While retirement does mean you’re getting older, many people are excited about finally ending their working lives and relaxing with time to themselves. People often worry about what they’re going to do to fill the time they have, or if they’ve done everything necessary in order to prepare for retirement. There are finances to think about, a retirement home to sort out and many other things to consider.
- Don’t stress about it
In many ways, all you’re doing is not going to work anymore. You don’t have to rush to plan everything and sort everything out before the official date that you retire. Yes, there will be paperwork to do and forms to fill out in order to claim your state pension or other benefits that you’re entitled to. You will also have to tell your employer that you are retiring and find out about any financial benefits that you might get from them (this usually happens if you’ve worked in the company for many years). However, relax and enjoy the transition into retirement as much as you possibly can.
- Consider where you want to live
You don’t have to move to a specialised retirement resort in Queensland, but you can think about moving somewhere which caters more for older retired people. If you’ve been living in a house that you bought many years ago, it might not be suitable for you now you have gotten older. However, this is very much down to individual preference. What works for one person might not work for another, so think about what would be best for you in terms of living arrangements. Some people decide to go and live with their children or other relatives when they retire. If you do want to move house at some point, it’s better to do it now rather than leave it a few years until you’re older and potentially have more health problems or worries to think about.
- Work out your retirement income and budget accordingly
If you’re on a high income at the moment with your job, you might find that you’re getting a lot less when you retire. Some people decide to carry on working if they feel healthy and well enough, since their retirement income might just be too little to live on. If you are paying for a large house and an expensive car, you might discover that your pension just doesn’t cover your expenses. That’s why it’s important to work this out beforehand in order to give yourself enough time to either carry on working, get a part-time job with less stress or downsize your house and other assets in order to afford it.
You should also budget for general spending. If you’ve been earning the same sort of income for several years, you’ll be used to living with a certain amount of disposable income. You should take the time to make a list of all the things you’ll be paying for and how much it will cost. Remember that once you’re retired you won’t need to pay for things like transport to work each day or office clothing, so you’ll be cutting down on expenses too.