Everyone is aware that they’ll eventually retire one day, but many people never consider how they’ll spend their retirement years. If you are one of these people, check out these nine things to do when you retire.
1. Have More Family Time
You might think that you’ll relish the prospect of an empty nest with the kids away. However, your retirement years offer you the opportunity to spend more time with your family and continue to make lasting memories.
Taking holidays with family is becoming a popular option for retirees. Multi-generation holidays, also known as 3G holidays, allow you and your loved ones to get away from the pressures of everyday life and have some quality time together.
Alternatively, you could visit relatives who live in other parts of the country or overseas. You might even decide to organise a family reunion or annual gathering.
Spending time with your family could also prove financially beneficial. If you are under sixty-five and look after your grandchildren, you could help boost your State Pension. To receive the full State Pension, you’ll need to have made thirty-five years’ worth of National Insurance contributions.
You make these contributions throughout your working life, but you may have gaps because of periods of unemployment or illness. Looking after a child under the age of twelve can fill these gaps. You can check your eligibility on the gov.uk website.
2. Do Some Travelling
According to recent Financial Times research, the era of the senior adventurer is upon us. Today nowhere seems to be off-limits for retirees when making their travel plans. If travelling is how you want to spend your retirement, then you have plenty of options.
The Association of British Travel Agents from 2018 showed that the age group most likely to travel independently (22%) were the over-75s. The proportion of 55-64 year-olds travelling alone in 2018 increased from 11% to 17%. Around 40% of these solo travellers hoped to meet new people while on their travels.
To cater to this relatively new market, some travel operators are offering solo and group travel to exotic locations worldwide. Events such as Destinations can give you a good idea of what companies offer these specialist travel packages.
3. Keep Working Part-Time
This idea may be lost on you initially, but continuing to work part-time during your retirement has several advantages. It would give you a bit more income and ease the transition from full-time work to complete retirement.
Also, working part-time during retirement is becoming a popular option for many retirees. In 2018, around one-third of people continued to work past sixty. This figure was only one-fifth two decades previously. Roughly twice as many women (27%) continue to work part-time in their sixties compared to men (13%).
Working part-time in your retirement is more accessible by the choices people now have over their pensions from the age of fifty-five. Your part-time income will supplement your retirement funds, meaning that you could potentially give up full-time work earlier. It also means you could try something new, or perhaps try making some income from a hobby or interest.
4. Take Up Walking
Walking is a popular form of exercise and is an excellent way of staying fit and healthy. There are no better places to enjoy a good walk than the many National Trust sites located all over the country. Over 60s can get a discount from the Trust, allowing you to enjoy hundreds of trails.
If you prefer something more local, you can join a local group and go walking with them. There are plenty of walking groups around, and you can locate one near you through an organisation called Ramblers.
For dog lovers, a good way to guarantee you get a walk is to volunteer to walk someone else’s dog. You can find people prepared to lend their dogs for walking on the Borrow My Doggy website.
5. Exercise Your Mind
You may have been used to improving your skills throughout your working life, and retirement is an excellent opportunity to continue to exercise your mind. OpenLearn is an excellent resource for studying all sorts of courses, and you can learn at the pace you want.
You may even decide that more formal study is something you want to take on in retirement. Even if you don’t have the proper qualifications, you still may be able to study at university as a mature student. Better still, you could get financial assistance to do so.
If you enjoy a more hands-on approach than an intellectual one, you might consider learning a craft such as jewellery-making or woodwork. Perhaps you could use your office IT skills and develop them into creative digital talents such as Adobe Photoshop or Illustrator.
6. Try Volunteering
Becoming a volunteer is a fantastic way to meet people and make new friends while doing something incredibly worthwhile. There are dozens of opportunities to volunteer in your local community, and you may even find a cause that’s close to your heart. You can browse millions of volunteering opportunities on the Do-it website.
Examples of common volunteering opportunities include providing support to carers, helping wildlife charities, and environmental work. There is a seemingly endless supply of these opportunities, so you’ll be guaranteed to find something in your local area.
7. Relocate Abroad
Moving abroad might not be what your family had in mind for your retirement, but they may soon get won over. The opportunity for them to have regular holidays in warmer climates could quickly change their opinion.
Popular locations for UK retirees to relocate to include Bulgaria, Portugal, and Spain. Before you decide to move abroad, ensure you check what welfare rights you have in your chosen destination. Also, consider the costs of healthcare, living expenses, and the effects of currency fluctuations.
8. Become a Blogger or Vlogger
You might think that these activities are better suited to your grandchildren than for your retirement. However, with a lifetime of work experience behind you, you have plenty to offer the online community. Share your experiences, teach your skills, or host exciting conversations. There are plenty of opportunities for you to develop your blogging and vlogging credentials. Get a large enough following, and you could find your retirement income boosted by endorsements and sponsorships.
9. Get Comfortable
Unfortunately, many people will not be in a good situation when it comes to their retirement. Around 28% of Brits think they might not have sufficient preparations in place for their retirement. What’s worse is that 15% believe they definitely won’t.
If you can make adequate financial preparations for your retirement, you’ll find that your retirement is more comfortable, and the run-up to you stopping work will be less stressful. With your retirement finances in place, you can do more of the things you want when you retire.
You can keep track of your retirement finances with regular checks of your pension. Checking your pension will keep you aware of any rising charges or poor performance. To ensure you’re making the right decisions about your pension pot, you might want to consider using a regulated financial advisor.
Conclusion
You may well have decided what you’ll do during your retirement years. However, if you haven’t yet decided, hopefully, these nine ideas will give you something to think about doing when you retire. If you are considering your pension and retirement, consider using a regulated pensions specialist like Portafina or, view the guides at The Pensions Advisory Service.