It is an era of life that nobody thinks will happen to them but trust us, retirement can arrive with a big, hard, bump. For some, this sudden jolt is financially related. After all, we’ve all read the stories about getting your pension in order (or not, as is the case with a lot of people).
For others, it might be about the changes that are going to impact your personal life. For example, this might be the first time you have lived on top of your partner for a prolonged period of time.
Bearing the above in mind, it is clear that there are several lifestyle changes that need to be taken into account for retirement. Today’s post will aim to cover some of the main types.
Understand your disposable time
For decades, your life has been governed by the world of work. There were eight hours in the day that you didn’t have access to but suddenly, those restrictions have been lifted.
You now have more disposable time than ever and it’s crucial to know how you are going to use it. Some people can become almost overwhelmed by this and don’t quite know what to do with themselves. Before long, they are bored. Bearing this in mind, long before you take retirement, have a think about what is now going to be occupying your time.
Understand your partner’s time
The same rules as above apply with this next section. Your partner also has more time available, but they will also have different needs. Just because you both have an extra eight hours per day, doesn’t mean to say that you need to spend the entire amount of that time in each other’s company. You both have your own interests, and its key to understand each other’s so you don’t grow frustrated.
A surprisingly high number of retired couples divorce and by appreciating each other’s time, you can guard against falling into said category.
Adjust your finances to accommodate your new way of living
As we all know, your main source of income is gone. Some of you will be sat on a pension nest egg, while others will have to make savings.
Regardless of your situation with the above, understand that things are changing. Not only do you have a “different” type of income, you also have later life expenses to consider, even stretching as far as funeral care). All of this needs to be understood so you can compile your new-look life. You don’t want to unburden your family financially, so taking all considerations into account is vital.
What about the house?
Something that you might view differently is the house. It may have served you well for decades, but things are changing. Your finances are one of these, but let’s not forget that your circumstances are. The family may have flown the nest, and your physical needs might be changing.
Do you need such a large house? Could you downsize and cash-in? Both of these questions can be asked before retirement as there can be knock-on consequences.
And what about your friends?
Finally, let’s talk social circles. We’ve spoken a lot about things changing through today’s articles and unfortunately, so will your social circles. As people get older, they start to get smaller, but this is something that you should stay on top of. Try and arrange regular meetups to keep in touch and make them a key part of your retirement. This might link into other points we have discussed today whether it’s new hobbies or even the financial implications of socializing!