What to consider before you finally hit retirement
Retirement. It’s the light at the end of the tunnel. It’s what you work your entire life towards. All those early mornings, late nights, draining commutes and tiring weekends are leading up to the moment when you leave the office for the last time and don’t ever look back.
Frustratingly, the retirement age is rising, which means more people than ever before will be working well into their 60s and beyond. As exasperating as that might be, this extended age is, in fact, giving us more time to set our affairs in order and ensure that we have a strong retirement plan in place for when the time comes.
Here we’ll take a look at what to consider before you hit retirement.
Sort out those personal pensions
Throughout your working life, you may have been employed by more than one company with its own pension scheme. Worryingly, it’s incredibly easy to lose track of all these different pension plans as you move through life and as your career evolves. Placing all your pensions into one easy to manage pot like this one from Wealthify – click the link to find out more – means that you can watch your investments grow and potentially enjoy the lucrative, comfortable retirement that you deserve. The sooner you act, the more profitable your investments and more financially sound your retirement will be.
Focus on paying off your debts
It makes sense that the fewer debts you have as you head into retirement, the more of your money you’ll get to enjoy! Now is the time to focus on paying off your debts – start this new period of your life debt-free and financially confident. If you’re worried about your debts, reach out to a debt charity for further advice.
Consider your budget
No matter how much money you enter retirement with, the last thing you need is to run out of it! Despite hitting retirement age, it’s still prudent to work out and live from a budget, that way you remain in control of your money and you can spend it on the things you want to!
Consider other possible changes
If you want to free up more money for your retirement, then you may want to consider downsizing your current property and moving somewhere smaller. You may want to swap your car for something more eco-friendly and cheaper to run. As well, you could save even more money on insurance, utilities and other bills by default.
Decide how you want to spend your retirement
When you retire, the world really is your oyster. You’ll have so much free time, you may find it difficult to fill. This is why heading into retirement with a basic plan of how you want to spend it is ideal. Holidays and travel, new hobbies and interests, sports, socialising, time with family and friends, maybe even a part-time job or volunteering for a cause that’s close to your heart.
Retirement is something we all look forward to! So, the sooner you start planning, the more time you’ll have to enjoy it.