Planning for a fulfilling retirement in the UK requires you to be organised and consider lots of different factors. This includes financial management, early planning, maintaining an active lifestyle and healthcare. Here are some strategies for you to consider to make the most of your retirement.
The impact of rising living costs and inflation on UK retirees
As the whole of the country has been battered by an increased cost of living, retirees and soon-to-be retirees have not escaped unscathed.
Research by Age UK highlights that some people may not be able to retire when they originally planned as they will not have enough of a pension pot to support themselves or may not have enough to enjoy the same standard of life they previously have been.
Between February and April 2023, 1.075 million people under 65 were retired, which is down from 1.180 million the year before. Age UK suggests that this change is due to people being forced back to work due to the current economic state.
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4 tips to improve your retirement
Here are four tips for you to consider to better your retirement experience:
Early planning
If you have changed jobs in the past then it is likely you have more than one pension pot – you may even have forgotten about them! Track them down and decide whether it is better to have multiple smaller pots or move them together to create one large pot.
On top of your pension, consider having a separate savings account specifically for your retirement. Even if you save £100 per month, it will add up to a healthy sum if you do this early enough in your working career.
Financial management
In the years leading up to your retirement, you should try and taper your spending to leave you with a healthier sum when you do retire.
If you do not feel financially secure enough, you may be able to use the equity in your house. Use an equity release calculator to find out how much you could borrow from your home.
Active lifestyle
The typical image of retirement is a life of leisure, and whilst relaxing is important after years of hard work, it is also important to keep your mind and body active.
There are plenty of clubs that you could join, from swimming to tennis – even skydiving! Most clubs will allow you to do a taster session so you can test whether you like it or not.
As well as sports, you should keep your mind as active as possible as this will aid your overall well-being. Part of this could be practicing mindfulness to keep on top of your mood, or even learning a new skill.
Healthcare
Healthcare is often something that gets neglected when you are working and busy. Retirement is the time to get on top of your health so make sure to book an appointment with your GP for a health check to identify any concerns or issues.
