While you might be decades away from retiring just yet, it’s never too easy to start thinking about your twilight years. When you retire, you will no longer be working for your living, and not knowing where your next bit of money is coming in from is terrifying. While you are still young, whether you are in your thirties, forties or fifties, you need to work out a plan to help maintain your levels of comfort in your retirement. While you might not be whisking yourself away on around the world trips when you hit your twilight years, you’ll still need the cash to maintain a lifestyle that you are used to.
Your twilight years are not solely about your finances although they do take up a major part of your planning prior to your retirement. You need to consider your health, your mental well being and your social life. Take a look at this essential guide to help your twilight years be the most prosperous chapter of your life.
Money
Before you start thinking about that wanderlust itch you’d like to scratch the moment that you wave goodbye to your full time job, it’s time to get your financial planning head screwed on. While you might like to think of yourself as a whizz with numbers, the world of pensions and investments is a whole different ball game. Consider securing the services of a financial advisor to help you commute your pensions from your previous roles. If you’ve had four or five different jobs throughout your career, then the chances are that you have four or five separate pensions due to mature at the same time. Instead, you can commute these into your current scheme, making the retirement process and payment of your pension much easier.
You will probably get the option of taking a yearly amount from the pension pot that you’ll get paid monthly, or you can choose a decrease on this monthly amount if you’d rather take some of your money as a lump sum come retirement day. Most people choose to take this lump sum, and why not? You’ve been working for thirty five years, so it makes sense that you should want a little reward. When you take this lump sum, put away a fifth of it. Don’t be tempted to spend it and don’t even look at it. Squirrel it away in your savings account, safe in the knowledge that it is there for a rainy day. The remaining four fifths are to do with as you please. Fancy a cruise? Go for it. Want to experience some fancy restaurants? Get booking. Considering a new sporty car? Test drive it.
If you haven’t begun to look at your finances for your future, it’s vital that you start. If you have money wallowing in your savings account, you might want to look into more lucrative investments that, while riskier, could see you with a stronger return on your money. You might fancy investing in wine, the stock market, Forex or property to help boost your savings pot for your twilight years. Only ever spend what you can afford to lose and ensure that any investments you make are spread across low, middle and high risk investments.
Social Life
When you retire, it can come as a shock. You might have the date penciled in for years, but the moment you switch your laptop off for the final time, you take the leaving gift from your colleague home and you enjoy some leaving drinks, the emptiness of the next day can be daunting. Gone are your work colleagues, as is the office camaraderie and the challenge of having something to do every day. Not having the structure that work gives you can be hard to get used to. Some retirees begin to feel depressed and isolated as the days of enjoying your own free time that sounded idyllic turns into something rather more boring and monotonous.
As you grow older, you may find yourself struggling to make the social calendar dates that you once had penciled in. Perhaps you’re feeling the niggles and aches of old age. Maybe you are struggling with feelings of isolation. And maybe you feel like you are too old to go out. Nothing could be further from the truth. Your twilight years should be one of the most exhilarating parts of your life. This is your time to do whatever you want now that you have given your bit to society and the world of work. Consider heading out to social events and joining clubs to meet new people. If your hearing is a little worse for wear, feel safe in the knowledge that participating in social gatherings is easier with Miracle-Ear. These tiny and innovative hearing aids can help boost your confidence and help you feel younger again.
Just because you haven’t got the same contact with your work colleagues any more doesn’t mean that you can’t meet up outside of work; it just might require a little more effort to make work. If you find yourself at a loose end for too many days in the week, consider what you want to get out of your retirement. If you want to have a go at a new hobby, go for it. If you want to learn Japanese, book yourself on a beginners course. If you want to learn the piano, get yourself down to a free taster session. And if you want to partake in a skydive, get sponsored and raise some money for charity. Age is nothing but a number, so don’t let it put you off from trying new experiences. As a retiree, you should feel empowered to try new things, see new vistas, and immerse yourself in new cultures.
Health
As we grow older, we inevitably have to endure more health niggles. Perhaps your hip has a spot of arthritis in it. Maybe your back is aching a little more than it used to. Or perhaps your eyesight is failing. This is part of ageing, but you can also prevent your faculties from failing you completely! Keep your mind active by talking to friends, visiting family and staying active. Eat well and partake in a spot of exercise. Just because you might not be training for a marathon anymore, you might fancy heading for a walk every day, going to older people’s gym sessions or having a go at pensioners soccer.
Your twilight years should be the most amazing chapter of your life. Follow this guide to ensure that you are ready to tackle the challenges of retirement head on.
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