Plan for a happy retirement

When you ask around it would seem that most people love retirement; most people relish the freedom that it brings and many of those still in the rat race simply can’t wait to get out and retire. Of course, this is not the case for everyone, worries about the reality of life after work see a considerable amount of people approaching their ‘golden years’ with more trepidation than they would like.

In a recent study commissioned by Skipton Building Society the most popular reasons for retirement readiness included the chance to spend more time with family, more holidays and generally a more relaxed, ‘exciting’ and ‘stress-free’ life. The study revealed that, when asked about retirement, the average Brit was 65% positive and only 35% negative about the prospect, with 4 in 10 admitting to being jealous of those already out of the rat race. It seems right that the closer we become to retirement age the more attractive it becomes, clearly something would be wrong if we were all desperate to retire in our twenties.

“ I can’t imagine going back to the 9-5 routine and not being able to do what I want, when I want. I really thought I would miss work and worried that I might get bored, but I can honestly say I haven’t missed it one little bit. We’ve been on so many holidays, I play badminton twice a week, meet up with friends for walks, coffees and lunches and am indulging myself in gardening and Indian cookery. What’s not to love!”                                       

So, in terms of the 57% of people who disclosed that they were “at least a little bit worried about their life after work” what were the main concerns revealed?

It will probably come as no surprise that finances are straight in at number one. Many people worry about funding a comfortable retirement for the rest of their life and affording the niceties they have worked so hard for on a fixed income. Other concerns include poor health, feeling lonely or bored, not using their brains and not having a fixed routine with anything to get up for. A separate study, by the same building society, also highlighted the strain that retirement puts on relationships; couples are faced with the massive shift from busy days filled with their own work to the prospect of spending all day, every day together, without distraction.

So, how can you alleviate this retirement trepidation? What can you do to avoid your concerns becoming a reality? Are there steps you can take to help make your retirement as exciting and stress-free as possible?

In a word it’s PLANNING!

Obviously, as much as we’d love to, nobody can wave a magic wand and create a picture perfect retirement, straight out of a film. But, with the right planning you can overcome many of your worries and make sure that you have the retirement you deserve. Early planning means giving yourself time to boost your income if needed, time to talk things through with each other so you know what each of you are looking for when you retire and generally time to start planning your big adventure.

Financial:

Whether you undertake your own financial planning or, as we would advise, enlist some specialist support and advice, the sooner you start planning for retirement the better.

  • How much money do you need to live comfortably for the rest of your life?
  • What are the luxuries you would like if possible & how much are they likely to cost?
  • How much money are you likely to have coming in?
  • Do you need to supplement this income?
  • If so how, what are the options?

Health:

Of course, none of us know what’s around the corner but we can build the possibility of ill-health into our retirement planning. As much as none of us like to think of it, accessing the right level of care can be expensive so it’s important to consider.

  • How is your health now?
  • Do you want to take out any health cover?
  • What about future care?
  • What are the costs involved?

Day-to-day life

It’s important to plan for and discuss what you each want to get out of retirement, before you leave work for the last time. If you both know what each other wants, what hobbies you each want to take part in and what you expect from each other you are far more likely to have a happy and contented retirement.

  • Individual & shared retirement goals
  • Hobbies & Activities
  • Household tasks – how will these be shared
  • Helping out the family/friends

“Before I retired I was worried about the prospect of suddenly having so much time to fill. Having worked full time since I was a teenager and in later years run my own business, this sense of a lack or purpose was very strong. I struggled at first and found myself sat watching too much TV, it all felt a bit lonely and definitely put a strain on my marriage. It took time but I learnt to enjoy the time to potter in my garden, I took up golf, joined an art group and met new people. If I had any advice it would be to plan ahead and to share your worries with your partner, family or friends”    

Many of our customers are approaching or in retirement and all of them, quite rightly, want to live their golden years to the full. Some have grand plans focused on travel or as some call it ‘adventure before dementia’ or on fulfilling much held dreams of a second property abroad, where they can dodge the winter winds in Blighty. Other people we meet plan to create the home of their dreams in which to enjoy retirement or simply fund their hobbies, interests and social activities. For some Equity Release has been part of their retirement plan for a while, whereas others have seen friends enjoying the financial freedom Equity Release has enabled and decided to take benefit from the equity tied up in their homes too.

Whether you’re in the ‘adventure before dementia’ camp and are looking forward to grabbing retirement with both hands or if the thought of giving up your daily routine fills you with a sense of trepidation, Equity Release could provide you with the funds you need to fulfil your retirement dreams.  One of our expert advisers will visit you in the comfort of your own home for a relaxed, no-obligation chat and all it will cost you is a cup of tea. So, you’ve got nothing to lose and a potentially stress-free and exciting retirement to gain.

 “Excellent service. Supportive and helpful the whole way through the process”
                                                  Jane Thompson    

 

Thanks for reading. 
Here’s to a happy retirement full of all of life’s pleasures, big and small!

If you have any questions about Equity Release, please get in touch with us on
0800 612 6755.

To find out more please click here to speak with one of our experts
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Photo by oxana v on Unsplash