Over 50s Retirement

Retirement 

For many over 50s, even those with rewarding and fulfilling jobs, the prospect of leaving work behind forever is appealing. On a dark, cold, rainy morning in January the benefits of retirement may seem endless:

• No more workplace stress
• The end of daily commutes
• The time to pursue hobbies- or simply stand and stare
• The freedom to stay in bed for an extra hour!

 

But whilst the dream of retirement may be appealing, without careful thought and planning the reality may be somewhat different.

So here are some things to consider:

• For many of us, work is a huge part of our lives and to some extent defines who we are. Making the transition from work to retirement can be difficult – don’t underestimate it. Consider easing the transition by going part time for a period before leaving work altogether.
• Think about taking up new hobbies and interests prior to retirement. For example, if you intend to spend a lot of time on the golf course when you retire but currently you don’t know the difference between a four iron and a putter, it’s probably a good idea to start taking lessons now.
• Pension planning is a huge topic, but suffice it to say that money worries and the strain of living on a fixed income which is insufficient for your needs will, almost certainly, spoil your retirement. If you have the Ostrich approach to pension planning, maybe now is the time to rethink.