As you approach your retirement, you’ll no doubt be excited by the prospect of having ample time to put towards any activity or goal you like. But to really make the most of your newfound free time, organisation is the key. There are some things you can set up in advance to give you peace of mind and ensure that you’re truly able to enjoy your retirement to the full.
Get your finances in order
As a retiree, you will no longer have an income to rely on every month, so you need to ensure that you have the finances in place to support the type of lifestyle you want to have. Do you want to spend your retirement travelling and exploring the world? Do you want to be able to support your loved ones with their endeavours? Maybe you have plans to renovate your property to create your dream home. Whatever you have in mind, making sure you have a pension in place that supports your desired lifestyle is key, and setting up a budget to manage your monthly income will help keep your finances on track.
Set up a funeral plan
Throughout your retirement, you want to have peace of mind that your family will be taken care of, should anything happen to you. A funeral plan takes the burden off your loved ones and means that you have the opportunity to put your desired wishes in place beforehand. The Funeral Planning Authority can provide you with a list of regulated funeral providers, to help you make the right choice so you can enjoy your retirement completely stress-free.
Many people in retirement choose to downsize their property to something more manageable, so if this is something you’re considering, now’s the time to investigate what your property is worth and what’s on the market. Alternatively, equity release may be an option you want to consider to maximise your income and fund your dream retirement without needing to move. A financial advisor can discuss the options with you to help you make the right choice.
Take care of your health
Post-retirement, your health needs to be a priority. You should have a good health insurance plan in place to protect you against any injuries or illnesses that might occur, but you also need to make sure you’re scheduling in appointments for flu shots, vaccinations and regular health checks to keep on top of your health. As we age, our health and wellbeing can deteriorate, so it’s vital that you keep up with your appointments and maintain a healthy lifestyle through regular exercise and a balanced diet.
Understand the tax implications
There are tax implications from drawing your pension, so you and your employer will need to inform the HMRC when you retire to ensure you’re not over or underpaying tax. The taxes you’ll pay will depend on the retirement options you choose, so speaking to an advisor prior to your retirement can help.
Make a will
Keeping your will up to date is important throughout your life, but particularly post-retirement. It ensures your beneficiaries will inherit your assets and estate according to your exact wishes, but many people put off setting up a will. Use this time to get organised and create a will – it’s a relatively simple process and doesn’t take too much time. You will need to contact a solicitor to set up or update your will, but it’s money and time well spent to protect your family later on and ensure that any provisions you want to make will be in place if anything happens to you.
Decide how you want to spend your time
Many people in retirement choose to take on a part-time role or volunteer in the local community as a way to stay active and meet people. If this is something you’re considering doing post-retirement, research causes or local organisations you can get in touch with to set up an interview or arrange how you can use your time to help others.
Life after retirement is exciting and filled with great opportunities – it’s so much more than simply stopping your 9-5. But with this additional independence comes responsibility, so forward planning can help to ensure that however you want to spend your autumn years, you can do so comfortably and without stress or worry.