whilst the thought of leaving it behind is a relief for many, it can also be daunting. Many worry that they’ll be bored or feel as though they’ve lost purpose; but retirement should be seen as an opportunity to accomplish the things that working didn’t allow for.

The age of official full retirement is getting later, which could be attributed to the fact that life expectancy is constantly on the increase. However, it’s important that, as you age, you take a step away from working life to look after your own health and wellbeing. It’s a harsh, but nevertheless true reality that many seniors cannot take on the same hard work that their younger counterparts complete on a daily basis, and this consequently paves the way for a need to live a less physically and mentally demanding lifestyle.

It’s important to remember that every individual is different. Career-driven people will likely struggle with the idea of quitting work entirely upon retirement. However, retirement doesn’t have to involve leaving the world of work. This stage of life provides the perfect opportunity to turn a hobby into a profit-making business – such as baking or handcrafts. This way, seniors can choose how many hours to work, based on their current health.

Retirement should not be something that you only start to consider as you reach retirement age. It’s essential that you plan for retirement in advance, such as by opting into a pension scheme. If you’re unsure about how to save for this stage in your life, have a read of our article about retirement plans.

Knowing exactly when to retire is a grey area for many. Of course, the official retirement age stands, but this is a one-size-fits-all figure which may not work for everyone. Whilst retiring young is an option, this can lead to a lower-cost lifestyle – but if you have ample savings for the retirement that you envision, then there’s no reason why you shouldn’t take the leap. Many argue that it’s down to instinct – but it is, of course, important to plan out how you’ll spend your time. It helps to have a list of things you’d like to do/accomplish, or places you’d like to visit.

A common barrier for those considering entering retirement is the fear of losing purpose and opportunities for social interaction. Retirement developments and villages are becoming common options for those entering their golden years, and provide a multitude of opportunities to make new friends, take up new hobbies and live an active lifestyle. These developments are designed to work around the individual, helping them to live the life they want to lead whilst also offering support.